Accounting departments often spend many days each month finalizing financial records for closing periods. This book-closing process can be manual, tedious and error-prone. In 2020, Parker Gilbert co-founded Numeric to automate parts of this process using accounting software.
Numeric’s platform aggregates data from various accounting systems and spreadsheets. It then analyzes changes in line items month-to-month using an AI agent. This AI looks for outliers or unexpected variations and provides explanations. For example, it may note that legal expenses increased due to a larger payment to a specific law firm.
The startup’s revenue has grown significantly over the past year as its software helps accounting teams save days each month. To support further growth and product development, Numeric recently raised a $28 million Series A round led by Menlo Ventures. Previous backers including Founders Fund also participated.
Numeric competes with established players like BlackLine and fast growing startup FloQast. Its platform differentiates through marrying complex workflows with data usinggenerative AI. This deep level of automation in financial operations is not easily replicated.
As Numeric continues enhancing its AI, accountants will gain further insights. The model may soon perform reconciliations and calculations autonomously. This Series A funding will help Numeric expand its solutions beyond book closing to include financial planning and analysis. The company aims to revolutionize accounting software through machine learning.
