Noewe Accounting, the accounting business set up by integrated business services group Noewe, has secured €500,000 from private investor Philip Van Goethem, in a deal that values the company at €2.5m.

The capital will go towards building an accounting offering underpinned by automation and artificial intelligence, giving small and medium-sized enterprises (SMEs) on-demand access to structured financial data, insights comparable to those of a CFO, and tax recommendations.

The funds will be spent on developing technology and refining the service model, setting the stage for further growth in Lithuania and across other EU markets.

The firm is targeting a common frustration for business owners: financial figures that arrive too late to be useful. At conventional accounting practices, much of the work, including handling invoices and transactions, recording ledger entries and producing financial statements, is still done by hand and can stretch over several weeks. As a result, the numbers managers rely on may not be ready until a month or more after the fact.

By pairing automated data capture and processing with AI tools, Noewe Accounting expects to sharply cut the gap between when a transaction occurs and when it shows up in the books and in management reporting. Customers will no longer face lengthy waits while high volumes of paperwork are worked through.

Noewe Accounting will choose and roll out the technology itself. Alongside each customer, it will map how information moves through the business, pinpoint duplicated effort and identify tasks suitable for automation, with the aim of improving the whole data pipeline that determines how quickly and accurately information is delivered.

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