5 ms·
Not exactly fintech but somewhat related: Manual bookkeeping. I suppose though that probably short of artificial general intelligence there’s no one-size-fits-
by BjoernKW 9y ago
Not exactly fintech but somewhat related: Manual bookkeeping.
I suppose though that probably short of artificial general intelligence there’s no one-size-fits-all solution for this because bookkeeping is too varied and complex.
If everyone agreed on a digital standard for sending invoices and receipts that’d be a first step (no, that standard isn’t PDF). Unfortunately, as long as there are even companies that still send paper invoices we still have a long way to go.
- twunde 9y agoIf you're a big enough company or work with big companies there are actually a few "standards". Retail, energy and healthcare among others use EDI. It would certainly be nice to have one for small companies as well
- rahimnathwani 9y agoBook-keeping as a whole might be too complex and varied, but you can split the problems into smaller pieces. For a start, split accounts payable and accounts receivable. Then, within AP, split between invoice entering objective data, matching against purchase orders, getting payment authorization, and coding appropriately. Some of these part need some company-specific work flow, but not much intelligence so can be coded by any internal dev team. But some parts (e.g. extracting the objective info from PDF or scan) are harder but more standardised, and could be provided as an API. Some other (allocating to the right accounts in the GL) should be automatable for 90% of invoices, just because most received invoices are for the same thing each month.