A Toronto-based financial technology company is taking aim at one of the most time-consuming tasks plaguing Canadian small business owners: manually coding and categorizing corporate credit card transactions.
Float Financial launched Float Intelligence on Tuesday, introducing an artificial intelligence agent that automatically assigns general ledger codes and Canadian tax classifications—including HST, GST, and PST—to business expenses. The move promises to transform tedious line-by-line bookkeeping into a simple review-and-approve workflow.
"The volume of transactions is immense, and the defects are huge," Float co-founder and CEO Rob Khazzam explained. "Finance is not like programming or design, where you can sort of vibe code things together; you have to be really precise and accurate."
For bookkeepers managing dozens or hundreds of transactions daily, the traditional process is gruelling. Each purchase must be logged into appropriate account lines—mileage, office supplies, meals—with correct tax codes applied. Float says this manual process routinely eats up hours monthly.
Built for Canadian Businesses, Tested by Hundreds
Float's engineering team trained its AI specifically on Canadian financial data. The model learned from hundreds of thousands of real transactions from Canadian vendors, using actual Canadian tax codes and general ledger standards. More importantly, the system gets smarter for each customer by studying that business's historical transaction patterns.
During beta testing across more than 350 Canadian businesses, Float's transaction coding agent achieved better than 90 percent accuracy on auto-coded transactions. When confidence drops below the threshold, the system flags transactions for human review—a critical safeguard in financial work where errors can compound.
"We've actually been testing it in a beta for quite a few months now, because we want to achieve that high precision," said Ruslan Nikolaev, Float's co-founder and head of product. "Finance demands precision that you just can't compromise on."
A Growing Solution for Canadian SMBs
Founded in 2019, Float now serves more than 7,000 Canadian businesses—from startups like Cohere, Neo, and Jane Software to established SMBs seeking alternatives to traditional banking services. The company reported 65 percent year-over-year customer growth and secured nearly $100 million CAD in debt financing this past January to expand its product offerings.
Khazzam sees Float Intelligence as the beginning of a compounding advantage. "You get the benefit of all the other finance teams' efforts, not just your own, and the system just keeps compounding and gets smarter," he said.
Float Intelligence is now available to customers on select service tiers, marking another step in the company's mission to build financial tools specifically designed for Canadian businesses and accounting teams.
This article is based on reporting from BetaKit. Read the original story.