Puzzle, a San Francisco-based fintech startup, has recently unveiled an AI-powered accounting platform aimed at revolutionizing the industry. The platform is designed to automate up to 90% of routine tasks, allowing accountants to focus on more strategic work. In an exclusive interview with VentureBeat, Puzzle CEO Sasha Orloff highlighted how the company’s new general ledger software integrates complex accounting policies directly into the platform, eliminating the need for manual spreadsheet processes.
The platform supports both cash and accrual accounting, catering to businesses of all sizes. Orloff emphasized that the system offers real-time, accurate accounting tailored to the fast-paced business environment. This is particularly crucial as the accounting industry grapples with a talent shortage and increasing workloads.
Puzzle’s AI general ledger addresses the challenges of manual accounting by automating processes like revenue recognition, asset depreciation, and prepaid expenses. Traditionally, these tasks require spreadsheets and manual reconciliation with accounting software like QuickBooks. With Puzzle, all calculations and logic are handled within the software, streamlining the process for accountants.
One of the key concerns with AI-driven automation is ensuring accuracy, especially in fields like accounting where precision is paramount. Puzzle addresses this by allowing accountants to control the level of automation they use. Each transaction is tagged with information about how it was processed, providing transparency and allowing accountants to verify accuracy.
The launch of Puzzle comes at a critical time for the accounting profession, which is facing a talent shortage and high burnout rates. Orloff envisions Puzzle as a way to alleviate these pressures, positioning accountants as strategic partners within businesses. The platform has already processed over $30 billion in transactions for thousands of businesses, experiencing rapid growth driven by word of mouth.
As more businesses adopt Puzzle, the platform’s automation capabilities will continue to improve, creating a cycle of efficiency and accuracy. Orloff believes that Puzzle represents the next step in the evolution of accounting, where automation of routine tasks frees up accountants to focus on higher-value advisory roles. Ultimately, Puzzle aims to strengthen the relationship between accountants and business owners, creating a win-win situation for all parties involved.
In conclusion, Puzzle’s AI-powered accounting platform is set to transform the industry, offering a solution to the talent shortage and increasing workloads faced by accountants. By automating routine tasks and providing real-time, accurate accounting, Puzzle empowers accountants to play more strategic roles within businesses, ultimately benefiting the entire economy.
