PeaCounts plans to launch its business accounting tool built on blockchain technology from beta testing later this year.
The company announced news on Tuesday (May 8) that its bookkeeping solution will be released this summer. Its tool was developed on the NetSuite platform and uses artificial intelligence for its small business accounting solution aimed at reducing manual tasks for business owners.
“Imagine you own a small business and you have just finished a long day of work. But it isn’t done yet. Now you need to spend the next two hours entering all the sales and expenses into your bookkeeping software, facing frustrating error messages and redundant activities,” said Crystal Stranger, an enrolled agent and co-founder of PeaCounts, in a statement. “What if you could just take a few pictures of receipts with your cell phone and answer simple questions about what they are for? PeaCounts is the bookkeeping solution that makes accounting this simple, and frees up time for what is more important in your life.”
PeaCounts offers a dashboard and mobile app for business owners to access real-time information about financial positions. The tool includes expense management capabilities that support receipt uploading and includes daily reconciliation with a business’ bank account.
Blockchain technology is used to enhance security of the tool, the company noted.
PeaCounts said it will work with businesses’ existing accountants and bookkeepers to ensure proper data entry. The company’s offering also comes with a “Smart CFO” feature to help these professionals with budget and financial projection preparation.
Eventually, the company said, it plans to introduce a payment system powered by a cryptocurrency token, PEA, for nearly instantaneous B2B and employee payments across the globe.
“To make bookkeeping easier, you don’t just need a software product, you need a team of real people and artificial intelligence that is constantly working to keep you up to date with where you stand financially,” Stranger added. “This is the future of business, available today. It’s like having a bookkeeper inside your phone.”