E218 ‘AI in Modern Bookkeeping and Business Automation’ with Outmin’s Ross Hunt

Today’s guest is Ross Hunt, Founder and CEO at Outmin. While Artificial Intelligence is often associated with glamorous uses like predictive analytics and automated driving, it’s in the realm of the mundane, routine tasks where AI can deliver significant value. This is the philosophy that’s core to Outmin, a company dedicated to automating bookkeeping with AI.

Ross describes the mission at Outmin as focusing on “boring automation.” This involves targeting repetitive, low-value tasks in bookkeeping –  such as reconciling invoices and managing financial statements – that traditionally require human intervention. By automating these processes, businesses can free up resources to focus on more strategic efforts like enhancing products or improving customer experience.

The foundation of Outmin’s approach lies in technology honed through Ross’ previous ventures in AI and machine learning. By integrating AI with human oversight, Outmin ensures that their algorithms learn and adapt effectively, addressing a significant pain point in accounting technology: accuracy. This symbiotic relationship, known as a human-in-the-loop model, is designed to reduce errors and improve data quality.

Ross’ Outmin journey has not been without its challenges. Securing funding for an unconventional vision of automation needed both perseverance and proof. As Ross notes, the path to winning over sceptical investors was paved with concrete data demonstrating the efficacy of their model. Engaging directly with customers and refining the product based on lived experiences allowed Outmin to fine-tune their offerings, leading to significant milestones.

His big break came when automation pathways became clear through the data collected, particularly in industries like hospitality where uniformity in processes can enhance automation. Additionally, gaining acceptance from accounting practices proved pivotal. These firms realised the benefits of Outmin’s solutions in delegating routine tasks, thereby allowing their skilled professionals to focus on higher-value work.

While fundraising is essential, Ross maintains a unique stance on the matter, opting not to celebrate financial rounds as major successes. Instead, Ross and his team view investment as a resource to fuel value-driven growth rather than an endpoint to be celebrated. Reflecting on the landscape, Ross acknowledges the necessity of careful financial management, given the volatile economic conditions.

Looking ahead, Ross provides a cautious perspective on the current AI market, predicting a potential crash amidst the current valuation frenzy. With many companies providing shallow applications of AI, Outmin’s focus remains on generating real, indispensable value, distinguishing themselves by tackling the deep-rooted challenges in bookkeeping automation.

Internally, Ross and the team practice what they preach by using AI and automation to streamline their operations. From vibe coding prototypes to applying learned experiences in customer scenarios, they exemplify how businesses can embrace cutting-edge technology without losing sight of the need for robust, scalable solutions.

Ross’ story with Outmin is one about challenging the norm and creating impactful technological solutions for the most tedious tasks. By turning their attention to the less glamorous, yet essential activities that often bog down businesses, Outmin promises a future where organisations can operate more efficiently and effectively. Ross’ journey exemplifies the transformative potential of AI when applied with a focus on real-world impact over hype.