The startup operates a financial management platform that utilizes artificial intelligence to analyze personal and business financial data, including bank accounts and credit card transactions, to identify potential tax deductions. This technology simplifies expense tracking and streamlines the preparation of tax returns and financial reports, making tax compliance more efficient for users.
Funding
$730K 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
Accountants and bookkeepers face challenges in efficiently managing financial data for sole traders and small businesses, particularly with respect to identifying potential tax deductions and preparing GST reports. Traditional methods often involve manual data entry, spreadsheet management, and extensive client communication, leading to time-consuming processes and increased operational costs.
Solution
Prosaic offers an AI-powered cashbook platform designed to streamline financial management for accountants and their clients. The platform enables instant client onboarding with direct bank feed connections, allowing for the retrieval of up to four years of transaction history. Its core functionality revolves around AI-driven bulk cash coding, which automates the categorization of transactions and identifies potential deductions, such as home office expenses. Accountants can then generate and share GST or P&L reports with clients for real-time review and approval, eliminating the need for manual spreadsheets and reducing back-and-forth communication.
Target Audience
The primary target audience includes accountants, bookkeepers, and accounting firms that serve sole traders, rental property owners, and other small businesses.
Features
- AI-powered transaction categorization and bulk cash coding for efficient data processing
- Direct bank feed integration for instant onboarding and historical transaction retrieval
- Real-time GST and P&L report generation with client review and approval workflows
- Automated identification of potential tax deductions, including home office expenses
- Designed for high-volume work with a workspace optimized for accountants
- Client profiles to combine bank accounts, categories and clients into unique entities for reporting purposes