Machine Learning Background
Machine Learning (ML) technology helps computers improve automatically through experience that they are exposed to, and has already been in full production for a few years in the bookkeeping industry to automate routine manual tasks and expedite processes.
Machine Learning & Accounting
Examples of how ML has played a vital role in accounting include accurate entries being recorded rapidly after the computer learns from the human adjustments made in just the first few transactions. In the long run, as ML helps to capture and process transactions of differing natures that the computers are being exposed to, human intervention will be minimal as computers will have registered the knowledge of the appropriate treatment of transactions.
3E Accounting’s Machine Learning Robots
Being the only locally-established accounting company to make it into the Top 50 Global Accounting Network echelon, 3E Accounting has earned this recognition because of its successful integration of technology into its operations to enhance the firm’s efficiency. This translates to the provision of a myriad of corporate services, such as company secretarial, company incorporation, bookkeeping etc. of the utmost quality to its clients.
With its established Digital Research and Development (DR&D) team, the Financial Report Robot is developed in-house to allow 3E Accounting to leverage on ML to help accountants generate a financial report in a short span of time. With just the trial balance and income statement inputs from accountants, the robot is able to allocate and classify accounts based on Machine Learning that it has worked on. As such, the financial report generation time is shortened from 8 hours under traditional manual means to a mere 30 seconds!
3E Accounting’s efforts in incorporating ML into its business operations will not stop here. The Tax and Bookkeeping Robots, scheduled to be launched in 2021 and 2022 respectively, will operate on the basis of ML too. The Tax Robot will use this technology to automate tax computation using uploaded inputs of financial statements and fixed assets registers, and prepare Form C-S/ C in accordance with the Inland Revenue Authority of Singapore (IRAS) rules. On the other hand, the Bookkeeping Robot’s ML technology will work alongside with the Optical Character Recognition (OCR) technology to digitise physical documents for transcription into financial journal entries in accordance to the International Financial Reporting Standards (IFRS) presentation and disclosure.
3E Accounting’s Machine Learning Robots
Being the only locally-established accounting company to make it into the Top 50 Global Accounting Network echelon, 3E Accounting has earned this recognition because of its successful integration of technology into its operations to enhance the firm’s efficiency. This translates to the provision of a myriad of corporate services, such as company secretarial, company incorporation, bookkeeping etc. of the utmost quality to its clients.
With its established Digital Research and Development (DR&D) team, the Financial Report Robot is developed in-house to allow 3E Accounting to leverage on ML to help accountants generate a financial report in a short span of time. With just the trial balance and income statement inputs from accountants, the robot is able to allocate and classify accounts based on Machine Learning that it has worked on. As such, the financial report generation time is shortened from 8 hours under traditional manual means to a mere 30 seconds!
3E Accounting’s efforts in incorporating ML into its business operations will not stop here. The Tax and Bookkeeping Robots, scheduled to be launched in 2021 and 2022 respectively, will operate on the basis of ML too. The Tax Robot will use this technology to automate tax computation using uploaded inputs of financial statements and fixed assets registers, and prepare Form C-S/ C in accordance with the Inland Revenue Authority of Singapore (IRAS) rules. On the other hand, the Bookkeeping Robot’s ML technology will work alongside with the Optical Character Recognition (OCR) technology to digitise physical documents for transcription into financial journal entries in accordance to the International Financial Reporting Standards (IFRS) presentation and disclosure.
Conclusion:
While 3E Accounting’s integration of ML into its operations as proved a success, as a leading robotic accounting firm forging ahead in industry 4.0, it will continue in its research and development of other new technologies too. It aims to constantly improve and maximise the efficiency in which its staff are working, and to provide the timeliest support and best service to its valued clients.
