Prosaic featured in NZ Herald
"AI-powered tax deduction app Prosaic backed by Kiwi start-up royalty, launches in Xero AppStore"
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About Prosaic
Our story, mission and motivation.
At Prosaic, our mission is to simplify tax, the smart way. We're using AI and open banking to help accountants and bookkeepers make tax simpler, and more affordable, for everyone
Compliance remains the core of an accountant or bookeeper's work — but the tools they use haven’t evolved much since the early days of cloud accounting. We believe they deserve better tools: ones that streamline client data, automate repetitive workflows, and help them deliver the unmatched service at a competitive price.
Most people don’t want to think about tax — they want a trusted professional to handle it for them. Someone who delivers great results, without overhead or complexity.
With AI offering a once-in-a-generation opportunity to reimagine accounting workflows, and trends like open banking securely freeing up client data, we’re building software that empowers accountants and bookkeepers to do just that: offer faster, smarter, more affordable services — and give clients confidence that their tax is in good hands.
Our AI-powered cashbook is designed for high-volume work for smaller clients or less complex entitites — like sole traders, rental properties, trusts and small businesses. We combine live bank feeds with lightning-fast AI automation to help practices power through GST returns, cash coding, and reporting in minutes, so they can focus on advice, not admin.
How It Started.
Prosaic founders Nick Houldsworth (LinkedIn) and Rowan Oulton (LinkedIn) met in 2011 at Vend, one of New Zealand's most successful software startups. Nick (left) was the first employee and marketing guy. Rowan (right) was the first front end developer.
Since then we've gone on to help build and scale a range of global software businesses including Slack and Xero, always with the purpose of finding innovative ways to improve the lives of people working in small businesses through technology.
A conversation with our accountant about AI.
A Xero user for over a decade, over coffee in late 2022, Nick's accountant expressed his frustration that despite advancements in cloud software, every tax return they still have to chase clients to manually complete out the same home office expenses spreadsheet.
Accountants hate chasing clients for numbers. Clients hate completing spreadsheets. Its a bad experience all round that leads to delays completing tax returns, missed deductions and late cashflow.
Chat GPT had launched only a month earlier, so Nick took out his laptop and showed his accountant how he was thinking about solving this problem for himself - entering a random selection of bank transactions into the chat window and asking GPT to organise it. The result was exactly the kind of magic we've come to expect of AI.
When his accountant asked if this could work for any client, it was the lightbulb💡moment that sparked the beginning of Prosaic.
If clients could leverage open banking to provide secure, seamless access to a range of financial business data, then combining this with the power of AI would enable trusted professionals like accountants and bookkeepers to offer previously unprecedented levels of service, to a much wider range of clients, at highly competitive pricing.
Ultimately this will raise the financial capability of everyone in the world. This is our purpose and mission. We're bringing together some of the best in software and accouting tech to help us on this journey, including investment from Rowan Simpson (Trademe, early Xero) Michael Wood (Founder Receipt Bank) and Jamie McDonald (founder Hubdoc).
What we believe.
We've been relentlessly focused since on designing and building a beautifully simple solution to streamline compliance and help accountants and bookkeepers deliver the best service for clients at the best price.
We believe that:
✅ Software and AI should lower prices, not raise them.
Most software services increase their costs over time— we’re committed to delivering great value at an even better price, helping accountants offer competitive fees without sacrificing quality.
✅ Automation should amplify human expertise, not replace it.
AI isn't perfect, but in the hands of a financial expert its incredibly powerful. Which is why we design for the trusted relationship between accountant and client, making it easier to collaborate, review, and deliver great outcomes.
✅ Most people don’t want to think about tax.
They just want it handled by a professional they trust, who delivers results without lots of overhead or complexity — and we’re here to make that possible, without requiring you to learn new tools or pay high costs for software.
✅ It is your data, we will be responsible custodians.
Any data you share with or use on our platform is your data, our role is to provide a secure, stable and innovative product that delivers on our promise, with transparent and responsible policies. We will not sell or sub license, and will never or share without your consent.
If you you're an accountant or bookkeeper and want to learn more about Prosaic, then sign up for a free trial or get in touch with our team.
