Toronto FinTech firm says its new AI agent can take hours of bookkeeping off finance teams\u2019 plates.<\/p>\n
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Toronto-based FinTech firm Float Financial wants to save bookkeepers more time with an agentic AI offering for corporate credit cards that it\u2019s releasing inside of its new product suite.\u00a0<\/p>\n
As of Tuesday morning, Float customers on certain service tiers can now access Float Intelligence. The AI automation layer bundles Float\u2019s existing automation tools with a new transaction coding agent that automatically assigns general ledger codes and Canadian tax codes, like HST, GST, and PST, to transactions made on Float corporate cards.\u00a0<\/p>\n
\u201cFinance is not like programming or design, where you can sort of vibe code things together; you have to be really precise and accurate.\u201d<\/p>\n
Ruslan Nikolaev,
Float<\/p>\n
Ledgers operate on account lines, which sort purchases into distinct groups like mileage, office supplies, or food. Typically, when a business makes a purchase, bookkeepers have to log the transactions and taxes into the appropriate account lines, which Float says can take hours.<\/p>\n
\u201cIt\u2019s not often well understood if you\u2019re a business owner: whether you run a big finance team or a big company or not, the volume of transactions is immense, and the defects are huge,\u201d Float co-founder and CEO Rob Khazzam told BetaKit in an exclusive interview, alongside co-founder and head of product Ruslan Nikolaev.\u00a0<\/p>\n
Founded in 2019, Float offers a suite of products designed to simplify expense management for small and medium enterprises, including corporate cards, accounting services, and expense-tracking software. Before Float Intelligence, the company most recently launched transactional business accounts<\/a> for small businesses seeking an alternative to Canada\u2019s big banks.<\/p>\n Float\u2019s new transaction coding agent aims to eliminate as much of the manual work as possible. During beta testing across more than 350 Canadian businesses, Float said its transaction coding agent was accurate more than 90 percent of the time on auto-coded transactions, and when the agent\u2019s confidence threshold isn\u2019t met, the transaction is flagged for human review.\u00a0<\/p>\n \u201cWe\u2019ve actually been testing it in a beta for quite a few months now, because we want to achieve that high precision,\u201d Nikolaev said. \u201cFinance is not like programming or design, where you can sort of vibe code things together; you have to be really precise and accurate.\u201d<\/p>\n