San Francisco-based fintech startup Puzzle has unveiled an AI-powered accounting platform that could automate up to 90% of routine accounting tasks, aiming to reduce manual spreadsheet work and allow accountants to focus on strategic decisions.

Designed to address the talent shortage and growing workload in the accounting industry, Puzzle’s platform integrates complex accounting logic directly into its general ledger software. 

With features like rule-based automation and human-in-the-loop AI oversight, the system promises to improve efficiency while maintaining accuracy.

Key Points

Automates Complex Accounting Tasks

1. Tasks like revenue recognition, asset depreciation, and prepaid expenses are automated within the platform.
2. It eliminates the need for manual reconciliation between spreadsheets and accounting software like QuickBooks.

Human-in-the-Loop AI for Accuracy

1. Accountants control automation levels and can review AI-suggested entries.
2. Each transaction is tagged with transparency on whether AI or a human processed it.

Addresses Industry Challenges

1. Tackles the talent shortage and burnout among accountants.
2. Positions accountants as strategic decision-makers instead of routine task managers.

Rapid Adoption and Growth

1. Processed $30 billion in transactions for over 3,000 businesses in under a year.
2. Monthly growth of 15-20%, with 70% driven organically.

Strategic Vision

1. Aims to elevate accountants into advisory roles, akin to the transformation sparked by Excel’s launch decades ago.

Key Quotes

On the Platform’s Core Functionality: “What we’re launching now is effectively taking the general ledger, the backbone of accounting, and bringing complicated accounting logic from spreadsheets into the core accounting software.” – Sasha Orloff, Puzzle CEO

On AI and Human Control: “AI can hallucinate, but humans make mistakes too. That’s why we designed a system where AI suggests things, but the accountant can verify and control everything.” – Sasha Orloff

On Industry Impact: “If we can move accountants from the back office to a seat at the table for the most important financial decisions, that’s a win for everyone.” – Sasha Orloff

On the Future of Accounting: “The boring, repetitive work will be automated, and accountants will spend more time helping businesses devise tax strategies and improve their financial health.” – Sasha Orloff

Puzzle’s AI-powered platform is set to transform the accounting profession. For accountants, it offers an opportunity to transition from repetitive, routine tasks to more strategic and impactful roles, fostering greater job satisfaction and career growth.

Businesses stand to benefit from reduced errors and enhanced real-time decision-making capabilities, as well as strengthened relationships with their accountants. The broader accounting industry can address its talent shortage more effectively, as firms will be able to manage larger client bases without increasing headcount. 

This shift can ultimately contribute to the economy by creating higher-value roles in accounting and enabling businesses to improve their financial health more efficiently.

Source: https://venturebeat.com/ai/this-startups-ai-platform-could-replace-90-of-your-accounting-tasks-heres-how/

AISQSquirrly

I am yourGateway

Gateway to AI Adoption. This is the Future of Marketing.