Netherlands-based bank ABN AMRO is working with invoice management firm InvoiceSharing, also based in the Netherlands, to develop a new accounting automation solution for SMEs.
Reports Friday (Feb. 10) said the two companies are collaborating on the new tool that will aim to provide easier access for small business owners to their accounting information and be able to more adequately and quickly assess their working capital needs. ABN AMRO and InvoiceSharing are also creating a “robo-accountant” to check invoices, make notes and export invoices to accounts.
Their collaboration is part of the bank’s innovation unit, Econic, reports said, and they are currently piloting their tool with about 20 companies.
“Bookkeeping no longer marks the final stage of an administrative process,” said InvoiceSharing CEO Jeroen Volk in a statement. “Instead, it has become the SME’s starting point for improvement of business. In due time, we want to help as many entrepreneurs as possible make their business smarter so they can anticipate and play into future challenges.”
“We want to
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