AI Tool of the Week: Meet FINOM’s AI Accounting Agent, the smart CFO for SMEs

AI is everywhere! This ubiquitous technology is powering the apps we use daily, optimising drug development, personalising content, and now, transforming financial management.

As AI continues to reshape industries, accounting is no exception.

Managing finances while building a business creates a frustrating choice for entrepreneurs — spend valuable time on bookkeeping or pay expensive accountants to handle it.

From automating invoices to categorising expenses, AI is streamlining workflows and reducing the burden of manual financial tasks for businesses of all sizes.

This week, in our “AI Tool of the Week” series, we spotlight FINOM’s AI Accounting Agent tailored for freelancers and small businesses.

Based out of Amsterdam, FINOM’s banking tools enable businesses to quickly open accounts, streamlining online banking, payment processing, invoicing, and expense management.

The company does it by developing its proprietary core banking system that powers its broad suite of products and services, including rapid account setup, online banking, payment processing, invoicing, FX, and expense management. 

Founded by Andrey Petrov, Kos Stiskin, Oleg Laguta, and Yakov Novikov, the company holds an Electronic Money Institution (EMI) licence operational across Europe.

AI Accounting Agent

Recently, the Amsterdam company introduced an AI Accounting Agent that streamlines financial management and automates accounting workflows for freelancers and small businesses.

Businesses no longer have to choose between costly tax advisors and basic self-service tools; they can now use an advanced system that operates proactively.

Instead of waiting for users to enter the correct information, Finom’s AI Accounting agent automatically manages routine tasks, sends timely notifications, and only requests confirmation from the user when necessary.

This new approach allows entrepreneurs to concentrate on what is most important — growing their business.

“The deployment of autonomous AI agents marks a fundamental shift in how European entrepreneurs will manage their finances,” says Andrey Petrov, CEO and co-founder of FINOM. “By combining financial data with an AI agent that can operate independently, we’re making enterprise-grade financial management accessible to small businesses.”

The AI Accounting agent will first launch in Germany, Europe’s largest SME market. 

Why now?

According to the European Commission (EC), in the European Union, SMEs make up 99 per cent of all businesses, and employ approximately two-thirds of the workforce, forming the backbone of the economy.

The EU’s complex tax regulations can be a heavy burden for smaller companies, with SMEs spending up to 5 per cent of their annual turnover on tasks like accounting and tax compliance, as per an OECD study

Additionally, the digitalisation rate for SMEs in the EU is only 2.5 per cent per year, falling far short of the 2030 targets.

Many SMEs still rely on manual processes for financial management and often turn to specialised accounting services that charge high fees.

Clearly, small businesses need a better solution.

How does an AI Accounting Agent benefit SMEs?

The AI Accounting agent integrates with FINOM’s existing financial infrastructure and proactively manages workflows, automatically categorises transactions, and sends reminders about tax deadlines while allowing users to keep control over their final submissions.

Some of the capabilities of the FINOM Accounting AI Agent include:

• Smart transaction categorisation: Automated receipt and invoice recognition and reconciliation classify financial data in real time, reducing the chance of human error and saving hours of manual input.
• Intelligent bookkeeping record creation: Records are generated based on specific business types, ensuring compliance with both national and EU-level regulations.
• Automated tax payment management: Through TaxWallet, tax contributions are calculated and scheduled, minimising late fees and potential cash-flow surprises.
• Real-time deadline tracking and compliance notifications: The system actively monitors upcoming tax deadlines and regulatory changes, alerting you before issues arise.
• Regional tax regulations: Built-in guidance on local requirements helps businesses in different EU markets stay compliant without costly accountants or legal specialists.

German businesses can join the waitlist, with the service scheduled to launch by Q2, 2025.

“Early adopters will have the opportunity to use the system for free during our beta testing period,” says the company.