How does Truewind reconcile financial data from different systems given the unreliable quality of the underlying data?
Co-founder & CEO at Truewind
I think it's two-fold.
You touched on one point, which is the quality of data. They go into these systems, and they pull out a table, but the table is not truly representative of the state of the business. That's a quality issue.
The other issue is unstructured data. If you think specifically about bookkeeping, there's a lot of journal entries that happen without cash exchange. When you sign a lease agreement with a building, when a customer signs a multi-year contract with you for sales. At the point of the signature, the invoice, whatever it may be, something happens in your accounting, but nothing happens to your bank account.
Looking at the second piece, it means you read through the contract and then you pull out the information that you need in order to fill out a spreadsheet to get the journal entry that you need. Bookkeepers are constrained on those two fronts. Bit by bit, we chipped away at it.
Before, the bookkeeper would have to call the owner, the CEO, whoever it is, and say, “Hey, could you send me X, Y, Z?” Now, they can log into systems by themselves and pull the data, but then they still have to read the data, and then manually type it over. Bit by bit we're making progress, and there's so many things that pure software can’t do just yet.