NAB is to roll out NAB Bookkeeper, using artificial intelligence to create a rival to established tools such as Xero. The software uses machine learning to help small traders automate administrative tasks, such as invoicing and managing cash flow.
NAB is Australia’s largest lender to the business sector. NAB Executive for Small Business Ana Marinkovic says the speed AI technology was advancing meant small business owners could benefit from technology once reserved for large corporations.
NAB Bookkeeper developed by Thriday
“At NAB, we’re continuing to look at how we can safely harness the power of AI to help make the lives of our small business customers easier while keeping their data and the bank safe,” said Marinkovic.
“One example is ‘NAB Bookkeeper’. The new bookkeeping utilises machine learning to help reduce admin time for small businesses by up to five hours per week so they can focus on the bigger picture.”
NAB Bookkeeper has been white-labelled through NAB Ventures backed start up, Thriday. The innovative offering provides customers with real-time insights, automated accounting, invoicing, and tax calculations all in the one place via NAB’s internet banking.
The tool takes advantage of machine learning, using data from a customer’s NAB business account to automate financial administration tasks. This incorporates invoicing, quotes and receipts to reconciliation, cash flow and tax management.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData“Previously, a small business owner would record their bank transactions in their bookkeeping system, manually reconcile invoice payments and prepare financial reports. NAB Bookkeeper takes care of all this through smart automation,” added Marinkovic.
NAB Bookkeeper uses advanced security technology to keep data and transactions secure and is protected by NAB’s security system and standards.
Thriday was founded four years ago by Michael Nuciforo, the former head of mobile banking at RBS and Lloyds. He says that Thriday is perfect for sole traders, freelancers, gig workers, startups and all small business owners who hate admin.
NAB offers six-month free trial to NAB Bookkeeper
“By combining banking, accounting and tax into one solution, we’ve built the first all-in-one financial management platform. It fundamentally redesigns how small businesses manage their financial admin and saving them hours each week,” said CEO Nuciforo.
“This is a ground-breaking new category of product.”
NAB is currently offering a 6-month free trial with full access to NAB Bookkeeper with no lock-in contract and no tier-based pricing.
NAB Bookkeeper adds to the bank’s range of existing business training and tools, including resources on how to reduce the risk of cybercrime, fraud and scams.
