more than 90% of accountants say they are pressured to close books faster. 
by 卡塔尔世界杯常规比赛时间 research
bookkeep, an accounting automation platform, has landed a $6.6 million seed round of funding led by fin capital, with participation from existing investors ttv capital, argonautic ventures, lerer hippeau, haymaker ventures and others.
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this round brings bookkeep’s total funding to $10 million, following a $3.3 million seed round in 2021 led by lerer hippeau.
the new financing will support product innovation to help accountants and enterprises of all sizes scale their operations through automation.
the capital will also help bookkeep maximize the impact of its new ai technology that processes sales reports from any legacy data format such as pdf, csv or excel. today, some accountants still download these reports and manually enter the data from smaller e-commerce platforms, vertically specialized point of sale (pos), and other payment and sales systems.
according to market research by paradoxes inc, companies spend significant money – $53 billion annually – on outsourced manual accounting. most finance and accounting professionals use a cloud-based or hybrid accounting process, but this hasn’t always solved the problem. according to sage, an alarming 93 percent of accountants are still under pressure to close their books faster.
“this additional capital underscores the difficult problems that still need to be solved in the underserved accounting industry. we’re at a massive inflection point where it is increasingly challenging to find accountants who are willing to do the manual work and those who are remaining in the profession are becoming burned out by the tedious, time-consuming tasks.” – jason richelson, ceo and co-founder, bookkeep
while some software companies offer api access, many don’t have the infrastructure or deny access. as a result, accountants are stuck manually downloading reports, running pivot tables in spreadsheets, and manually creating proper accounting entries in their systems.
the challenges accountants face today include high transaction volumes, multiple e-commerce and sales platforms, and inconsistent financial data standards for reporting. the strained labor market has made it increasingly difficult to find talent willing to do the manual work required. the number of people sitting for the cpa exam has dropped by approximately 30 percent, a decade low that some regulators on the public company accounting oversight board have called a crisis.
bookkeep’s automation platform aims to solve both sides of this marketplace problem by providing accountants with a simple process to easily access and post data from siloed sales platforms into their accounting systems. at the same time, in the long term, it could help app developers understand how to build new platforms that deliver financial information in the right format accountants need.