Accounting
Anduin Secures $14M in Seed Funding to Transform Practice Management for Accounting Firms
Professional services firms face a long-standing, fundamental practice management challenge: outdated, disconnected systems often force high-value, licensed professionals to spend time manually executing day-to-day back-office tasks which can lead to ...
Jul. 22, 2021
Anduin, an AI company helping accounting firms and other professional services firms modernize their invoicing and billing, today announces a $14MM Seed Round led by Revolution Ventures. With this new funding, the company will expand its award-winning Intelligence-Based BillingTM platform to introduce a new Predictive Insights solution and a new suite of Practice Management solutions. Relevance Ventures and Merian Ventures also participated in the round.
Professional services firms face a long-standing, fundamental practice management challenge: outdated, disconnected systems often force high-value, licensed professionals to spend time manually executing day-to-day back-office tasks which can lead to suboptimal productivity, lost or delayed revenues, and frustrated clients. Anduin solves this challenge with targeted solutions built on its Intelligence-Based Billing platform.
In December 2020, Anduin launched the accounting profession’s first end-to-end accounts receivable (AR) solutions built on its Intelligence-Based Billing platform. Voted “Top New Product” by Accounting Today, Anduin’s Payments, Collections, and Invoicing solutions streamline the work-to-cash cycle and deliver substantial ROI for leading firms (ex: Windham Brannon and BGW CPA).
With expertise and a proven track record solving AR challenges, Anduin’s forthcoming solutions will address challenges in other areas of practice management. Anduin Predictive Insights will unify firms’ disparate systems and data to provide firm leaders with unprecedented, real-time visibility into firm-wide performance. Anduin Practice Management will constitute the accounting profession’s first cloud-based, mobile-enabled, open-architected, AI-powered, and modular suite of practice management solutions. These solutions are being built on Anduin’s Intelligence-Based Billing platform as part of an ongoing, collaborative partnership with executives, technology leaders, and administrators at leading CPA firms, and will be released in stages beginning in 2022.
“When we started Anduin last year we invited accounting firm leaders to tell us their biggest problems so we could purpose-build solutions to solve them. The answer was clear—firms needed to speed up revenues, save partner time in the billing process, and further strengthen their financial footing. We built the Intelligence-Based Billing platform and our AR solutions in response, and the reception and ROI have been amazing. As accounting firms return to the office, those same firm leaders tell us they want similar future-forward solutions for all of their internal operations. With this next round of funding, we’ll partner with CPA firms and other industry tech leaders to introduce a new wave of AI-based practice management solutions and predictive insight tools,” says Anduin chief executive officer Justin Adams.
“For too long, accounting firms have been beholden to practice management systems using past generations of technologies. Executives, partners, and administrators want frictionless workflows with modern designs. They want to easily access their practice management data and integrate with third–party tools. They want dynamic reports with real-time insights. We are thrilled to be partnering with innovative CPA firms and applying our patent-pending AI technologies to liberate and empower their people, drive revenue growth, and delight clients,” says Anduin chief product officer Ellen Choi.
“Professional service sectors, such as accounting, need a modern payments architecture. With its AI-driven platform, Anduin is optimizing invoicing and collections. The company is empowering accounting firms to break away from clunky legacy systems, homegrown options, and manual and offline efforts. Early adopters have reported a dramatic increase in online payments and a significant decrease in partner time spent on the monthly chore of billing,” says Revolution Ventures managing partner Tige Savage. Savage will join the company’s board and Graham Ober, vice president at Revolution Ventures, will join as a board observer.
Next week, Anduin is sponsoring the American Institute of Certified Public Accountants (AICPA) Engage conference in Las Vegas from June 26-29, 2021. Cofounders and team members will be onsite at booth #534 to showcase solutions built on the Intelligence-Based Billing platform—the team will demo Anduin’s currently-available AR solutions, and will share a first glimpse of the forthcoming Predictive Insights and Practice Management solutions. More information is available on the Anduin website.