LiveFlow has reportedly raised a $13.5 million Series A round in order to modernize accounting and inspire the next generation of accountants.
Lasse Kalkar, CEO, LiveFlow noted that the accounting industry is undoubtedly facing major challenges, with “one of the most pressing being a severe talent shortage.”
LiveFlow’s CEO added that as the number of small businesses rapidly increases, the demand for accountants is higher than ever. But between 2019 and 2021, “more than 300,000 accountants left their jobs, U.S. accounting degree graduation rates are in sharp decline, and 75% of CPAs are expected to retire within the next decade.”
This growing gap between demand and supply is “putting significant strain on accounting firms as they struggle to keep up.”
One key reason fewer people pursue accounting today is its reputation “for being monotonous and repetitive — but they see this changing soon.”
With the rise of technology and AI, accounting is primed for disruption. The goal is not only to lead this technological shift but also “to make finance and accounting appealing again to young graduates.”
Over the years, LiveFlow’s CEO learned that businesses “hire accountants not just to manage their books, but to have peace of mind knowing someone has their back.”
While technology will drive significant advancements, “the human element of accounting is still crucial.”
That’s why it’s essential to attract young graduates “to the industry again by building software that automates the tedious parts of the job.”
This way, accountants can focus on “providing intelligent financial analysis and advice, rather than just processing transactions.”
That’s why we are building LiveFlow, an accounting automation platform trusted by thousands of businesses who “aim to modernize accounting through advanced technology.”
Recently, LiveFlow announced it had raised a $13.5 million Series A funding round, led by New York City-based Valar Ventures.
Alongside this milestone, the company is launching LiveFlow Next, a platform designed to “transform accounting firms into high-growth financial advisory powerhouses.”
The new product suite features tools “for building custom client dashboards, intelligent forecasting, industry benchmarking, AI-driven transaction categorization, and more.”
LiveFlow Next builds on the company’s significant success “since launching a few years ago in helping accountants boost their bandwidth and eliminate manual work.”
After graduating from Y Combinator, the team “established a strong customer base, serving global firms like BDO and KLR, along with well-known brands such as Wendy’s and Crumbl Cookies.”
With this funding, they’re also looking forward “to expanding LiveFlow’s New York-based go-to-market team and making significant investments in new R&D initiatives.”
