Ntropy x Validis. Becoming the financial data standard for the LLM age

It has not been that long since Steve Jobs introduced the Macintosh and it said its first hello to the world. Today, we can finally talk to computers, tell them what to do and they talk back. In English! 

What was perhaps harder to foresee back in the day, is that one of the most lucrative use cases for computers  is going to be closing our books and doing our taxes. 

A16z published a nice article recently, mapping out the current field of accounting and bookkeeping automation. In terms of actual LLM adoption , this space is thriving.

At Ntropy, our bread-and-butter is financial data quality, for which accounting and bookkeeping have been one of the prime beneficiaries. .

tToday's surge in demand for great quality data is unprecedented. The reason is simple. Not only do LLM-s make data ingestion, entry and categorization highly accurate and customizable at scale, they also unlock many more use cases powered by this data. 

Compared to other areas in professional services, where productivity gains are a nice-to-have , accounting, audit and taxes are a rare spot, where they are desperately needed. The space is experiencing growth in demand and decline in supply for human talent. This is a unique situation.

According to the Wall Street Journal, over 300,000 accountants left the profession between the years of 2019 and 2021 — a 17% decline in the talent pool. When you consider that there are between 500,000 and 600,000 accountants in the US (according to 2022 estimates), this translates to a loss of half of the population.

Any workflow that you are building in the space, whether it is loan origination, vendor management, reconciliation, research, document review or tax preparation, you need the underlying data to be of very high quality. This is not just about saving time, it's about avoiding mistakes that can be very costly down the line. Your data needs to be the reliable standard on top of which you can continuously build more and more automation. 

At Ntropy, we can get the best quality output with LLM-s on banking data, cheaper and faster than anyone else in the industry. However, access to accounting data has always been the missing piece.

Given the recent demand, we are excited to announce that this is not the case any longer. We are partnering with Validis to bring the best quality accounting data coupled with bank data and insights to all of our end customers, ranging from CPA-s to large FI-s. 

Accounting data is the source of truth and the system of record for all businesses. The opportunity to make it more action-oriented and intelligent means driving revenues and operational leverage to those businesses.

Together, we are aiming to be the industry standard for best-in-class financial data, a source that you can rely on and build with.

Validis is already serving major FI-s, from Barclays to Santander, as well as auditors and CPA-s like Grant Thornton, Deloitte, Withum and many others. They will be a perfect resource for Ntropy’s customers, ranging from industry-leading B2B lenders to card issuers.