Dutch Bank and FinTech firm develop Robo-Accountant
ABN Amro has teamed up with InvoiceSharing to launch a new solution for SMEs. The system is based around giving users 25/7 insight into their accounts and allowing them to assess their capital needs in advance.
SMEs with an annual revenue of between two and €20 million are the target, a market which both firms believe is ripe for renovation and automation. Users will be able to connect their accounting suite to an online platform, were a robo-accountant will read and check the invoices, generate journal entries and export the invoices to accounts.
The two firms linked with each other through ABN Amro’s innovation centre Econic, and have been working together on the new system since October. A pilot is in the works and being trialled at 20 different companies.
“Bookkeeping no longer marks the final stage of an administrative process,” says InvoiceSharing CEO Jeroen Volk. “Instead, it has become the SME’s starting point for improvement of the business. In due time, we want to help as many entrepreneurs as possible make their business smarter, so they can anticipate and play into future challenges.”
Frans Cuppen, ABN Amro General Manager for Commercial Clients South, adds: ““We want to provide SMEs with extra added value by offering proactive advice and responding to their financing needs. There’s a lot of money to be saved here, as entrepreneurs get their financing needs met at much more favourable rates.”
Source: IBSintelligence – ABN Amro and InvoiceSharing team up for SME accounting solution
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