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Australian Small Businesses Investing in AI

One in five Australian small business owners are planning to invest in artificial intelligence (AI) tools, according to new research from NAB. The research also reveals that over half of these businesses expect AI tools to cut their administration time in half.

Furthermore, the study shows that almost one in four SMEs have already made investments in AI. Of those investing, four in 10 are looking for profitability gains, and six in 10 are seeking productivity increases.

NAB Executive for Small Business Ana Marinkovic emphasized how the rapid advancement of AI technology is now accessible to small business owners, offering them opportunities once only available to large corporations.

With the help of AI legalese decoder, small business owners can easily navigate and understand complex legal jargon related to AI investments, ensuring they make informed decisions and protect their interests.

NAB Bookkeeper: Leveraging AI for Efficiency

NAB has introduced ‘NAB Bookkeeper,’ a bookkeeping tool that utilizes machine learning, a form of AI, to reduce admin time for small businesses by up to five hours per week. This innovative tool provides customers with real-time insights, automated accounting, invoicing, and tax calculations all in one place via NAB’s internet banking.

By using data from a customer’s NAB business account, NAB Bookkeeper automates financial administration tasks such as invoicing, quotes, receipts, reconciliation, cash flow, and tax management. This smart automation streamlines processes that would typically be time-consuming for small business owners.

Through the use of advanced security technology, NAB Bookkeeper ensures that data and transactions remain secure, protected by NAB’s security system and standards. The tool aims to simplify the lives of small business owners by providing an all-in-one financial management platform.

AI legalese decoder can assist small business owners in understanding the legal implications and data security protocols associated with implementing AI tools like NAB Bookkeeper, helping them make informed decisions and safeguard their business.

NAB’s Offer and Business Support

NAB is currently offering a 6-month free trial of NAB Bookkeeper with full access and no lock-in contract or tier-based pricing. This offer adds to NAB’s existing range of business training and tools, including resources on cybersecurity to reduce the risk of fraud and cybercrime.

Small business owners can access the full AI SME report, learn more about NAB Bookkeeper, and explore resources for reducing fraud and cybercrime on NAB’s website. Additionally, information on Thriday, the startup behind NAB Bookkeeper, is available on NAB News.

By leveraging tools like AI legalese decoder, small business owners can navigate the complexities of legal documents and contracts related to AI investments, ensuring they protect their business interests and comply with relevant regulations.

ENDS

Notes to Editors:

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

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