Swiss fin-tech startup Numarics offers an integrated  business solution that allows Swiss entrepreneurs to navigate their bookkeeping  from their mobile phones. Artificial intelligence replaces an accountant. Why is this  necessary? Or rather – why hasn’t this come to market much sooner? 

“We don’t need another accounting software. We need a solution,” said digital expert Kristian  Kabashi when he was approached by certified public auditor, accounting expert and financial market  specialist Dominique Rey with a request to work together on the digitization of accounting services. 

Rey: “I have examined companies where an independent audit of the balance sheet and income  statement was required. In practice, this means that I had a lot to do with internal and external  accountants to verify whether there were any material misstatements in the annual financial  statements. In this activity, I quickly detect if the accounting is managed properly. I am always  surprised at how much administrative work steps the accountants had to perform and that very few  work steps were automated – that leaves much room for mistakes.” 

Rey reports strong quality differences in the work of accountants, an unprotected title in  Switzerland. Poorly or untimely fiduciary work carries financial risks and can be costly for  entrepreneurs. Accountants, on the other hand, are tired of running after and sorting missing  paperwork – a job that has not changed since the dawn of accounting. 

Fun Fact: Bookkeeping has existed since 3000 BC in ancient Egypt – with debits and credits on  papyrus scrolls. 

Kabashi: “Since then, only the quality of the paper seems to have changed. Now, physical paperwork  is also transferred to Excel spreadsheets or accounting software in a highly time-consuming process.  Receipts are glued on paper to keep them sorted and together. This discipline never made it to the  Olympics, so it’s time to challenge that.” 

Kabashi transforms business processes with a strong philosophy where people are exclusively  creative thinkers and strategists. Repetitive work is performed through advanced technologies. 

Kabashi: “Who likes filling out forms or taking care of all the paperwork? How many people would  have already made their dream of self-employment reality if they didn’t have such great respect for  bureaucracy?” 

Fintech startup Numarics is designed to take that fear away. The app sends push notifications when  a receipt has not been scanned. Algorithms detect whether it is a receipt, a contract or an invoice.  Numarics handles communication with government agencies and enables invoices to be sent to  clients. It becomes virtually impossible to lose track of anything.

Volker Doberanzke became involved in the development and set-up of Numarics. The professor of  finance can demonstrate an international management career and today trains students at an  international university. The co-founder describes Numarics as follows: “It is a system that  integrates all business processes and generates data at the end. These serve as the basis for day-to day management and are used to make important decisions. In addition, the data forms the basis for  required financial reports for both government agencies and stakeholders. 

“The flying blind is over,” says Kabashi, who as an entrepreneur himself has no clear overview of the  annual profit taxes that will be coming up for his business – a good tax consultancy is rare. Numarics  does the math in its on-target forecasts, and users have a clear forecast in their pocket. 

The entire Numarics team works on the “ease of mind” – no paperwork, no worries with the  authorities or the accountant, and even procrastination hurdles of numerous startups are at the  forefront for the solution. Says Rey, “It’s an integrated process, and we sell peace of mind by  ensuring the entrepreneur has complete oversight of what the Numarics engine is doing for them.” 

Numarics as a business solution for Switzerland comes with great future visions for interfaces that  can be connected for entrepreneurs. For example, Numarics can already settle cryptocurrencies  today.

By Jim O Brien/CEO

CEO and expert in transport and Mobile tech. A fan 20 years, mobile consultant, Nokia Mobile expert, Former Nokia/Microsoft VIP,Multiple forum tech supporter with worldwide top ranking,Working in the background on mobile technology, Weekly radio show, Featured on the RTE consumer show, Cavan TV and on TRT WORLD. Award winning Technology reviewer and blogger. Security and logisitcs Professional.