Australian small businesses are increasingly turning to artificial intelligence (AI) to boost profits and streamline paperwork. With 20% of these enterprises planning to invest in AI technologies and 23% already having done so, the trend signifies a major change in operational strategies.
Cutting down admin time
At the forefront of this transformation is the introduction of NAB Bookkeeper. It’s a tool designed to cut down administrative time by up to five hours weekly. Developed through a partnership between NAB and the startup Thriday, this tool leverages machine learning to automate essential financial tasks. From invoicing and tax calculations to cash flow management, NAB Bookkeeper integrates these services into NAB’s internet banking, offering real-time insights and automated accounting.
Ana Marinkovic, NAB Executive for Small Business, emphasized the importance of AI in leveling the playing field for small businesses, allowing them access to technologies previously reserved for larger corporations. By reducing manual tasks, small business owners can now focus on broader strategic goals.
No-cost trial and secure tech
NAB is offering a six-month free trial of NAB Bookkeeper, with no lock-in contracts or tier-based pricing. It’s an attractive proposition for small businesses looking to explore the benefits of AI without immediate financial commitment. The tool is not only a time-saver but also ensures high levels of data security, adhering to NAB’s rigorous security standards.
Thriday Co-founder & CEO, Michael Nuciforo, highlighted the platform’s unique value in simplifying financial management for small businesses by integrating banking, accounting, and tax services into a single solution.
With this AI-driven approach, Australian small businesses are poised for increased efficiency and profitability. NAB Bookkeeper represents an advancement in financial management technology. It’s promising a future where small businesses can compete more effectively in the digital age.
