Autonomous accounting

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In today’s email:

• Autonomous accounting

• Launch a proof of concept with a bank with 5M users

• Meme of the week

Autonomous accounting

Hey there, my dear friend! 🌟

I recently came across this intriguing piece on Puzzle's blog about the future of accounting. It's fascinating how they've drawn parallels between the evolution of autonomous driving and what they term "Autonomous Accounting."

Autonomous Accounting in a Nutshell:

It's essentially a system that can whip up complete and accurate financial statements, metrics, insights, and more, all in real time and without us humans having to intervene. Imagine the time saved and the errors avoided!

Why It's a Game-Changer:

The speed and accuracy of financial data can give businesses a real edge. But let's be real, a lot of an accountant's time goes into repetitive tasks rather than focusing on growing the business. And, surprisingly, accounting is becoming less popular as a profession. This is where Autonomous Accounting can step in, offering real-time insights and making the profession more dynamic.

The Levels of Automation:

- Level 0: Old-school manual accounting. Think paper ledgers and calculators.

- Level 1: Some tasks are automated, like bank feeds in QuickBooks.

- Level 2: A bit more advanced. For instance, Quickbooks can handle payroll and accounts receivables.

- Level 3: This is where it gets cool. The system can generate financial statements and also spot anomalies. Puzzle claims to be the first to achieve this.

- Level 4: The system not only detects issues but also suggests solutions.

- Level 5: The ultimate level. The system can handle everything autonomously, adapting to any inconsistencies.

What's in Store for Accountants?

The idea isn't to replace accountants but to elevate their role. With less manual work, they can focus on analysis and strategy.

Final Thoughts:

This framework by Puzzle is just a starting point, and the field is rapidly evolving. It's exciting to think about where technology can take accounting in the near future.

If you're as intrigued as I am, you might want to check out the full article 

Catch up soon, and let me know what you think!

Launch a proof of concept with a bank with 5M users

Hey there,

In the ever-evolving world of fintech, opportunities to collaborate, innovate, and grow are invaluable. One such golden opportunity is the TSB Innovation Lab, a platform that beckons startups to bring their fresh ideas and solutions to the table. Here's why every startup should consider applying:

1. Align with TSB's Vision:

TSB is not just another bank. They're passionate about enhancing the experiences of both their colleagues and customers. Their primary goal? To empower customers to make the most of their money and instill confidence in their financial decisions. By joining the TSB Innovation Lab, startups can align with this vision and contribute to a more financially confident society.

2. Broaden Your Horizons:

The TSB Innovation Lab isn't just looking for a narrow set of solutions. They welcome a diverse range of fintech applications. Whether you have a proposition that aligns with their listed use cases or you're bringing a completely novel idea to the table, TSB is all ears. This openness ensures that your startup, regardless of its focus, has a place in the lab.

**3. Collaborate and Grow:**

TSB wants to work with fintechs that can help elevate their services. This means that startups in the lab will have the chance to work closely with TSB, gaining insights, feedback, and support from an established financial institution. Such collaboration can be a game-changer for young companies looking to refine their offerings and scale.

4. Make a Real Impact:

By partnering with TSB, startups have the chance to make tangible changes in the banking sector. The solutions and innovations developed in the lab can directly influence TSB's operations, leading to better experiences for both employees and customers.

5. Gain Visibility:

Being a part of the TSB Innovation Lab is also a badge of honor. It provides startups with a platform to showcase their solutions, gain recognition in the fintech community, and attract potential investors and partners.

In conclusion, the TSB Innovation Lab is more than just an incubator. It's a chance for startups to align with a forward-thinking bank, collaborate on impactful solutions, and carve a niche for themselves in the competitive fintech landscape. If you're a startup with a vision to revolutionize the financial sector, this is your call to action. Apply now and be a part of the change!

For more details and to apply, check out the TSB Innovation Labs page on FinTech Scotland. Don't miss out on this opportunity to make a mark in the fintech world!

Meme of the week

I'd love to hear your feedback on today's newsletter! Is there a specific type of content you'd like to see more of in the future? Since I'll be releasing a new edition each week, I welcome any suggestions or requests you may have. Looking forward to hearing your thoughts!

The Menu Magic is written by Francisco Cordoba Otalora, a Fintech entrepreneur living in London.

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