Small businesses have Usable Balance saving them time, expenses & IRD late fees by auto-reconciling their bank transactions and filing their GST automatically.
We want to convert New Zealand businesses costs of $263.6 million in GST late fees & penalties paid to IRD and move that spend towards them purchasing using Usable Balance as an assurance to auto reconcile and file their GST for them, on time.
We want to decrease the 37.5% of businesses have received GST late fees & penalties in the last financial year, and turn that into a good experience for our customers on Usable Balance.
Source: OIA to IRD in November 2023 and July 2024 regarding GST late filing fees and business statistics
We’ve developed a few key aspects of IP when creating Usable Balance .
Those aspects together allow us to auto reconcile bank transactions, building journal entries automatically.
We still allow the business owner and their financial advisor/bookkeeper/accountant to make adjustments (year end, assets), however we aim to have at least 95% of transactions needing no input at all.