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Orangebooks - Audited accounting as a service

Denne idé er en del af Nordic Data Sandbox Challenge: bogføringsdata

Stanislaw Ploski
Stanislaw Ploski
26. september 2019

Accounting is an essential business activity that enables financial overview and compliance. Businesses need up-to-date data and correct reporting to authorities - with minimum investment of time and money. Unfortunately, accounting is complex, slow and expensive today. Most SMEs must hire external bookkeepers who manually process transactions one by one. Reporting to authorities is largely manual as well. This highly inefficient system is costing our economy billions every year. 

Orangebooks uses Machine Learning to automate bookkeeping. For example, when a purchase is made, all the user needs to do is send in a photo of the receipt. Our algorithms will match the receipt to the bank transaction and assign the correct category from the general ledger. Orangebooks reports and pays VAT and TAX on behalf of the business, prepares and files the Yearly Report. The current status of the accounting and cash flow can always be checked in our easy to use online dashboard.

Orangebooks is using algorithms to do bookkeeping faster, cheaper and more accurately. We use structured transaction level data from PSD2 APIs and Government APIs to match, categorize, and reconcile transactions in real-time. 

Thanks to efficiency gains from Machine Learning we also include audit for all customers - something they now option out due to high cost. Audit mitigates the risk for fines due to incorrect reporting. This creates a further gain for the society by increasing transparency and preventing fraud. 



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