Koody launches AI bookkeeping and tax prep workspace for businesses

Koody on Oct. 15 launched Koody for Business, a dedicated workspace for sole proprietors and small-business owners to auto-categorize transactions, track profit and cash flow, and prepare Schedule C records. The product is designed to help owners organize bookkeeping without changing banks or setting up live bank connections.

Why it matters: - Koody for Business gives sole proprietors a single place to manage bookkeeping, cash flow, profit tracking, and tax prep. - The launch targets owners who want business records organized without switching banks or connecting a live feed. - The product also supports people who manage personal and business finances in the same app.

What happened: - Koody launched Koody for Business on Oct. 15 in San Francisco. - The company said the new workspace is built for sole proprietors and small-business owners. - Koody’s personal and business finance tools previously shared one workspace. - The company created a dedicated Business workspace while keeping the option to use Personal and Business features in the same app. - Customers can use Koody only for business, manage personal and business spending from one bank account, or keep separate accounts on one platform.

The details: - Customers can upload PDF or CSV bank and credit card statements to import records. - Koody extracts transactions, cleans up descriptions, and automatically categorizes income and expenses. - Built-in business categories include revenue, rent, contract labor, software, supplies, and more. - Customers can change a category and ask Koody to remember the choice for future uploads. - Users whose banks or credit unions do not connect to accounting software can download statements and upload them directly to Koody. - The workflow does not require changing banks or creating a live bank connection. - Customers can manually add cash payments and other transactions that do not appear on a statement. - The Business workspace combines income, expenses, account balances, and spending by category. - Owners can review when customer payments arrive and how cash flow changes week to week. - Customers can drill into categories such as software to see which subscriptions and payments drove higher spending. - Koody creates profit and loss reports from categorized records. - Customers can compare revenue, expenses, and net profit for a month, quarter, year, or custom period against an earlier period. - The Schedule C preparation worksheet maps business income and expenses to the relevant Schedule C lines. - Customers can review the worksheet, fix items that need attention, and share it with a tax preparer. - Tax calculation and filing are not included in this release. - Personal and Business categories keep records separate, even when transactions come from the same bank account. - Mixed purchases can be split so each workspace reflects the right amount. - Receipts, invoices, and notes can be attached to transactions during the year. - Customers can export profit and loss reports and Schedule C worksheets as CSV or Excel. - Underlying transaction records can be exported as CSV, Excel, or JSON and shared with an accountant. - Statement imports, automatic transaction categorization, and Business reports are included in the Plus plan. - Koody is available on the web and through iOS and Android apps. - More information is available on Koody’s business page.

Between the lines: - The launch moves Koody closer to a bookkeeping workflow for owners who do not use traditional accounting software connections. - The mix of business and personal tools suggests Koody is aiming at solo operators with overlapping finances, not just fully separated business accounts. - The Schedule C worksheet positions Koody as a tax-prep aid, but not a filing product. - The export options indicate Koody is also trying to fit into accountant-led workflows.

What's next: - Customers can start using the new Business workspace now. - Sole proprietors will be able to organize records through the year and hand off reports to a tax preparer at filing time. - Koody’s Plus plan will remain the tier that includes imports, categorization, and Business reports.

The bottom line: - Koody is packaging AI bookkeeping, profit tracking, and Schedule C prep into one business workspace for solo owners who want simpler records and less manual cleanup.