Automated bookkeeping MVP known limitations

The MVP is built for US service businesses that want a clear view of revenue, expenses, and net income. It is designed around connected bank activity, transaction review, reconciliation, and reporting in either accrual or cash basis. Vendor bills are recognized as expenses when the bill is approved on accrual, or when paid on cash; expenses paid directly from the bank feed are recognized when they clear.

• Connected bank and card transactions for business activity.
• Transaction categorization with rules and AI-assisted suggestions.
• Review queues for uncategorized or uncertain transactions.
• Monthly reconciliation against connected account balances.
• Accrual and cash-basis Profit & Loss and balance sheet reporting (toggle per report). Revenue is recognized when invoiced on accrual, or when paid on cash. Vendor bills you enter are recognized as expenses when the bill is approved on accrual, or when paid on cash; expenses paid directly from your bank feed are recognized when they clear.
• Trial balance, open invoice aging, open bill aging, owner equity, expenses by category, and payroll summary reports.
• Vendor records, bills, bill payments, and accounts payable aging.
• Accountant review and export workflows for bookkeeping handoff.

These areas are outside the automated bookkeeping MVP and should be handled by your accountant or a specialized provider:

• Payroll processing, payroll tax filings, or contractor 1099 filings.
• Tax filing, tax advice, or CPA services.
• A full journal entry workflow or formal period-close process.
• GAAP-ready financial statements for audits, financing, investors, or lenders.
• QuickBooks bill sync, purchase orders, vendor credits, and mobile bill entry.

Profit & Loss, balance sheet, and expenses-by-category support an accrual or cash basis toggle (defaulting to your accounting profile). Trial balance, open invoice aging, and open bill aging are accrual-only. On accrual, revenue appears when invoices are sent; on cash, when payments are received. Vendor bills are tracked: on accrual, bill expenses appear when the bill is approved; on cash, when the bill is paid. Expenses paid directly from the bank feed still appear when payments clear. Reports can be useful for monthly review, but they still depend on complete transaction imports, correct categories, and accountant review.

Trial balance period debit and credit columns include reversal pairs from edited or deleted transactions. Ending balances remain correct, but gross activity may look higher than systems that hard-delete those entries.

Balance Sheet is ledger-backed: it is sourced from posted general ledger journal lines and ties out to the trial balance for the same period. It remains a beta, internal-review report. It is not GAAP-ready and should not be used as a formal financial statement.

The MVP is scoped to US businesses operating in USD. It does not currently support multi-currency accounting, non-US tax rules, international payroll, or local statutory reporting outside the United States.

• Preparing or filing taxes.
• Making legal, accounting, financing, or entity-structure decisions.
• Submitting reports to lenders, investors, auditors, or government agencies.
• Relying on Balance Sheet, equity, liability, retained earnings, or tax-liability figures.