Björn, nice read! Your description of the current state of accounting in Europe is very accurate. As a founder of an online accounting tool, I know a lot about the struggles you are having. The difference is: it’s my job to improve the lives of entrepreneurs and solve the problems you mention. This doesn’t make it less of a challenge though, I feel a lot of the same pain you are feeling!

The first steps for a automated accounting are already in place:

1. In Holland we are working towards a standard for exchanging invoice information based on the Universal Business Language XML standard. Both the market and the government are supporting SimplerInvoicing, the first invoices are already being exchanged at this time.

2. The European Union has introduced new regulations concerning your banking data. Within a few years, all European banks need to comply with PSD2, which means all your data should be accessible through an API. Unfortunately the banks in Holland are not very fast. Sometimes starting your own bank seems like the fastest solution to enable technical innovation, but the regulations in de European Union for starting a bank are even worse.

There are many more steps to make, but I strongly believe small startups like my own (MoneyBird) can make a change. Can’t wait to see what the future of accounting brings us!