UK Research and Innovation (UKRI), a non-departmental public body sponsored by the UK’s department for Business, energy, and Industrial Strategy , has awarded funding to Clearview Systems and Action Artificial Intelligence to develop their accounting tech products and services during the Covid-19 pandemic.

Clearview Systems has a focus on financial reporting technology and has received funding to develop technology that detects fraud and financial weakness. The project aims to utilise machine learning to efficiently analyse millions of accounts filed in online repositories and determine KRI patterns from this data to establish, generate and patent models that predict financial challenges.

Action Artificial Intelligence is working in collaboration with RSG Accountants to provide a tool that makes cash flow management simpler for non-experts by developing an intelligent virtual assistant. Business owners will be able to interrogate their cash flow positions using normal, conversational language through a range of channels including instant messenger or via the phone using automatic speech recognition.

Innovation UK challenge director of next generation services Stephen Browning said: “Innovate UK is actively working in the Accounting Tech area with the Next Generation Service programme being the clearest example of this. Accounting Tech companies seeking funding for research and development projects can apply to Smart Grants and sign up to AI for Services to learn of other opportunities as they develop.”