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Pinvo streamlines bookkeeping with AI software and service platform

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Bookkeeping service and technology platform Pinvo has launched in the UK, offering an AI-enhanced system its founders claim is often 40% more cost-effective than offshore outsourcing.

10th Jul 2024
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Founded in 2022 by fintech veterans Toby Xu, Patrick Ye and Fatima Ayoub, Pinvo is focused on using technology to streamline the entire bookkeeping process for small businesses and their accountants.

Combining proprietary artificial intelligence (AI) technology and human bookkeeping expertise, Pinvo’s solution targets accounting practices looking to take on more clients, save on costs, or shift to more advice-based services with higher margins. It also caters for in-house accountants at small businesses looking for cost-efficient bookkeeping solutions. 

Rather than focusing on specific aspects of the bookkeeping workflow, such as data extraction or reconciliation, Pinvo manages the entire bookkeeping process for accountants, from document collection and data extraction to financial analysis and reporting.

How does Pinvo work?

Pinvo’s solution has two parts. The first is a front end where small business clients can upload documents via the Pinvo app or email, track bookkeeping progress, answer queries and access financial reports and insights. 

The second part is Pinvo’s back end, an assembly line internally known as the Pinvo Bookkeeping Gigafactory, where AI processes the data received and automates the majority of bookkeeping tasks, with humans assisting in complex cases, training the AI on challenging tasks and reviewing final results for quality assurance.

Pinvo’s propriety AI system can automate document processing, extract key information and identify missing data, manage client communication and send reminders, tackle complex bookkeeping decisions based on historical data and client profiles, and generate financial reports.

Accountants can use the platform’s dedicated dashboard functionality to monitor the entire bookkeeping workflow – track progress, access the client dashboard (which includes high-level financial analysis and reports) and see which queries have been raised by the platform (or Pinvo’s experts if more complex).

Pinvo screenshot
Pinvo

The Pinvo system currently integrates with Xero, with a QuickBooks Online integration coming soon. Connectivity with other applications allows accountants to use its results for outputs such as tax filings or accounts production.

First-hand experience of the bookkeeping landscape

After landing an initial $4m investment round, the developer established its own accounting and bookkeeping practice, run by former practice owner (and now head of service) Darren Jefferies. This was ostensibly to conduct extensive customer research and understand the challenges faced by firms using traditional bookkeeping methods.

While the company no longer offers accounting services and focuses purely on bookkeeping and technology, the experience of running a practice gave the Pinvo team first-hand experience of the service landscape – declining margins, a struggle to find skilled professionals and a difficult usability experience for clients. 

Unlike traditional bookkeeping service models that charge by the hour, Pinvo offers tiered pricing based on the number of transactions processed.

Tackling bookkeeping challenges

By centralising the entire bookkeeping process, from document collection and data entry to reconciliation and financial reporting, Pinvo’s founders believe their system can provide more value to accounting firms by automating repetitive tasks and eliminating the bottleneck effect of traditional bookkeeping.

“For accounting practices, bookkeeping is essential for other compliance tasks, but it’s also time-consuming and requires frequent client interaction,” Ayoub told AccountingWEB.

“This leads to challenges like recruiting and retaining skilled staff, rising costs and limitations in scaling their business. Traditional solutions like offshore outsourcing can have issues with quality and value, and Pinvo cuts through these problems by offering a comprehensive solution.”

Good, tidy books

“We have talked to lots of accounting practices who told us they don’t need another tool to automate bookkeeping a bit more,” added Ye. “They just need it done and want to see good, tidy books.”

Co-founder Xu added: “Our AI-powered efficiency allows us to offer bookkeeping services 40% lower than offshore outsourcing. And as our partners’ business volumes increase, their costs with Pinvo actually go down.”

“We believe AI will eventually automate all bookkeeping tasks entirely, and we’re at the forefront of this evolution,” continued Ye. “Forward-thinking accounting practices should embrace this shift. By offloading bookkeeping burdens, accountants can dedicate themselves to higher-value services like strategic advisory, planning and client care.”

To discover more about how Pinvo can help your practice and help your clients have all their bookkeeping needs taken care of visit the Pinvo website.

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