Noewe Accounting, the accounting business set up by integrated business services group Noewe, has secured €500,000 from private investor Philip Van Goethem, in a deal that values the company at €2.5m.
The capital will go towards building an accounting offering underpinned by automation and artificial intelligence, giving small and medium-sized enterprises (SMEs) on-demand access to structured financial data, insights comparable to those of a CFO, and tax recommendations.
The funds will be spent on developing technology and refining the service model, setting the stage for further growth in Lithuania and across other EU markets.
The firm is targeting a common frustration for business owners: financial figures that arrive too late to be useful. At conventional accounting practices, much of the work, including handling invoices and transactions, recording ledger entries and producing financial statements, is still done by hand and can stretch over several weeks. As a result, the numbers managers rely on may not be ready until a month or more after the fact.
By pairing automated data capture and processing with AI tools, Noewe Accounting expects to sharply cut the gap between when a transaction occurs and when it shows up in the books and in management reporting. Customers will no longer face lengthy waits while high volumes of paperwork are worked through.
Noewe Accounting will choose and roll out the technology itself. Alongside each customer, it will map how information moves through the business, pinpoint duplicated effort and identify tasks suitable for automation, with the aim of improving the whole data pipeline that determines how quickly and accurately information is delivered.
Because less time will be consumed by data entry and routine work, the company’s specialists will be free to dig into what shapes a customer’s profitability, where expenses are climbing, how cash flow is shifting and which steps management might take. The firm says this will bring SMEs the kind of in-depth analysis and guidance usually reserved for larger organisations with dedicated CFOs and finance teams, supplemented by performance assessments, forecasts and tailored management recommendations.
Tax monitoring and advice will also form an ongoing part of the offering. The model taps into the accounting, tax, legal and strategic management capabilities found throughout the Noewe Group. Automated analysis and tax reviews are intended to flag risks and opportunities early and to gauge how potential decisions could affect profitability, cash flow and tax obligations. Where customers need to claim relief, act on recommendations or pursue legal steps, the group’s tax and legal specialists will assist, covering everything from initial insight through to implementation.
Lithuania-based investor Philip Van Goethem said, “I believe in the accounting model being developed by Noewe Accounting, where technology and professional expertise enable businesses to quickly obtain the financial and tax insights they need to make decisions. I see significant potential for this model in Lithuania and other European Union markets.
“I am committed to contributing to the project’s success not only through investment but also by actively participating in the development of technological solutions and commercial expansion. Together with the team, we aim to create a service that companies will regard as an essential tool for day-to-day business management.”
Noewe managing partner Gediminas Laucius said, “Business leaders need to know what is happening in their businesses now. Information received a month later may explain past performance, but by then it is often too late to take action. That is why we are building Noewe Accounting to ensure clients receive structured financial data and the financial and tax insights derived from it in a timely manner, helping them make concrete business decisions.”
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