Renance - Automated Financial Services Oy is a Finnish startup involved in automatization of routine operations in Financial Services. They provide applications for bookkeepers integrated with national accounting standards.
Finance.Rocks is an accounting application aimed to simplify the daily routine of Finnish bookkeepers. The application automates the processing of purchase invoices from suppliers and other third parties.
A bookkeeper must set an appropriate bookkeeping code - Expense/Asset Account - for every transaction in a company. To do that, he/she chooses the code from the list, and it takes a lot of time.
The Finance.Rocks application uses historical data to predict a bookkeeping code of a transaction. Thus, a bookkeeper just approves an offered Expense/Asset Account value. The time for an invoice processing reduces twice.
When a purchase invoice comes to a company Finance.Rocks analyzes data for the previous year. The application uses AI and Bayesian statistical methods. Then, the system generates an assumption of the Expense/Asset Account value. A bookkeeper accepts it and doesn’t spend time on searching the right code manually. The same process applies to Cost Centers - custom invoice groups used by bookkeepers.
Furthermore, Finance.Rocks integrates with the NetVisor e-invoicing system. Thus, bookkeepers can download data from NetVisor and form standard and custom financial reports.
At the moment, the application guesses the Expense/Asset Account value with 50% probability and classifies the Cost Center value with 90% probability.Application
Amoniac team2 Brains
CEO and Founder
I’ve already worked with the Amoniac team. Our collaboration on the previous project - Receipt Camera - was pretty comfortable and productive. Therefore, we always stay in touch, and I didn’t look for somebody else for the Finance.Rocks project. As a SaaS company in Financial Service, we’re always looking for methods to optimize work of bookkeepers and accountants. This time, we decided to reduce the time spent on recording purchase invoices. Together with Amoniac, we approved product requirements, and our dedicated developer created the prototype. The key issue was to implement a bunch of integrations with services and software being used by Finnish bookkeepers. At the moment, the core integrations are ready, and several ones are in progress. I appreciate that Amoniac pays high attention to my business and always try to figure it out. I’d highly recommend them.
The Amoniac team developed the Finance.Rocks system from scratch. At its core lies self-learning artificial intelligence. For the back-end side, they used Sinatra framework; for data storage - PostgreSQL and Redis.
Also, they implemented a number of integrations: with the NetVisor e-accounting system, Microsoft Office365, Google GSuite package, and Microsoft PowerBI report service. The project is ongoing, and new integrations are in developing.
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