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As initiative platforms step by step eat into the workflows of accountants , many are choose to leave alone the industry , particularly as AI automatize away a lot of the core , manual work required .
More than 300,000 U.S. accountants and auditors impart their problem between 2019 and 2021 , and the number of accountant in the U.S.has declined15.9 % since 2019 , according to the U.S. Bureau of Labor Statistics . Meanwhile , both young accountant and mid - calling professional person are leaving the professing .
AI accounting platformLiveFlowhopes not to hotfoot that stream , but to stem it . As the company ’s CEO and atomic number 27 - founding father Lasse Kalkar put it : “ Our plan is to employ AI to make account statement firm more efficient , but we think the comptroller will still be there . ”
To continue building its technical school mint , the inauguration has now raised a $ 13.5 million Series A daily round lead byValar Ventures , a VC firmco - founded by Peter Thiel .
LiveFlow admit party to synchronize substantial - time data from their accounting services , banks and payment political platform to the inauguration ’s program , which generates custom reports , automatise work flow , consolidates company account , and enables more company - all-inclusive collaboration . You might remember that sounds easy , but even in this 24-hour interval and age , we ’re still in a world where accountants have to transfer data between system , often manually .
“ fundamentally , ” said Kalkar , “ modest business hire an accountant to feel safe . They want to know that someone has their back . We ca n’t put back that all with technology . ”
However , Kalkar was coy about the AI modeling the party plans to employ . “ It ’s still in the roadmap , and it will still be rolled out over the next yr or so … We are not disclosing which AI we are using right now , ” Kalkar said .
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Successful startups often give rise to “ startup mafias ” — groups of former founders who go on to found other startup . But at least as often , raw startups are founded by startup employees . That ’s just what bump with LiveFlow .
A few years ago , Anita Koimur led the rewards program at fintech unicorn Revolut , while Kalkar was its country director for the Nordic region .
They kept in touch over the years , and subsequently as conscientious objector - founder , came up with the idea for LiveFlow . They then take the startup through the Y Combinator catalyst and laterraiseda seminal fluid round in 2021 .
get together by former Web Summit engineering lead Evan O’Brien , Koimur and Kalkar now plan to inflate in the U.S with a base in New York . The caller now counts account statement firms like BDO and KLR , as well as Wendy ’s and Crumbl Cookies as customers .
Its newest ware , LiveFlow Next , is design to help accounting business firm do more advisory work .
In a argument , Valar ’s institute partner , James Fitzgerald , said , “ LiveFlow helps save myriad hours per calendar month while also eliminating human fault . ”
Although LiveFlow does have competitors , none seem to be speculation - backed properly now . Fathom , out of Australia , does something interchangeable , but it appears not to have raised VC funding , whileReach Reportingin the U.S. is in a similar position , allot toCrunchbase .
