- 01Keep the source
- 02Let AI suggest
- 03Check the result
- 04Keep an audit trail
Let AI read a receipt or suggest a category. Do not let it quietly approve the result. A useful workflow keeps the source document, shows what changed and leaves a person responsible for checking it.
01Start with one small job
Try extracting dates and amounts from a few invoices, or drafting a list of missing receipts. Compare the output with the originals before using it on a full month's records.
Generative AI can produce convincing but incorrect answers. That is a documented risk, not just a badly written prompt. NIST: generative AI risk profile.
02Keep the evidence
Store the original invoice or receipt beside the entry. Preserve bank statements, contracts and explanations for unusual payments too. An AI-generated spreadsheet cannot tell you what a missing document would have said.
For companies, IRAS requires relevant business records to be retained for at least five years from the relevant Year of Assessment. Keep them retrievable when changing software. IRAS: record keeping.
03Check what you are uploading
Payroll, customer details and invoices can contain personal or confidential information. Before using a tool, check who can access uploads, whether they are used for model training, where they are processed and how deletion works. Do not assume a paid account makes all of these answers acceptable.
Use the minimum data needed, with redaction where appropriate. Replacing a name alone may not remove identification risk. Singapore's PDPA obligations include protection and overseas-transfer safeguards where applicable. PDPC: key concepts.
04Review the things a label cannot settle
| AI suggestion | Your check |
|---|---|
| "Business expense" | What was bought, who used it and why? |
| "GST claim" | Is the business registered, and are the claim conditions met? |
| "Paid invoice" | Does the payment match the invoice and bank statement? |
| "Duplicate" | Is it really the same document, not an instalment? |
Ask for evidence, not just a confidence score. A neat category can still hide a personal purchase, refund or director's loan.
05Approve and keep a trail
Record who reviewed an entry and why a suggested treatment changed. Reconcile the books to bank statements. Keep unresolved items in a visible list instead of forcing them into a category to finish faster.
Before filing, have the accounts and tax treatment reviewed for the scope you agreed. AI can reduce repetitive work; it does not decide which Singapore accounting framework or tax rule applies to your business.