3E Accounting Develops Bookkeeping Robot to Digitise Enterprise Operations
3E Accounting has collaborated with the local university, the Singapore Institute of Technology (SIT) to develop the 3E Bookkeeping Robot to digitise the bookkeeping and accounting journal entries preparation process. SIT is an institution of higher learning (IHL) that offers industry-focused degree programmes, integrating learning, industry and community.
As a leading robotics accounting firm in Industry 4.0, innovation is in our DNA. This is why 3E Accounting recognised the value of SIT’s applied learning curriculum and identified a like-minded partner to collaborate on the development of the Bookkeeping Robot to integrate technology into business processes to optimise operations and stay ahead of the competition.
Building 3E Bookkeeping Robot With SIT
The 3E Bookkeeping Robot is conceptualised to convert scanned purchase and sale invoice documents that come in various formats to editable and searchable financial accounts and data, and automatically transcribe them into financial journal entries that are in accordance with the International Financial Reporting Standards (IFRS) presentation and disclosure without any human intervention.
As the prototype software still requires manual inputs, 3E Accounting’s in-house software developer will further enhance the prototype by incorporating advanced technologies such as Optical Character Recognition (OCR) technology and Machine Learning technology.
When fully developed, 3E Bookkeeping Robot will tap on powerful automation and artificial intelligence technology to empower our accountants to prepare financial journal entries more efficiently. This reduces the likelihood of human errors from hardcopy documentation and voluminous and repetitive data entry work, thereby improving operational efficiencies.
“3E Bookkeeping Robot is one of the many robots that we have been researching and developing. As a pioneer robotics accounting firm, we innovate to deliver greater value for our customers. With the adoption of robotics technology, we are striving to become Asia-Pacific’s Artificial Intelligence (AI) accounting firm.”
Lawrence Chai
Founder & Chief Technology Officer
3E Accounting has invested over $2 million in the research and development of robotics technology. The firm will continue to innovate and deploy robots to optimise operations and improve work efficiencies. 3E Accounting aims to complete artificial intelligence implementation in all business processes by 2025 and implement humanoid robots by 2028. Through technology and innovation, 3E Accounting will continue to serve our clients beyond excellence with the Three Es: Efficiency, Effectiveness and Economy.
