As with our brand promise of being ‘ahead of the pack’ we would like to share that we are working with the team at Prosaic to offer our clients the opportunity to trial this system in beta testing. If you have a significant amount of expenses that we don’t see in Xero, such as personal cards with lots of business transactions or lots of home expenses we ask for at year end, you might want to jump on and trial this. We’ve know the team behind Prosaic for over a decade, Ric and Nick worked together with many clients when Nick was heading up the VendHQ point of sale system – so we know they’re good guys and always trailblazing in tech!

AI-Powered Efficiency:
In collaboration with OpenAI’s ChatGPT and Microsoft’s Github CoPilot, Prosaic has fine-tuned its AI model to automatically identify up to 80% of widely-scattered expenses required for a seamless tax return process. This means no more wasting Sunday afternoons sifting through bank transactions – Prosaic does the heavy lifting for you!

AWS Integration for Seamless Production:
Powered by Amazon Web Services (AWS), Prosaic has taken advantage of AWS’s startup program, receiving generous credits for cloud services. This collaboration has allowed Prosaic to streamline its software production, ensuring a robust and efficient platform for users.

Tackling Unclaimed Expenses:
Did you know that $1.2 billion in expenses goes unclaimed by sole traders and small businesses each year? Prosaic addresses this issue by using AI to track down business expenses, automating the process and making it hassle-free for users to submit claims individually or filter through multiple bank statements.

Real Results for Small Businesses:
Early adopters of Prosaic are already reaping the benefits. By securely connecting personal bank, card, or mortgage data via Akahu, the platform identifies an average of 23 eligible expenses and $475 of deductions per month after parsing thousands of transactions in seconds.

Upcoming Release:
Prosaic is currently in open beta, offering free access to its powerful AI-driven platform. The commercial version is expected to launch in the coming months, just in time for the next financial year beginning April 1.

International Expansion and Collaboration:
Backed by a modest grant from Callaghan Innovation, Prosaic plans to validate its product for international markets, targeting over eight million small businesses in New Zealand, Australia, and the UK. The startup has collaborated closely with accounting firms like Connected Accountants, Fantail Finances, and Rightway to ensure seamless integration into existing workflows.

Prosaic is not just a software solution; it’s your sidekick in the quest for efficient and hassle-free GST expense tracking. Stay tuned for more updates as we gear up for the official commercial release!

To find out more check out Prosaic’s website here