Xencio, a Viennese start-up, has had a very flourishing start since its inception in Austria. The company entered the FFG Basis Program and they were approved for an R&D project in Fully Automated Accounting. In addition, they were invited by many different banks, which included Austrian banks and the OP bank in Scandinavia.
The OP bank was so impressed with the company’s analyses based on the bank transactions and them trying to work together on bringing it to the banking customers, that they awarded the company with the Worldline Bank Challenge. The growth of the company has been both in an increase in employees, as well as starting corporate projects with companies such as Merck, and gaining trial and paid customers within several different countries in Europe.
Management Accounting
Helping small businesses is at the core of Xencio, and the company does this by giving small companies a virtual CFO. Their processes are made easier, since everything is directly linked to banking transactions and provides them with real time analyses on how their company is doing, and this means that a company can gain much more extra financial visibility into their account and cash flow.
John Shen, CEO of Xencio: “We’ve noticed the increased demand of customers to make more things simpler. The little, repetitive tasks such as invoicing keep coming back in this scenario.” With no standard template, it can be a devious and time-consuming task for small businesses to generate invoices. First finding or making a standard template, then adjusting it to the company’s needs and subsequently keeping up with the created structure. Making that process even more simpler is what Xencio is striving to achieve. With the introduction of YoInvoice, the company has created a solution that allows anyone to easily create professional looking invoices. “The user can do this anywhere, anytime, and maintain all of the invoices in one single place.” YoInvoice is completely free, there is no need to register, and it is available for anyone to use.
Just the tip of the iceberg
“YoInvoice is just the starting point and how exciting it is to challenge the status quo of accounting even further than invoicing, and expand by making every single side of bookkeeping easier. Making it so easy and intuitive that there is not even a need to register.” This is what Xencio is striving to do, and will eventually also include transitioning towards the identity of a challenger bank.
About Xencio
Xencio is an intelligent service provider with services including AI data analysis, enterprise finance and capital data analysis and management. Since its founding in 2015, it has focused on data aggregation and the enterprise finance and capital management sectors. The firm uses an intelligent cash flow analysis system.
