AI to aid SMEs and start-ups in improving their accounting operations

Optimyze Finance LLP, a new-age international professional services company, has launched automated solutions for tasks such as invoice processing, payroll, expense management, paperless accounting, auto consolidations, etc. It aims to reduce errors and increase accuracy for organisations by automating repetitive tasks.

“A professional services firm at the forefront of global finance can be a game-changer for businesses by ushering in automation. Through advanced technologies and expert insights, such firms streamline financial processes, enhance efficiency, and reduce operational costs. By implementing automated solutions for tasks such as invoice processing, payroll, expense management, paperless accounting, auto consolidations etc businesses can significantly reduce errors and increase accuracy, ultimately leading to improved financial health. Moreover, automation frees up valuable human resources to focus on strategic initiatives, fostering innovation and growth. In an increasingly competitive landscape, a professional advisory firm's guidance in adopting automation is instrumental in helping businesses thrive and remain globally competitive,” said Kanika Bali, co-founder of Optimyze Finance.

The LLP was founded by Kanika Bali, Manu Gupta and Fatima Naqvi. Bali is a CA and a qualified Dip IFRS from ACCA UK with more than two decades of experience in automation in accounting, taxation and audit assurance; Fatima is a lawyer and a CA, is an expert in sustainability audit, ESG reporting, Insurance and Risk Management; and, Manu holds a CGMA and MBA degree is skilled as a growth enabler and specialises in building finance operations and delivering increased value to shareholders, customers, and teams within VC/PE backed businesses. He is a Portfolio CFO and Board Advisor to multiple SMEs in the UK, Germany, USA, and India. 

“With Optimyze, SMEs can gain access to cutting-edge fintech services that were once the domain of larger corporations. Our AI-driven solutions streamline operations, cut costs, and enhance compliance. SMEs can now receive personalized financial advice and services tailored to their unique needs, fostering growth and competitiveness”, added Kanika Bali 

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Moreover, with the introduction of new guidelines concerning ESG reports, sustainability audits, and BRSR reports, companies need to be aware of the ESG impact of their business to attract investors and keep stakeholders satisfied. “Traditional accounting has a limited scope in the measurement of a company’s transactions. When it comes to ESG accounting, accountants need to broaden their vision and think about ways to describe, assess and measure the impact of a company’s business on the neighbourhood, its employees, their health, their social needs, the effects of its operations on the environment and so on and so forth. Though seemingly very subjective, the measurement of these factors is imperative for the evaluation of a company’s financial statements”, added Fatima Naqvi. 

ESG matters could impact a company’s financial statements in a direct manner, for example, in the recognition and measurement of compensation expenses. And indirectly that may suffer reputational damage from environmental contamination that reduces sales.  Besides the above, there could be tax implications as well. For example, tax incentives to real estate builders for providing affordable housing or similar tax incentives for those setting up green businesses, tax holidays for companies setting up solar energy businesses. Optimyze offers valuable assistance in conducting sustainability audits and ESG reports.

“By combining our shared values with AI & Automation technologies we will power actionable insights for businesses realising right outcomes for them. What this partnership is enabling us to do is really double down on the use of technologies, leverage extensive network of experts, and work effectively across international markets to enable and optimyze businesses”, added Manu Gupta.