Teress·AI is an AI-powered platform designed to automate and streamline accounting, tax, and financial back-office operations for businesses. By leveraging advanced artificial intelligence, Teress·AI reduces manual data entry, accelerates financial processes, and enhances accuracy, allowing companies to focus on strategic decision-making.
Key Features and Functionality:
- Automated Bookkeeping: Automatically imports bills and receipts, categorizes transactions using AI, posts entries to the general ledger, and matches bank-feed transactions, ensuring real-time reconciliation and up-to-date profit and loss statements.
- Bank Reconciliation: Matches bank-feed transactions against the general ledger, providing real-time updates and reducing the time spent on manual reconciliations.
- Tax Filings: Calculates and files MTD VAT returns, Corporation Tax payments, PAYE & RTI submissions, and CIS returns through HMRC's Government Gateway, ensuring timely and accurate compliance.
- Payroll & RTI: Manages gross-to-net calculations for employees, including PAYE income tax, National Insurance contributions, workplace pension contributions, and benefits. It also handles starters and leavers, files via RTI, and processes payments through BACS.
- Virtual CFO: Provides on-demand financial insights, including forecasts, cash runway analysis, tax planning, and group structure advice, delivering answers in minutes.
- Monthly Close: Ensures all transactions are booked, accruals and adjustments are posted, and financial statements are prepared by the 5th of each month, facilitating timely decision-making.
Primary Value and Solutions Provided:
Teress·AI addresses the inefficiencies and manual workload associated with traditional accounting processes. By automating tasks such as data entry, bank reconciliation, tax filings, and payroll processing, it significantly reduces the time and effort required to manage financial operations. This automation leads to increased accuracy, timely compliance with tax obligations, and enhanced financial visibility. Businesses benefit from real-time financial insights, allowing for proactive decision-making and strategic planning. Ultimately, Teress·AI empowers companies to focus on growth and innovation by alleviating the burdens of routine financial tasks.
