Founded in 2023, Luxembourg-based Nexly is an artificial intelligence-powered software-as-a-service (Saas) platform designed for auditors, accountants and financial reporting teams. It streamlines the financial statement review process by using AI to detect errors, omissions and inconsistencies, ensuring greater accuracy and compliance with financial reporting standards. By automating routine tasks, Nexly claims that it allows professionals to focus on higher-level financial analysis. Targeting auditors and accountants in the United States, United Kingdom, Luxembourg and Ireland, the company has grown to a team of nine since its launch.
In an interview with Paperjam, Nexly’s CEO and co-founder, Maciej Grzeszczuk, shares insights into the platform’s mission, how AI is transforming financial reporting and the future of automation in auditing.
Kangkan Halder: Could you please introduce Nexly and share what inspired you to create it?
Maciej Grzeszczuk: Nexly helps auditors, accountants and financial reporting specialists automate the financial statement review process, reducing manual work and improving accuracy. We started Nexly after seeing how much time auditors spend on repetitive tasks that could be streamlined with AI. Our goal is to make financial reviews faster, more reliable and easier to manage.
Why did you choose Luxembourg as a key market?
Luxembourg is a major financial hub with strict regulatory requirements, making automation especially valuable for auditors. Many firms here deal with extensive and complex financial statements, which review Nexly simplifies. It’s also a market where innovation in audit and accounting technology is actively welcomed.
How does Nexly improve the financial statement review process for auditors?
Nexly automates tedious review tasks, such as cross-checking numbers and verifying consistency across reports. It highlights discrepancies and potential errors, allowing auditors to focus on judgment rather than manual checks. This speeds up the review process while reducing the risk of oversight.
What specific problems does Nexly solve for accountants and auditors?
Auditors spend too much time on manual reconciliation and error detection, which are both time-consuming and prone to human error. Nexly automates these tasks, ensuring accuracy and consistency across financial statements. It also helps firms meet tight reporting deadlines without sacrificing quality.
How does Nexly ensure compliance with financial reporting standards?
Nexly is built to support multiple financial reporting frameworks, such as International Financial Reporting Standards (IFRS) and local generally accepted accounting principles (Gaaps). It enforces consistency in financial statements by automatically checking compliance with disclosure requirements. Our tool also flags potential issues, helping auditors resolve them before submission.
What challenges have you faced in scaling Nexly with a small team?
Scaling with a small team means balancing product development, client support and market expansion with limited resources. We’ve focused on automation and efficient workflows to maximize productivity. Staying close to our users has also been key to prioritizing features that provide the most impact.
How do you see artificial intelligence transforming the audit profession in the future?
AI will take over repetitive audit tasks, allowing auditors to focus on analysis and risk assessment. It will improve the speed and accuracy of financial reviews, making audits more efficient and less prone to human error. Ultimately, AI will help auditors provide deeper insights rather than just compliance checks.
How do you think AI will attract new talent to the audit profession?
AI will make auditing more engaging by removing much of the repetitive work that often drives people away from the profession. With AI handling routine tasks, auditors can focus on problem-solving and strategic analysis, making the role more appealing. It will also open opportunities for tech-savvy professionals interested in combining finance with AI-driven innovation.