Startup Spotlight — Binery
In this edition of “Startup Spotlight”, we turn our attention to Binery, a startup carving a niche in the world of bookkeeping by harnessing the prowess of technology. As businesses globally face with the complexity of financial processes, Binery offers a blend of digital solutions with the essential touch of human expertise. We sit down with Calvin, the visionary behind Binery, and learn about their innovative approach, their mission, and the obstacles they’re navigating in the ever-evolving FinTech landscape.
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Please give our readers an introduction to Binery. What’s the essence of your startup?
Calvin: At its core, Binery offers a tech-savvy bookkeeping solution. We leverage technology to offer digitized accounting services, making it easier for businesses to handle their financial transactions and back-end tasks.
Our solution combines OCR technology with LLM-powered bots, fundamentally streamlining the bookkeeping process. It extracts information from documents using OCR, effectively eliminating the need for manual data entry. The LLM-powered bots then scrutinize the extracted text, designating transactions to the appropriate Chart of Accounts categories either via predefined rules or through machine learning algorithms. This kind of automation is not only a time-saver but also significantly reduces errors, offers scalability, and delivers invaluable data insights.
What is the main problem Binery addressing?
Calvin: In today’s fast-paced business world, ensuring accurate and efficient bookkeeping can be a challenge. That’s the problem we aim to solve — by automating the bookkeeping process, delivering timely financial reports, and aiding businesses in making data-driven decisions.
What was the driving force behind the inception of Binery?
Calvin: We saw an opportunity to reshape the bookkeeping landscape. Our aim was to simplify and enhance its accessibility for businesses, merging traditional bookkeeping knowledge with modern technology.
How does Binery stand out amidst the myriad of FinTech solutions out there?
Calvin: Our edge lies in merging technology with human expertise. With Binery, businesses get personalized bookkeeping services, up-to-date financial reports, and an intuitive dashboard to oversee their financial trajectory.
What truly sets us apart is our integration with WhatsApp, which enhances communication between accountants and customers. Accountants can request clarification on receipts or transactions with a simple button press, triggering an automated message to the customer via WhatsApp. The customer can then promptly respond, and our system, utilizing the LLM technology, evaluates the received information, automatically assigning the receipt to the appropriate account or category.
Can you share some numbers? How many have benefited from Binery so far?
Calvin: Binery has already impacted a significant number of users and businesses. Through our tech-driven bookkeeping, they’ve seen improvements in their accounting processes and have gained crucial financial insights.
What are the primary projects or initiatives that your team is currently focused on?
Calvin: We are fully focused on improving our bookkeeping solution. That includes bolstering its features, fostering integrations with diverse platforms, and refining the user experience based on their valuable feedback.
As we approach the end of 2023, what do you see as the primary trend or challenge in your industry?
Calvin: The trend steering our sector is the surging demand for automated bookkeeping solutions. The challenge, however, is in integrating technology seamlessly while preserving the expertise and personal touch of seasoned accountants.
Are there specific industries or groups you’re hoping to collaborate with?
Calvin: We’re keen on forging alliances with Food & Beverage businesses, e-commerce enterprises, booming tech startups, established CPA firms, and financial powerhouses. These synergies can be the springboard for innovation and growth.
How do you see partnerships enhancing your startup’s growth and offerings?
Calvin: Collaborative endeavors open doors to niche expertise, broaden our horizons, and pave the way for pioneering features and integrations. It’s about co-creating value — for us, our partners, and most importantly, our clients.
What are your key objectives or milestones for the coming year?
Calvin: In the upcoming year, our primary goals are threefold: to bring a significant number of businesses onto our platform, to grow our market footprint, and to constantly adapt our solutions to the changing needs of our users.
Lastly, for those intrigued by Binery, how can they connect with you?
Calvin: To learn more about Binery or explore partnership opportunities, please visit our website. You can also touch base with us via email at hello@binery.co or give us a ring at +852 3611 9988.
QIDS Venture Partners is dedicated to supporting and catalysing the developments in FinTech by sharing with our audience FinTech trends and interesting FinTech business ideas. You may forward this article to other investors who are interested in FinTech as well. If you need more information or would like to arrange a meeting with us, please feel free to contact our Managing Partner Edward Shen via LinkedIn or email.
