⛵️ Truewind: AI-powered Accounting

Truewind is designed for accountants

Truewind is helping accounting firms increase the profits of their CAS practice. The solution that has helped over a hundred companies with their month-end close is now available for accounting firms and internal accounting teams.

Introducing the next-generation AI-powered accounting solution

How does an “AI-powered” accounting solution improve your current operations?

With the power of LLMs, you are able to:

• Auto-classify bank and credit card transactions with >90% accuracy
• Identify accrual entries and auto-create a work paper in 1-click
• Collect supporting documentation automatically with 0 intervention
• Match supporting documentation to your accounting journal entries

Think of Truewind as a digital accountant. A digital accountant that does the repetitive work of categorizing transactions, finding supporting documentation, and closing the month-end books. A digital accountant that works while you sleep.

Most alternatives are service providers that are prone to manual errors and overhead costs

There are many vendors that help startups with bookkeeping and accounting. These service companies are easy to start because, in the background, they have an army of operational staff who manually enter your data into an accounting system.

If the transaction is missing an invoice or receipt, they will manually follow up with you for that document. Accrual journal entries are manually tracked in an Excel sheet and manually updated monthly. Lastly, reports are manually downloaded and shipped to you for review.

Why is this problematic? The manual-intensive process is an error-prone one. The Excel file below is an example of how they manage this; now multiply this by 100 rows and 20 tabs. Maybe they get it right as high as 99% of the time. But inevitably, with humans manually going back and forth between Excel tabs and traditional legacy systems, it’s never going to be 100%.

Month-End Close Powered by AI

Truewind helps accountants close their books faster without the administrative overhead costs that come with most month-end close management solutions.

Traditional month-end close solutions’ is a checklist. Accountants dislike these solutions because they add administrative workload. Accountants track their month-end checklist in Excel or Google Sheets because it works, but because their company decided to purchase a month-end close software, they have to manually move their checklist into the software each month.

Truewind is different in that we actually do the work for you. Truewind is a digital accountant that does the journal entry work while you rest. Each day, you get into the office with your morning queue of work prepared for you to review.

Here are just a few examples:

• The AI model is trained on your client’s historical data so that bank and credit card transactions can be auto-classified to the correct account, payee, and department
• By studying historical patterns, Truewind identifies prepaid expenses and auto-capitalizes the transaction as an asset. Each month, we auto-update the work paper and write the journal entry
• By studying historical patterns, Truewind identifies and recognizes an accrued expense even though an invoice or payment is missing; when it arrives next month, we auto-adjust the journal entries
• Rather than manually searching for supporting documentation, our integrated AI agents auto-identify the supporting documentation that is tied to each journal entry and transaction

Visit us at AICPA Engage 24 - Silver Sponsors

In addition to this product launch, I’m excited to announce that Truewind is a Silver Sponsor of the AICPA CIMA Engage 24 Conference 💎

AICPA & CIMA Engage is the largest gathering of accountants and finance professionals in North America, with close to 4,000 attendees. And we are thrilled to be a Silver Sponsor for this event. In the coming weeks, we will post about how Truewind helps accounting firms and internal accounting teams close the books closer and get their life back.

We have many fun activities and talks planned. Follow us on LinkedIn & Twitter to stay tuned for more.

How to learn more and sign up

All of these capabilities are available today for our early accounting firm partners and will be available broadly on June 1, 2024. Our accounting firm partners include fast-growing boutique firms and top 50 national firms.

We have room for 2-3 more accounting firms in our May onboarding batch. Then, in early June, we will be showcasing this and more at the Engage 24 conference.

If you’d like to see a live demo and potentially sign up:

1. Fill out this Tally form or
2. Email launchyc@trytruewind.com

Made with 💛 from our team

Unfortunately, Mochi 🐶 didn’t make this photo. During our Launch YC a year ago, Truewind was a team of three. Today, we’re 15 strong with over a hundred customers, including multiple top 50 accounting firms. From our team to everyone - Thank you to the many startups and accounting firms we get to work with day in and day out. We look forward to meeting many more of you.