Already a subscriber?MYOB and Xero face competition for their accounting tools from National Australia Bank, which is using artificial intelligence to create a rival focused on sole traders.
NAB, the country’s largest business bank by loans, will undercut Xero’s and MYOB’s pricing. And while their systems are typically overseen by human accountants, the bank’s will be fully automated. The product was developed with Thriday, a start-up that the bank’s venture capital fund invested in two years ago.Thriday was founded by former ANZ head of mobile banking Michael Nuciforo
The system will provide rich data to help target offers to customers, while reducing mundane paperwork. As it developed the product, NAB surveyed some of its 1 million small business customers and found many wanted to deploy AI but did not know how.The system will let them prepare financial reporting in real-time, send professional invoices and quotes, scan receipts on phones and procure tax forecasts.
Source: News Formal (newsformal.com)
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