Small businesses seek AI to reduce paperwork and increase profits

Share

Share

  • 20% of Australian small businesses are planning to invest in artificial intelligence (AI) tools; 23% have already made an investment
  • ‘NAB Bookkeeper’ – utilises machine learning, a form of AI, to help reduce admin time by up to five hours per week
  • NAB is offering a 6-month free trial of NAB Bookkeeper.

One in five Australian small business (20%) owners are planning to invest in artificial intelligence (AI) tools, and over half expect these tools to cut their administration time in half, new research from NAB reveals.

The same research shows almost one in four SMEs have already invested in AI, with four in 10 hoping to see profitability gains and six in 10 looking for productivity increases.

NAB Executive for Small Business Ana Marinkovic said the speed AI technology was advancing meant small business owners could benefit from technology once reserved for large corporations.

“At NAB, we’re continuing to look at how we can safely harness the power of AI to help make the lives of our small business customers easier while keeping their data and the bank safe,” said Ms Marinkovic.

NAB Executive Small Business, Ana Marinkovic

“One example is ‘NAB Bookkeeper’, our new bookkeeping tool that utilises machine learning, a form of AI, to help reduce admin time for small businesses by up to five hours per week so they can focus on the bigger picture.”

White-labelled through NAB Ventures backed start up – Thriday – NAB Bookkeeper provides customers with real-time insights, automated accounting, invoicing, and tax calculations all in the one place via NAB’s internet banking.

The tool takes advantage of machine learning, using data from a customer’s NAB business account to automate financial administration tasks – from invoicing, quotes and receipts to reconciliation, cash flow and tax management.

“Previously, a small business owner would record their bank transactions in their bookkeeping system, manually reconcile invoice payments and prepare financial reports. NAB Bookkeeper takes care of all this through smart automation,” said Ms Marinkovic.

NAB Bookkeeper uses advanced security technology to keep data and transactions secure and is protected by NAB’s security system and standards.

Thriday Co-founder & CEO Michael Nuciforo, said Thriday was created to simplify the lives of small business owners.

“By combining banking, accounting and tax into one solution, we’ve built the first all-in-one financial management platform, fundamentally redesigning how small businesses manage their financial admin and saving them hours each week,” Mr Nuciforo said.

“This is a ground-breaking new category of product.”

NAB is currently offering a 6-month free trial with full access to NAB Bookkeeper with no lock-in contract and no tier-based pricing.

NAB Bookkeeper adds to the bank’s range of existing business training and tools, including resources on how to reduce the risk of cybercrime, fraud and scams.

ENDS

 

Notes to Editors:

  • Read the full AI SME report here
  • Visit nab.com.au/nabbookkeeper for more information on NAB Bookkeeper, and for more information on Thirday, visit NAB News
  • For further information on business support for reducing fraud and cyber crime, go to NAB’s Business Security Hub

Economy

SEE ALL TOPICS

Media Enquiries

For all media enquiries, please contact the NAB Media Line on 03 7035 5015

Related Articles

  • Customers

$25 million dollar scam attempt foiled by NAB bankers

Every year, thousands of Australians are impacted by scams. From investment scams to invoice scams, they are becoming more sophisticated and have been growing exponentially over the past few years. It was this sophistication that almost cost NAB customer, Daniel Smith $25 million.

  • 20.03.2024
  • Time to read 2 min read
  • Community

New round of NAB Foundation Community Grants now open

Community groups can apply for grants of up to $25,000 for local projects that help communities withstand and recover from natural disasters.

  • 18.03.2024
  • Time to read 1 min read

Quick links

Business Research and Insights

For more economic news, insights and analysis, visit NAB’s Business Research and Insights