AI accounting can save time, reduce data entry errors, and provide new insights into cash flow. But experts warn it’s not a set-and-forget solution. The best approach is careful and strategic. AI systems still need accurate data and consistent supervision, because mistakes early on can teach the software the wrong rules and lead to ongoing errors.
Let’s see what our experts have to say. Let’s talk!
Also read: Let’s Talk: How Can AI Help Small Businesses Read Their Customers’ Minds?
Matt Patterson, Head of Sales, AU (SME & Growth), Airwallex
“AI has the power to completely transform accounting for small businesses, but too many businesses have yet to take advantage of it. New research from Airwallex, conducted in partnership with YouGov, shows that less than half (43%) of Australian SMEs plan to invest in AI and automation over the next two years, compared to almost two-thirds (61%) of large enterprises.
“The gap often comes down to resources, not willingness. Companies have the money and manpower to move quickly, but SMEs shouldn’t feel left behind. AI-powered financial tools are now more accessible than ever, automating routine tasks, reconciling payments in real time and giving owners clearer visibility into cash flow and compliance.
“For small businesses, it’s not about replacing people; it’s about giving them the space to focus on strategy, customers and growth. Those who adopt early will have a real competitive advantage.”
Leanne Berry, Partner Engagement Manager at MYOB
“As someone who works closely with small businesses and accountants across Australia, I’ve seen first-hand how AI is changing the way we manage our finances and records. If you’re considering making the switch, here’s how to get started.
“Using AI for accounting and administration can be a game-changer. Start small: automate repetitive tasks like scanning invoices, categorizing expenses, and reconciling banks using AI features in your cloud accounting software. For example, let AI extract data from invoices and match transactions, saving you time and reducing errors.
“Integrate these tools with your existing systems – most accounting platforms offer built-in AI capabilities that streamline workflows. Focus on maintaining clean, consistent data, as AI relies on quality input for accurate results. Regularly review your data and train your team on best practices.
“Security is critical: ensure your software providers comply with Australian privacy laws and have transparent data handling policies. Before adopting new tools, check that you comply with Australian Privacy Principles.
“Invest in training so your team can interpret and validate AI-generated reports. Encourage questions and continuous learning. Once you feel comfortable, explore advanced features like cash flow forecasting or anomaly detection.
“AI isn’t about replacing people – it’s about enabling your business to work smarter.”
Morgan Wilson, Founder and Director, Creditor
- “Context: AI can clean up messy books quickly, but it only works if your underlying processes are solid. If your bank feeds, charts of accounts, and approval workflows are inconsistent, AI will get the wrong answers out faster.
- Insight: We see the biggest gains when AI handles repeatable tasks (banking data, capturing receipts, coding common transactions) while a human reviews edge cases and patterns. The sweet spot is: “AI does the doing, people decide.”
- Influence: Better data, faster. This means tighter cash control, fewer VAT surprises and clearer margins per task or product. But the risk of a switch is real: poor data mapping and loose user rights can blow up a BAS or payroll administration.
- Takeaway meals: Start with one process, one entity, one month. Standardize categories, lock permissions, set review rules, and measure error rate before scaling. Building better companies starts with better numbers, and AI must make those numbers cleaner, not just faster.”
Sharon Nouh, founder and CEO of ProSpend
“AI offers the ability to streamline repetitive expense processes, including expense reports, approvals and credit card reimbursements, saving up to 90% of costs and time in most cases. In fact, our recent report says: Stop the AP leakexplains why more companies need to embrace AI and automation now more than ever.
“For example, employees using ProSpend can quickly take a photo of their receipt. With OCR (Optical Character Recognition) technology, receipt data is captured, automatically linked to the expense and then forwarded for approval.
“Understanding how powerful artificial intelligence can be, it is also important to recognize that it is like a human in the learning process. It is always learning and adapting, but like a human it can and will make mistakes. Although once recognized, the goal is to avoid making the same mistakes in the future.
“Taking the example of OCR, what happens when invoices are not formatted correctly? This is where leading automation software providers like ProSpend are investing in crucial services including HITL (Human-In-The-Loop) to resolve errors seamlessly. HITL is ‘a branch of artificial intelligence that uses both human and machine intelligence to create machine learning models.’
“Leading software like ProSpend uses expert teams to review every receipt and invoice reported as an error to assess why this happened. This team will then train the AI system and apply a machine learning algorithm to learn, adapt and understand what to do the next time this error occurs. The HITL approach combines machine learning and intelligence, with human intelligence to make fast, seamless and accurate decisions.”
Elvis Sehovic, Head of Business Services, Polyglot Group
“AI-powered accounting is here and it’s changing the game for small businesses. But before you jump in, know this: it’s not plug-and-play. Integrating with your current systems can be tricky and could mean additional costs or disruption in the short term. Data security is another big challenge. These platforms handle sensitive financial information, so make sure they comply with the Australian Privacy Act and use strong encryption.
“Automation is great for reducing manual work, but it doesn’t replace human oversight. If the setup is wrong or transactions are misclassified, you get inaccurate data and compliance headaches. AI tools must also comply with Australian tax obligations, including BAS reporting and ATO registration requirements.
“Transparency in financial reporting and ethical use of AI are more important than ever. Establish clear policies for reviewing AI-generated results to avoid mistakes and maintain trust.
“My advice? Start small. Automate one process, like expense tracking, before you scale. Train your team, choose platforms with strong security and compliance certifications, and strike a balance between automation and judgment. Get the basics right and AI will work for you and deliver real benefits without exposing your business to unnecessary risk.”
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