Noewe Accounting, the accounting business of Lithuanian business services group Noewe, has secured €500,000 from private investor Philip Van Goethem in a deal valuing it at €2.5 million. The money will go towards an accounting service built on automation and AI. The aim is to give small and medium-sized businesses on-demand access to structured financial data, CFO-level insights and tax suggestions. The company plans to grow in Lithuania and other EU countries.

What it means: The amount is small, but the idea is directly relevant to the Greek market, where thousands of accounting offices serve small businesses with a lot of manual work. The trend in Europe is for accounting to become a service that goes beyond bookkeeping and tax returns and gives business owners a view of their cash flow, margins and options, something only larger firms with their own finance director had until now. In Greece, e-invoicing, digital delivery notes and myDATA records already create a rich set of structured information that automation tools can use. That is an opportunity for accounting offices that invest in such tools and pressure on those that keep charging only for data entry. However, tax suggestions from an AI system need checking by a professional, because tax law changes often and responsibility for mistakes stays with the business. A small business choosing an accountant should ask what real-time access it will have to its own data and what reports it will receive.

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Related service: myDATA integrations

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