GenAI for Accounting
LLM-Based Accounting Assistant / Case
In accounting, data management and regulatory compliance present ongoing challenges for businesses, particularly SMEs. Traditional accounting processes are often labor-intensive and prone to human error, requiring oversight to maintain accuracy and meet regulatory standards. Companies facing high volumes of documentation must be thoroughly processed to ensure accuracy.
Recognizing this gap, Finance United partnered with AAI Labs to develop an innovative accounting assistant that leverages NLP to automate accounting tasks and streamline compliance efforts.
Objectives
The goal of the project is to develop a system in Lithuanian language that assists businesses in automating main accounting tasks, thus minimizing manual workload and reducing human error. This solution is designed to handle document processing automation, allowing efficient handling of various types of documentation such as invoices, bank statements, and contracts. It also enables real-time compliance monitoring to identify regulatory discrepancies and ensure that accounting practices remain aligned with the latest legal requirements. Additionally, it provides insight generation, extracting meaningful information from financial data to support strategic decision-making. This solution is intended to improve operational efficiency and to lay the groundwork for an external product, offering licensing opportunities to other accounting firms and entering a broader market of over 10,000 accounting firms in Lithuania alone.
Scope of our work
AAI Labs will create a comprehensive data collection framework that gathers information from multiple sources, including emails, scanned PDFs, and digital documents. This data pipeline will be capable of converting various document formats into a consistent text format, which the NLP model can process effectively.
The NLP model will be trained to recognize and process Lithuanian, accounting-specific language, including terms associated with legal regulations. The model will be fine-tuned to identify compliance issues and flag any potential discrepancies.
An adaptive knowledge base will be developed to store insights, best practices, and learned data from each transaction. This knowledge base will power real-time insights and grow over time, becoming more accurate with each interaction.
A legal information scraper will be included to continuously update the system with the latest regulatory data. This feature will ensure that accounting practices remain compliant without requiring manual updates.
Technological innovation
The system’s architecture distinguishes itself by integrating NLP capabilities with a specialized knowledge base for accounting, offering a unique combination of automation and intelligence, all in Lithuanian – a low-recourse language. Unlike existing solutions that focus on one aspect of accounting automation, our solution supports financial document processing and compliance checks, making it a highly versatile tool for SMEs. Another important feature is the gamification element, designed to engage users and encourage knowledge-sharing within the platform. By awarding points for contributions and participation, the system fosters an interactive environment where users actively enhance the platform’s collective intelligence.
Future prospects
The successful development and deployment of the system will empower users to automate labor-intensive tasks, ensuring high accuracy and regulatory compliance. The knowledge base will continue to grow, making the solution an increasingly valuable tool for accounting teams. Looking ahead, there is a vision for the system to expand into a licensable product that other firms can utilize. The potential to support additional languages and industry-specific regulations provides further opportunities for scalability.
Client
Finance United