Toronto, Ontario – March 29, 2022 – Financial Artificial Intelligence Systems (FAI Systems) is excited to announce LeaseUp, its software-as-a-service. Currently in beta, LeaseUp converts lease contracts to IFRS 16 Leases-compliant accounting journal entries for subsequent financial reporting. The firm is now engaging investors for Series A round to expand and include additional frameworks.
FAI System methodologies are versatile, flexible, and apply to accounting standards beyond International financial reporting standards (IFRS). The application is rooted in formal accounting and financial reporting standards and FAI Systems is facilitating the shift from traditional enterprise resource planning (ERP) to knowledge-based systems. “We are developing an accounting artificial intelligence as we strive to capture accounting transactions within the context of US $85 trillion in global GDP”, said Matvei Kruglyak, CPA, CMA, CEO, and Co-Founder of FAI Systems.
Appropriate for enterprises of all sizes, LeaseUp is able to manage every aspect of leasing to reduce redundancy and provides unlimited scalability. The software-as-a-service is equipped to manage thousands of leases simultaneously for a clear competitive advantage. Easy to use, it provides privacy and security in a single cost-effective solution.
Financial reporting is highly complex, but it’s also tedious. Embracing AI technology is a game-changer for any organization, providing increased efficiency and productivity. LeaseUp handles repetitive and time-consuming tasks, including document analysis. It helps businesses attract the most highly-qualified talent and frees employees to deal with more strategic and high-value tasks.
The firm believes that society should embrace artificial intelligence in a collaborative manner, thus improving productivity and standards of living, including sustainable living and environmental sustainability for everyone. FAI Systems recognizes that artificial intelligence, especially when coupled with robotization, will cause substantial disruptions to the workforce in the coming decades. It’s calling for governments to proactively ease such disruptions into policy-driven transitions.
FAI Systems utilizes three essential pillars in the development of LeaseUp – artificial intelligence, user interface, and accounting and financial reporting standards for state-of-the-art SaaS. FAI Systems is offering a free demo of LeaseUp and a three-month free trial. Clients can avail themselves of an annual or a month-to-month subscription to streamline their accounting processes.
For more information, visit: https://www.faisystems.com/
About FAI Systems
FAI Systems is comprised of members from around the globe who are subject to deliver industry disrupting solutions to enterprises and individuals. Their vision is to be the backbone support that empowers enterprises and individuals through smart AI technology that simplifies leasing practices at affordable prices.