Prosaic

Prosaic is a specialized, AI-driven cashbook platform meticulously crafted for accountants and bookkeepers. Its core mission is to simplify tax and compliance workflows, particularly for high-volume work involving smaller entities such as sole traders, rental properties, trusts, and small businesses. By integrating the power of artificial intelligence with the security and accessibility of open banking, Prosaic reimagines the compliance process, transforming it from a time-consuming chore into a streamlined, efficient, and profitable service.

The platform was born from the realization that traditional accounting tools hadn't kept pace with technological advancements, leaving professionals bogged down in repetitive data entry and client follow-ups. Prosaic addresses this gap by automating the most tedious aspects of compliance, allowing accountants to focus on providing high-value advice rather than administrative tasks. It empowers accounting practices to compete on price while winning on service, building a profitable business model around smaller clients who might otherwise be underserved.

How to use Prosaic

Getting started with Prosaic is designed to be a seamless, three-step process that minimizes friction for both the accountant and their clients:

1. Sign Up and Setup: Begin by signing up for a free trial. The Prosaic team assists in setting up your practice account, allowing you to configure settings and prepare for client onboarding.
2. Invite Clients & Connect Feeds: Effortlessly invite your clients to the platform. The client experience is simple: they follow a link to securely connect their bank feeds. Prosaic can instantly fetch up to four years of transaction history from any business or personal bank, card, or loan account. No software installation or complex training is required for the client.
3. Code, Review & File: Once the data is in, Prosaic's AI gets to work. Transactions are pre-coded based on known merchants and powerful AI suggestions. You can use fast filtering, grouping, and bulk actions to code months or years of transactions in minutes. Draft GST or P&L reports can be shared directly with clients via email for real-time review, comments, and approval. Once approved, you can finalize, export, and file the returns.

Core Features of Prosaic

• AI-Powered Bulk Cash Coding: The platform's core is its lightning-fast cashbook. It uses AI to pre-code transactions and offers powerful bulk actions, smart filters, and search capabilities to speed through GST or year-end coding.
• Instant Client Onboarding & Bank Feeds: Utilizes open banking to provide a branded, seamless client onboarding experience. Connects to any bank, loan, or card account to fetch extensive transaction history instantly.
• Real-time Reporting and Collaboration: Draft and share live GST or Profit & Loss reports with clients directly to their inbox. Clients can review, comment, and approve in real-time without needing to log in to any software.
• Entity Management: Create and manage different client entities, assign specific chart of accounts templates, and link bank accounts for clean reconciliation and reporting.
• Chart of Accounts Templates: Build custom chart of accounts templates from a system library or import and map them from other ledgers like Xero, including custom sub-codes.
• Balance Sheet & Document Management: Import historical balances, track balances for coded transactions, and export trial balances. Users can also upload or email forward documents and attach them to transactions.
• Memory & Rules Automation: Automate transaction coding with customizable rules and memory at the system, practice, or individual entity level, ensuring consistency and accuracy over time.

Use Cases for Prosaic

Prosaic is ideal for accounting and bookkeeping firms looking to efficiently manage compliance for a large number of smaller clients. Key use cases include:

• Sole Traders & Freelancers: Quickly process and file GST and end-of-year returns for independent contractors with mixed business and personal accounts.
• Rental Property Owners: Streamline the management of income and expenses for property investment portfolios, simplifying tax reporting.
• Trusts and Small Entities: Handle the compliance needs of trusts and other small entities that require professional oversight but not the complexity of full-scale accounting software.
• High-Volume GST Processing: Practices that handle a large volume of quarterly or bi-monthly GST returns can use Prosaic to dramatically reduce the time spent per client.

Advantages of Prosaic

Prosaic offers a distinct competitive edge for modern accounting practices:

• Efficiency and Profitability: Drastically cuts down the time spent on compliance tasks, allowing firms to handle more clients and increase profitability.
• Cost-Effective: Provides powerful tools at a competitive price point, enabling accountants to offer affordable services without sacrificing quality or margins.
• Superior Client Experience: Simplifies the client's role to just connecting bank accounts and approving reports, eliminating the need for spreadsheets or learning new software.
• Designed for Experts: The tool is built for accountants, amplifying their expertise with automation rather than trying to replace them.
• Future-Proof Technology: Leverages cutting-edge AI and open banking to deliver a modern, secure, and continuously improving solution.

Pricing and Plans

Prosaic offers a transparent, tiered pricing model with a free trial available. Prices are in NZD and exclude GST.

• Starter Plan: Ideal for solo practices or small firms. Includes up to 10 clients and unlimited bank feeds for $70/month. Additional clients can be added in tiers of 10 for +$7/month per client.
• Pro Plan: Suited for medium-sized or growing firms. Includes up to 50 clients and unlimited bank feeds for $300/month. Additional clients can be added in tiers of 10 for +$6/month per client.
• Flexible Options: Prosaic offers flexibility for practices with fewer than 10 clients, with options available by contacting their team.