Finance.Rocks – Purchase Invoice Booking with AI

Let Artificial Intelligence sing to the beat of your bookkeeping data 24/7. We’ll automate the booking of purchase invoices so that you can concentrate on Rocking.

Purchase Invoice Booking with Artificial Intelligence

Finance.Rocks has been developed by Greensteps Subsidiary, Renance. Its a software that automates the booking of Purchase Invoices by analysing how previous Purchase Invoices within the company were booked.

During the Beta-testing of Finance.Rocks we were able to select the right P&L account and Cost Center 60% of the time during the first week, and 90% of the time after just 4 weeks! This speeds up the booking of Purchase Invoices so much that we’re now releasing it to all users of Netvisor.

AI is here to help

When a new Purchase Invoice arrives to Netvisor, Finance.Rocks compares it to previous Purchase Invoices. It analyses the invoice line-by line using info such as the line-item-description, product name, cost center, project, booking account and amount and by looking at the different combinations of these it makes an educated guess on how it should be booked. After that all the accountant has to do is to confirm the booking.

If there are not earlier comparable invoices then the educated guess has a lower probability of being correct, and in this case the accountant can correct the booking. Finance.Rocks will follow what the accountant does and correct its own algorithm so that the same purchase invoice would have been booked correctly. Hence it keeps on getting smarter and smarter.