Visma and AI: Revolutionizing SME Accounting

The Rise of AI Startups in Europe

The artificial intelligence sector is experiencing rapid growth in Europe, particularly due to startups specializing in agentic AI. According to recent data from Sifted, these young companies managed to raise an impressive amount of 6 billion euros last year. This momentum shows no signs of slowing down, as they have already collected 4.6 billion euros this year, with forecasts for 2026 looking even more promising.

One area where AI plays a crucial role is in accounting and finance. Companies like Embat, a Spanish startup specializing in cash management, raised 30 million euros in May. Similarly, JetHR, based in Milan, attracted 25 million euros in June. These figures reflect the growing interest in automating financial tasks.

Visma and Its Innovative Approach

Visma, a major player in developing accounting, payroll, and tax software for small and medium-sized enterprises, integrates AI not only into its products but also into its internal operations. This strategy extends across the entire Visma group, which has a diverse portfolio of accounting software companies throughout Europe. When acquiring new companies, Visma assesses the added value for the customer and the software's fit for the local market.

Currently, Visma manages over 600 AI initiatives, which it categorizes into two groups: those still in the experimental phase and those that can be deployed at scale. T. Alexander Lystad, Visma's Chief Technology Officer, emphasizes the importance of accelerating the most promising projects while sharing the knowledge gained with clients and the Visma group.

A Scaling Strategy for AI

Visma does not solely focus on immediate profitability when acquiring companies. It primarily seeks evidence of product commitment, such as high adoption rates, frequent usage, or positive customer feedback. Lystad identifies four main categories of customer value related to AI:

• Automation: Reducing time and effort through data extraction, automatic booking, and bank reconciliation.
• Assurance: Detecting anomalies in payroll data.
• Advisory: Identifying patterns and insights from data for automatic or human action.
• Agentic: Complete automation of workflows.

The companies in Visma's portfolio focus on solving specific problems for their clients, working closely with local markets. Lystad explains that Visma combines global reach with a local approach to address issues as close to clients as possible.

The Impact of AI on Accounting

In the field of accounting, manual and repetitive tasks often slow down the traditional lifecycle. Mikael Gandon, CEO of the startup Chaintrust, points out that in highly regulated sectors like finance, generalist AI models such as ChatGPT often lack the specific context needed to effectively automate accounting tasks.

Chaintrust uses AI to scan, extract, review, and record accounting entries such as invoices and receipts into the appropriate accounts. This allows staff to focus on review and advisory activities rather than data entry. Gandon explains that the idea stemmed from observing accountants spending their evenings retyping invoices.

Automation does not mean the disappearance of accounting roles, Gandon clarifies. On the contrary, it enables companies to expand their client portfolio without proportionally increasing their workforce, allowing staff to concentrate on more strategic tasks.

A Virtual CFO for Small Businesses

Small businesses often lack the resources to hire a dedicated Chief Financial Officer. Dinero, a company in Visma's portfolio, offers an innovative solution with its virtual CFO. This automated feature is directly linked to a bank account via open banking, facilitating routine accounting and payments. Business leaders can thus query their data and receive relevant advice.

Martin Thorborg, CEO of Dinero, explains that the goal is to provide small businesses with their own virtual CFO to help them remain competitive. Dinero's virtual CFO is designed to predict invoice payments, audit dependency on a single client or supplier, and compare the company's performance with similar markets.

Accuracy and Trust at Stake

In the financial domain, a data entry or calculation error can have serious consequences regarding compliance and legality. Dinero establishes clear limits to determine where AI can be effectively used. For advisory features, generative models are employed, while for basic accounting tasks, machine learning algorithms are used to avoid errors.

Thorborg mentions that Dinero conducts about 20,000 tests each time an update is deployed. This rigor aims to maintain customer trust, as an error caused by AI can be difficult to overcome.

The Future of AI in Accounting

T. Alexander Lystad predicts that AI will eventually be seamlessly integrated into software products, becoming a baseline expectation for all companies. The value of accountants is evolving, shifting from producing books to interpreting them. Visma and its portfolio companies leverage AI to free up accountants' time, allowing them to focus on more strategic tasks like data analysis and advising executives.

Mikael Gandon emphasizes that, despite the increasing automation, human judgment remains essential, especially for advising on restructurings or interpreting complex tax positions. The transformation of accounting through AI allows professionals to refocus on their true added value: interpretation and strategic advisory.