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Tired of spending hours on bookkeeping tasks that could be automated? Frustrated by the challenge of finding and managing qualified (good!) bookkeepers? If you answered yes to either of these questions, you're not alone. Across the UK, accountants and SMEs face a double whammy – a crippling shortage of bookkeeping talent coupled with inefficient, time-consuming bookkeeping practices.
Today we're excited to introduce Pinvo, the next-generation bookkeeping solution bridging this gap, designed specifically for the needs of UK accountants and SMEs.
While the accounting world is rapidly embracing technology, streamlining many tasks, a surprising gap remains in bookkeeping. This crucial function continues to be labour-intensive, stuck in a world of manual data entry, demanding constant attention and human expertise. Compounding this challenge is a critical shortage of qualified bookkeepers in the UK market. A staggering 90% of UK accounting practices report significant difficulties in hiring and retaining top bookkeeping talent (ACCA, 2024). As a result, accountants and SMEs are left in a bind:
We understand this pain intimately. Launched in 2022 as a London accounting and bookkeeping practice, we experienced the inefficiencies firsthand serving hundreds of clients. Countless hours wrestling disconnected systems, battling repetitive manual tasks, as well as the constant overhead and training. This experience fuelled our passion to find a better solution. It was clear something had to change.
While some firms resort to outsourcing or offshoring bookkeeping tasks, this approach has its limitations. While it solves the initial staffing issues, the long-term productivity boost is not achieved as expected. High staff turnover, lack of cultural understanding, the ongoing need for training and support, and the high reliance on resource augmentation can hinder efficiency and quality consistency.
Technological innovation seems like a natural solution, but advancements specifically designed to address the core challenges of bookkeeping have been scarce. Software such as Dext, utilising OCR technology, has made some headway in reducing manual data entry. However whilst these technologies might handle basic data entry, they often focus on a narrow slice of the bookkeeping workflow, overlooking the crucial tasks that eat up real time: document requests, client communication, context building, collaboration, and ongoing client knowledge management. These inefficiencies not only slow bookkeepers down and lead to idling, but also lead to the hidden costs of hiring and re-hiring staff, and potential errors from low-quality bookkeeping. Recognising these limitations in current technology, Pinvo set out to develop a solution that tackles the core challenges of bookkeeping. To truly understand the challenges and develop a solution that meets the needs of both accountants and SMEs, our entire team, from bookkeepers to engineers, actively provided bookkeeping services for an entire year.
Pinvo goes beyond simple OCR and automation. You could say we've cracked the code, by leveraging the power of AI, but not by relying on AI alone. We seamlessly integrate our AI-driven software with expert bookkeepers to deliver a complete solution. This powerful combination forms the foundation of the Pinvo Bookkeeping Gigafactory, a modern bookkeeping powerhouse designed to handle your entire bookkeeping workflow, end-to-end.
Pinvo offers a powerful alternative to traditional bookkeeping methods, both in-house and outsourced, and a complete solution that focuses on the end result – rather than just software or labour. Our Gigafactory scales seamlessly, no matter your workload or complexity.
Pinvo empowers your practice to achieve higher margins and unlock significant cost savings by freeing up your team to focus on high-value client services like strategic consulting and relationship management. Our AI+Experts solution handles the day-to-day, ensuring accurate and timely bookkeeping, while giving you exceptional control and transparency over your client's books. This frees you from the associated challenges of hiring, training, and managing bookkeepers, both in-house and outsourced/offshored. Our solution also means unlimited bandwidth that scales seamlessly to your needs, allowing you to take on more clients without worrying about staffing limitations.
This means you can quite literally say goodbye to the constant burden of hiring and managing and focus on growing your practice and exceeding client expectations.
“I’d love to gatekeep, but Pinvo has been a breath of fresh air for my practice. The days of worrying about staffing shortages and tedious bookkeeping tasks are over. Pinvo's service takes care of the heavy lifting, allowing me to focus on what I do best – providing strategic financial advice to my clients. The best thing is that I always know my books will be accurate and always on time."
Bookkeeping is essential, but it shouldn't be a burden that hinders your growth. Pinvo simplifies this process, giving you the peace of mind that comes with accurate and timely financial insights every month. These insights empower you to make data-driven decisions that fuel your business growth. You can stop wasting valuable time and resources in your busines and dedicate the extra energy to strategic initiatives, customer relationships, or simply focusing on what you do best. With Pinvo, you can say goodbye to the hassle of manual data entry and menial bookkeeping tasks, and eliminate the stress and uncertainty of hiring and training bookkeepers, and the ongoing costs associated with managing in-house staff.
Pinvo isn't just software or a service – it's a complete bookkeeping experience designed for the modern age. Our user-friendly AI + Experts service offers the most comprehensive solution available. It handles everything from document collection and assisting bookkeepers with decision-making, to collaboration and communication between bookkeepers and clients, to financial analysis insights and progress tracking.
How do we do this? We've developed a suite of specialised AI tools that take care of all the time-consuming tasks. Here's a glimpse into Pinvo’s AI technology:
“The rise of AI is transforming accounting technology, offering firms and SMEs a powerful tool to tackle the age-old burden of bookkeeping, a traditionally time-consuming and labour-intensive task. It also addresses the ongoing struggle to find and retain qualified staff. At Pinvo, we believe the true power lies in combining the precision and automation capabilities of AI with the experience and critical thinking of human experts. This empowers a shift from transactional tasks to higher-value analysis, ushering in a new era of efficiency and growth for the accounting industry”
The Pinvo Bookkeeping Gigafactory has already processed over 150,000 transactions, continuously learning and improving to deliver exceptional results.
167-169 Great Portland Street, 5th Floor,
London, W1W 5PF
30 Churchill Place,
London, E14 5EU
020 3834 9512
