LiveFlow raises $13.5 Million for New Accounting Automation Products
Finance and accounting automation platform LiveFlow raised $13.5 million.
The Series A round will help the company fund the launch of LiveFlow Next, a new line of reporting and analysis products, as it expands its go-to-market team and invests in research and development, according to a Tuesday (Sept. 24) press release.
“The new product suite features tools for building custom client dashboards, intelligent forecasting, industry benchmarking, AI-driven transaction categorization and more,” LiveFlow CEO Lasse Kalkar said in the release.
Founded in 2021, LiveFlow’s customer base includes international accounting firms like BDO and KLR along with brands like Wendy’s and Crumbl Cookies, according to the release.
The funding comes as AI is poised to transform the accounting sector, as PYMNTS wrote in July, citing a report from venture capital firm Andreessen Horowitz.
“…AI is becoming a crucial component in various sectors, with accounting firms particularly eager to harness its potential to enhance efficiency and manage increasing workloads,” PYMNTS wrote.
AI’s integration into accounting makes sense, as bookkeeping, tax preparation and auditing involve repetitive tasks that can benefit from the technology. In addition, the industry faces a two-front challenge: an aging workforce and no one to replace them.
“When preparing to use new technology, like AI, start with what you want your outcome to be first,” Josh Schauer, vice president of finance at insightsoftware, told PYMNTS in the report. “By understanding what you want the impact to be, then looking for the right tools and data to solve it, you can inform what is required and the steps you need to complete it.
“For instance, one of the biggest challenges accountants face today is a lack of bandwidth and an overload of repetitive, manual tasks — like reconciliations and generating reports. Ultimately, accountants should be trying to do more with less. Understanding this goal, they can then seek tools that effectively decrease this manual work and free up time for more valuable tasks, like financial planning and analysis.”
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