In today's era of digital transformation, it is crucial for businesses to remain competitive. Many organizations are increasingly leveraging Artificial Intelligence (AI) to gain an edge.
AI mimics human cognitive functions, enabling systems to make complex decisions and resolve problems effectively. AI implementations in software allow machines to perform tasks traditionally requiring human intelligence.
Welcome to the World of AI & Automation
Automate future audits to save time and enhance efficiency. Live auditing occurs seamlessly with every adjustment made, ensuring real-time accuracy.
Automated Income-Expense Harmonisation
Achieving a harmonious balance between revenue and expenditures
Automated Bank Account Harmonisation
All bank accounts are balanced, primed with liquidity and contingency funding.
Automated Levy Harmonisation
The Current Audit has an auto balancing element of Admin/Ordinary levies that ensures the Income Statement is balanced to Zero. Accountants can present the Current Audit as a Budget as contingency funding provides a backup for any emergency funding.
Automated dual Banking Harmonisation
We now recognise two distinct banking audits: one for the current account, which pertains to the Income Statement, and another for the Reserve account obligations, which covers the 10 Year fund, projects, special levies, and enhancements. This approach ensures accountability and harmony for each bank account.
Automated Future Proofing Tool (Pre-Audit) Summary
This essential tool is used prior to proceeding with the Current Audit, which integrates Fiscal figures and the Automated Current Audit. The dual banking feature is included to ensure funding for the Reserve Bank account through obligations, which is then synchronised with the Current Audit.
Automated Scaling Harmonisation for Levies-10-year-and topping up of reserves
To ensure accuracy in scaling financial calculations across diverse building sizes, a multi-layered approach combines quantitative metrics, adaptive formulas, and continuous oversight: therefore, many calculations have to be scaled based according to the amount of levies collected including Banking, Contingency funding, Reserve funds and Ten Year Plan (The Body Corporate affordability level) which incorporates a special formula to maintain all banking harmony.
The final result may adjust the required amount for achieving harmony.
AI-Friendly customised Income Statement, Balance Sheet and Bank Account ledgers
Each component has been meticulously organised into custom groups, enabling AI to provide precise results for funding operational costs and levies, ultimately ensuring balanced financials. Keeping financials balanced simplifies the process of maintaining future stability.
Notes:
When it comes to inflation, it's crucial to recognise that it encompasses more than just one figure influencing increasing costs. Inflation can be accurately assessed through various methods, and a thorough analysis over three periods can yield a more precise interest rate.
Impact on the Accounting Profession
The integration of AI in accounting can lead to significant improvements, such as reduced errors, increased efficiency, enhanced accuracy, and ultimately superior outcomes. This transition also implies that accountants will have less manual repetitive work to handle.
The Importance of Upgrading Outdated Accounting Software to AI-Powered Solutions
The Role of SMART-BOTS and the new Financial Framework.
We are innovators, problem solvers and solution providers. At our organisation, we pride ourselves on being visionary innovators, driven by a passion for addressing complex challenges and delivering tailored solutions that meet the evolving needs of the market. Our cutting-edge technology solutions are designed to revolutionise traditional auditing processes by integrating advanced computational capabilities and sophisticated formulae.
By leveraging our custom-built technology, clients can benefit from significantly streamlined auditing times and enhanced accuracy, empowering stakeholders with actionable insights and data-driven decision-making capabilities.
Skills Gap in the Workforce
There is often a shortage of professionals who possess expertise in both sectional title accounting and AI technologies. This skills gap necessitates upskilling and reskilling initiatives to equip current employees with the necessary knowledge to leverage AI tools effectively.
Using the Body Corporate Accounting & Procedures Framework and financial platform with more than 100 automated formulas reduces the skill level or expertise needed to perform an error free audit for sectional title schemes.
Other components include - Asset Register - Tax calculator - Property valuator - Municipal electricity calculator - Municipal water calculator for checking correct billing of services accounts - Project ledger
Disclaimer: We are constantly developing our product and may change its features from time to time for our software to be integrated with other products. Improvements and functionality are an ongoing event.
Some BOTS functions may be modified in order to better adapt to legislations. E&OE excepted.
SMART-BOTS CAN SAVE MEMBERS AND SCHEMES HUGE AMOUNTS OF MONEY-LEVIES FROM INFLATION MISCALCULATIONS - OVER ESTIMATIONS - TAX - TEN YEAR PLAN & RESERVE FUND
