Briefcase is an AI-native bookkeeping tool that automates month-end processes through advanced transaction mapping and real-time learning from historical data. It enhances accuracy and compliance by automatically categorizing transactions, detecting duplicates, and ensuring VAT regulations are met, significantly reducing manual bookkeeping efforts.
Funding
$3M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
CSEFMRTVFounders
Product
Problem
Traditional bookkeeping processes are often manual, time-consuming, and prone to errors, especially when dealing with complex charts of accounts and varying VAT regulations. Existing OCR tools lack the precision needed for accurate transaction mapping, leading to inefficiencies and potential compliance issues.
Solution
Briefcase is an AI-native bookkeeping tool designed to automate month-end processes and enhance accuracy in accounting practices. The platform leverages multimodal AI to provide superior speed and precision compared to traditional OCR methods. It automatically categorizes transactions, detects duplicates, and ensures compliance with VAT regulations by embedding HMRC legislation. Briefcase learns from historical postings and real-time updates, eliminating the need for manual supplier rule setup.
Target Audience
The primary target audience includes accounting practices and businesses seeking to automate their bookkeeping processes, improve accuracy, and ensure VAT compliance.
Features
- Multimodal AI for enhanced speed and accuracy in transaction processing
- Smart categorization for precise transaction mapping, even with unique charts of accounts
- Embedded HMRC legislation for automatic detection of 20%, reverse charge, and zero-rated VAT
- AI learning capabilities that eliminate the need for manual supplier rule configuration
- Detailed description extraction, including dates, seamlessly posted to the ledger
- Duplicate detection to identify and flag duplicate invoices and receipts
- Audit log providing transparency and justification for every AI decision
- Multi-line extraction for automatically splitting invoices with varying VAT rates and categories (Coming soon)
- Prepaid expense detection and scheduling of month-end journals (Coming soon)
- Deferred revenue automation through adjusting journal entries (Coming soon)
- Accrual identification at the end of each month (Coming soon)
- Fixed asset depreciation schedule automation (Coming soon)