ABN Amro is working with startup InvoiceSharing to pilot a "touchfree" automated accounting system for small and medium-sized enterprises.
The trial - fruit of ABN Amro's Econic startup accelerator, launched last summer to help the bank tap into the fintech community - will see 20 firms with annual revenues of between EUR2 million and EUR20 million connect their accounting suite to an online platform.
An accounting robot tool will read and check the invoices, generate journal entries and export the invoices to the entrepreneurs' accounts. The robot also compares invoices with historic data from industry partners, using accountancy data based on the preceding three years.
ABN Amro says that the technology will enable firms to process 10 to 20 times as many invoices every year, and helps reduce costs by up to 50%. And by helping users estimate their working capital needs at an early stage, it means funding can be acquired at lower costs.
Frans Cuppen, GM, commercial clients, south, ABN Amro, says: "Likely future deficits are signalled well in advance. And by carefully planning invoice payments in alignment with suppliers and customers, we help SMEs optimise their working capital. There's a lot of money to be saved here, as entrepreneurs get their financing needs met at much more favourable rates."