Basis secures $3.6m to bring AI to accounting firms

Basis secures $3.6m to bring AI to accounting firms

Published: 31-10-2023 10:18:00 | By: Pie Kamau | hits: 2248 | Tags:

Basis, an AI platform for accounting firms, has emerged from stealth with $3.6 million seed round led by Better Tomorrow Ventures with participation from BoxGroupAvid Ventures, several top accounting firms, and leaders from the accounting and machine learning communities. Leading the company are Matthew Harpe and Mitchell Troyanovsky, long-time friends, who believe that the impact of cutting-edge AI on the accounting profession will be on par with the shift from paper to digital, allowing accountants to focus on the most meaningful, value-accretive work such as advising clients, strategizing on complex topics, and building relationships, instead of repetitive, laborious tasks.

Basis is already putting cutting-edge AI in the hands of accountants, indicating just how quickly AI may begin meaningfully touching fundamental parts of our society. Now, Basis is publicly announcing its first two products: an AI assistant called "Basis Intern" designed to help accountants with tax and accounting questions and workflows, and "Basis Accountant," which sits alongside existing software and gives accountants a team of AI assistants to streamline tasks such as closing books, adjusting entries, reconciling accounts, compiling financial statements, generating work papers, and more.

Basis' platform also comes on the heels of a national accounting shortage, with many accountants leaving their roles, fewer students seeking accounting degrees, and rising salaries and costs throughout the industry. Better Tomorrow Ventures, who led the funding round, believes Basis is uniquely positioned to transform the accounting industry through AI.

Sheel Mohnot, Co-founder, Better Tomorrow Ventures: "While there's been lots of AI talk recently, we have yet to see recent AI advances start to transform the financial services space. The Basis team is one of the first to help an industry truly transform the way they work. We're excited to partner with Matt and Mitch in their journey to change the industry and build a solution that's central to managing and understanding financial data." 

Basis plans to use the funding to further develop and scale its platform.