AI-Powered Financial Liberation with Beqy.ai

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belamula
Project Owner

AI-Powered Financial Liberation with Beqy.ai

Expert Rating

n/a
  • Proposal for BGI Nexus 1
  • Funding Request $50,000 USD
  • Funding Pools Beneficial AI Solutions
  • Total 2 Milestones

Overview

Beqy.ai is an AI powered accounting solution that aims to disrupt and revolutionise the operations for modern SME's. Our platform automates routine accounting tasks through straight forward business logics, preprogramed formula's and gen ai to significantly lower user errors and increase speed and insights. Key benefits for our users is; +90% reduction in time spent on accounting and bookkeeping tasks, 24/7 Gen Ai support, near real time financial updates, intelligent insights provided by the ai. With funding support, we aim to update our current solution by re-developing the back-end database and mapping, training gen ai model to increase accuracy and insights, develop forecasting features

Proposal Description

How Our Project Will Contribute To The Growth Of The Decentralized AI Platform

Our solution provides more financial transparency through automated accounting, near real time financial updates. Our system also will reduce administrative friction by automating accounting tasks. Which aligns to some of the issues BGI aims to solve. At the core of our system is democratizing finance for users which makes finances more accessable to more users thus support BGI's own mission. 

Our Team

Bonga Lamula (MBA) - CEO and co-Founder, former investment strategist, experience as Digital Transformation manger in ABI and Tesco. 

Sihle Majola - COO and co-Founder, Founder of Popping, Product Management experience, Founder and former CEO of Wezart exited 2019. 

Sabelo Sibanda CTO and AI tech lead, YAC fellow at CatalyzU. Cofounder of multiple startups, core competencies, ai engineering, blockchain, SaaS

Devs: Earnest Shongwe, Siyamtanda Tonjeni

AI services (New or Existing)

Ms AI document Intelligence

Type

New AI service

Purpose

To extract text and numbers from trial balances, statements, invoices and other documents users upload. This allows for more accurate capture of details

AI inputs

documents: Labels, Numbers

AI outputs

Clear Numbers and labels to be mapped to database

Ms Azure Open AI

Type

New AI service

Purpose

Allows us to create the necessary models for our solution and apply to require prompts

AI inputs

prompts and data

AI outputs

structured data and responses

Company Name (if applicable)

Beqy.ai

The core problem we are aiming to solve

Accounting for startups and SME's is a very demanding activity with many tasks which take them away from their core business. Currently most existing platforms require prior experience and knowledge in accounting. We are trying to democratise the access to financial knowledge and self sufficiency. Allowing entrepreneurs to take control of their companies and not have to spend an arm and a leg on someone who doesnt believe in their company like they do. By doing this we provide clarity and transparency in their finances allowing them to benefit from smart insights to grow

Our specific solution to this problem

Our solution aims to ensure all incoming data is mapped directly according to accounting standards. This then allows us to fully utilize Gen Ai to automate routing accounting tasks, have automated rules for most calculations and inputs. This we shall do through bank and payment API's from our users entities. By having dual storage, standard storage and a vector database we enable natural language processing, which allows users to ask questions in the way they speak and still get accurate answers. This also enables live explanations and analysis of how their financial statements have been impacted and what is causing changes and what patterns in the data means. By having Gen AI capabilities built over our vector DB we enable 24/7 support for users on their simple queries and even some less standard queries. We also are able to ensure accuracy through having multiple smaller gen ai agents doing smaller tasks but having higher volume for their tasks. 

Needed resources

We require a senior developer with Accouting background preferably to be able to mentor and guide the other developers. The ideal candidate would have AI experience and have worked with Vector DB's, non standard prompts. With creative approach to problem solving. 

Existing resources

We currently have credits from MS Azure which will allow us to save a lot in the initial development as we are able to use many MS resources, we have setup our database, we have created our wireframes, our front end designs, we have done some of the mapping and have a live demo. But we want to strip it bare and redesign it for effeciency and accuracy.

Was there any event, initiative or publication that motivated you to register/submit this proposal?

A personal referral

Describe the particulars.

Business partner

Proposal Video

Placeholder for Spotlight Day Pitch-presentations. Video's will be added by the DF team when available.

  • Total Milestones

    2

  • Total Budget

    $50,000 USD

  • Last Updated

    19 Feb 2025

Milestone 1 - MVP Updated

Description

For this milestone we need a fully fledged working and accurate MVP that can onboard users immediately: Process transactional data - users will be able to upload or connect with bank transactions, Automate expense categorization - system should be able to recognise and allocate expenses based on user patterns. Generate financial reports - provide profit & loss statements, balance sheet, cash flow statement. Create basic financial projections - by using existing historical data it should estimate future revenue and expenses. user dashboard interface update and overhaul

Deliverables

By the end of the MVP phase Beqy AI will deliver: a Functional MVP platform, web-based dashboard with core functionalities, secure user authentication, basic ai driven financial categorization.

Budget

$30,000 USD

Success Criterion

75% accuracy when users upload transactions and the system auto allocates them. proper report generation for 3 financial statements, Basic data encryption and secure login implemented. User engagement and feedback, with the initial 100 users we would want to see +70% active users

Milestone 2 - Beqy AI enhanced

Description

This will be the transition period from MVP to refined solution: Accuracy is emphasised for the ai, Better UI which has been enhanced based on user feedback. Security enhancements to ensure data privacy and compliance with financial data standards. Beta expansion. taking users over 500. performance optimisation, with stability being the most critical

Deliverables

On-board +400 additional users. refine the features previously tested. increased data standards and encryption. Alignment with data security experts to achieve certification. clean up dashboard to make it more user friendly based on feedback. smarter ai based on higher accuracy, faster processing, smart insights being relevant to user and not general as in MVP first phase. very detailed financial projections. ability to add potential scenarios. improved financial reports which meet IFRIS standards to be achieved

Budget

$20,000 USD

Success Criterion

+90% accuracy of transaction categorisation. user adoption +80% of the 500 users. More insightful reports, with smart insights when users login. much faster platform with lower rate of issues. Data and security standards met with certificates

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