Manual transaction coding is a significant time drain for finance teams, and Brisbane-based spend management platform Budgetly has launched a new feature to address this issue. The company’s AI Bookkeeping feature is built into its existing spend management platform and aims to cut out repetitive transaction coding.
The feature is designed to automate routine work, such as sorting transactions into categories, checking GST, and chasing down receipts. If a transaction looks off, it gets flagged for a human to review, rather than being waved through.
How AI Bookkeeping Works
The system knows its limits and only applies categories, tags, and GST automatically when it is confident in its decision. When it’s unsure, it holds back and leaves the transaction for a human to decide, rather than risking an error.
Lisa Callaghan, CFO at Budgetly, explained that the finance function is shifting from recording what happened to shaping what happens next. Lisa Callaghan said that automating repetitive coding is not about removing people, but about freeing them to do work that requires judgment.
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They are freeing people to focus on higher-value work.
Real-World Benefits
One of Budgetly’s existing customers, Family Centered Support Services, has already seen significant benefits from the new feature. The organisation’s finance team reported that AI Bookkeeping has streamlined their bookkeeping processes, saving them around five to six hours per week on receipt reviewing and verification.
This time saving has allowed the team to redirect their efforts towards supporting their clients. While this is just one customer’s experience, it points to the kind of admin load that the feature is designed to reduce.
The practical benefits for finance teams include less manual coding, clearer receipt verification, and more consistent categorisation across the business. The feature also aims to make the month-end close a quick review rather than a full reconstruction of the month’s spending.
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Freeing Up Time for More Important Tasks
By automating repetitive coding tasks, finance teams can focus on higher-value work that requires judgment and expertise. This shift can have a significant impact on the way finance teams operate, allowing them to be more proactive and strategic in their work.
In the middle of this change, it’s worth noting that the development means finance teams who will be using AI Bookkeeping will need to adapt their skills and workflows to take advantage of the efficiencies it offers. Lisa Callaghan and her team will be at the forefront of this change.
As the company continues to develop and refine its AI Bookkeeping feature, it will be interesting to see how finance teams respond to the changes it brings. For now, the company’s focus on creating a system that knows when to step back and flag transactions for human review suggests a thoughtful approach to automation.
According to the company, the benefits of AI Bookkeeping are clear: less manual work, more efficient processes, and a more streamlined month-end close. As more businesses begin to adopt this technology, it will be worth watching to see how it impacts their operations and bottom line.