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Contxto – Bookkeepers at Brazilian fintech, Nucont, will be adding R$4.5 million (about US$1.1 million) onto the startup’s balance sheet. This of course is the result of Nucont raising its first investment in a round led by Cedro Capital. Joining this venture capital (VC) firm were FC Partners and M&A Boutique.
The Belo Horizonte-based startup currently helps to serve 6,000 companies through its accounting intelligence solutions. Nevertheless, as a result of the investment, it aims to increase its reach to over 50,000 businesses in Brazil.
In addition, the funds will be used to further develop its artificial intelligence (AI) technology.
Accountants really don’t get enough credit for all the work they do. Moreover, since they spend so much time looking over numbers, they can offer fantastic input as to a company’s state of financial affairs. However, arranging and reading the data is a time-consuming task. But Nucont can help.
This fintech emerged in 2017 to cover two big pain points. First, there are the accountants that needed an edge in offering more analytical insights to their services beyond payroll and running a balance sheet.
And second, are the businesses themselves that are interested in understanding the company’s overall financial performance and opportunity areas.
So, in a nutshell, this fintech helps accountants help the businesses they work for.
How Nucont manages this two-tiered feat is through two products: a platform and a virtual assistant.
Nucont technology and solutions
Nucont’s platform arranges the financial data that an accountant enters into the system. As a result, the solution arranges endless lists of numbers into user-friendly dashboards. This, in turn, better illustrates the data in charts, graphs, and other visual tools.
Ultimately, the solution helps the accountant have a better view of everything and also aids them when presenting findings to the business.
Additionally, the platform also enables data importation from any accounting software. Likewise, this information can be combined with other sources of financial data like Excel spreadsheets. Finally, it can also help audit balance sheets and find inconsistencies.
Nucont’s solution arranges all this valuable information so the accountant can interpret it, and then, prescribe the best solutions for businesses.
The Brazilian fintech also developed Nanda, an AI virtual assistant for accountants. Nanda can review accounting and financial data, help accountants prioritize customers, understand the health of a customer’s business, and spot inconsistencies. This AI can even identify patterns and points them out to the accountant who can then advise companies accordingly.
Last but not least, this fintech also offers accountants ongoing learning courses through its Nucont University as well as consulting services.
All these offerings put together sound like the ultimate toolkit for the accountant looking to go beyond basic bookkeeping.