Finmatics is an AI-driven automation platform that digitizes and processes accounting documents, enabling accounting firms to handle unsorted receipts six times faster and generate booking proposals automatically. The system enhances efficiency by streamlining invoice approvals and ensuring compliance with electronic invoicing requirements, significantly reducing processing times and operational risks.
Funding
$6.3M 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.
Founders
Product
Problem
Accounting firms and companies face challenges in efficiently processing a high volume of unsorted receipts and invoices, leading to time-consuming manual data entry and an increased risk of errors. The upcoming mandate for electronic invoicing (E-Rechnung) adds further complexity, requiring businesses to adapt to new XML formats and digital workflows.
Solution
Finmatics offers an AI-powered automation platform designed to streamline accounting document processing, from receipt to booking proposal. The platform digitizes and automatically separates unsorted document stacks, extracts relevant data using OCR and AI, and generates booking suggestions. It supports various input methods, including scans, emails, and mobile uploads, and is compatible with XRechnung and ZUGFeRD formats. Finmatics integrates with popular accounting systems, providing a comprehensive solution for automating invoice processing, reducing manual effort, and ensuring compliance with electronic invoicing standards.
Target Audience
Finmatics primarily targets accounting firms and companies seeking to automate their bookkeeping processes, reduce manual data entry, and comply with electronic invoicing mandates.
Features
- Automated document digitization and separation, eliminating the need for barcodes or separator sheets
- Intelligent document type recognition and data extraction using OCR and AI
- Automated booking proposal generation based on historical data and AI-driven predictions
- Support for electronic invoicing standards, including XRechnung and ZUGFeRD formats
- Multi-level invoice approval workflows to accelerate processing times and minimize liability risks
- Mobile app for on-the-go approvals and document capture
- Integrations with leading accounting systems such as DATEV, BMD, RZL, SAP, and Microsoft Business Central
- Shared Service Center for quality control of extracted data, especially for handwritten documents
- Compliant with ISO 27001 standards, ensuring maximum data security