Numeric

Accounting Tech News Update: Numeric just raised $28 million in Series A funding to revolutionize the financial close process with AI, following a $10 million seed round just five months ago. Their platform aggregates and reconciles data from various sources and uses AI to perform flux analysis. Flux analysis involves comparing financial statements from two periods to spot significant differences in accounts. For example, if revenue dramatically increases or decreases in a particular area, you need to dig in and understand why. Is it due to a timing difference? Did we lose a key account? Are we experiencing unexpected growth? Traditionally, this process has been time-consuming. Lots of spreadsheets and manual investigation. Now, with AI tools like Numeric, it's becoming much more efficient. You can even try this yourself—upload two sets of financial statements into ChatGPT's 4o model and ask it to perform a flux analysis. If you include your general ledger data (as long as it's not too large), it can help identify the exact causes of variances. This technology allows accountants to answer important questions live, even in a board meeting, without extensive pre-meeting research. David Leary pointed out that Numeric is essentially combining tools we used to manage with separate spreadsheets—like tracking fixed assets or amortization. They handle the subledgers and link them to your accounting system and close checklist. If you're a controller or CFO and haven't explored these new close management tools, now is the time. With AI incorporation, they're getting better and better, saving accountants a ton of time and resources. Listen to The Accounting Podcast episode 406 for the full story.

𝗗𝗼 𝘆𝗼𝘂 𝗿𝗲𝗮𝗹𝗹𝘆 𝘄𝗮𝗻𝘁 𝘆𝗼𝘂𝗿 𝗮𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝘁𝗲𝗮𝗺 𝘁𝗼 𝗯𝗲 𝗮 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝗶𝗰 𝗽𝗮𝗿𝘁𝗻𝗲𝗿? Or is it just talk? A controller recently shared, "Everyone says accounting should be a strategic partner, but no one invests in us enough to make it possible." Imagine the potential of a fully empowered accounting team: - Always accurate data and a BD 5-10 close? ✅ - In-depth flux analysis with exec-ready insights? ✅ - Team-wide technical expertise that predicts and solves problems? ✅ And when it’s time to go public, they’ll have the skill and confidence to perform under the bright lights of the IPO readiness process. So, management, the ball’s in your court: will you back your words with investment, or keep kicking the "strategic partner" can down the road?

Get your swimsuit ready. The weather might be cooling, but as Ryan Limaye put it, the IPO market's waters are just right. If your company is eyeing a public debut, Connor Group's Bay Area IPO Summit, hosted by Ravi Kumar, was the place to be. Here are the key takeaways that caught our attention: 1️⃣ 𝗥𝘂𝗻 𝗹𝗶𝗸𝗲 𝗮 𝗽𝘂𝗯𝗹𝗶𝗰 𝗰𝗼𝗺𝗽𝗮𝗻𝘆 𝗯𝗲𝗳𝗼𝗿𝗲 𝘆𝗼𝘂 𝗮𝗿𝗲 𝗼𝗻𝗲. Public company accounting is more rigorous, so prep your team early for the transition. 2️⃣ 𝗟𝗲𝘃𝗲𝗿𝗮𝗴𝗲 𝗔𝗜 𝘄𝗵𝗲𝗿𝗲 𝗶𝘁 𝗰𝗼𝘂𝗻𝘁𝘀. Mike Dean's advice: identify the tasks you dread most and explore AI solutions. Brainstorm with your engineers! 3️⃣ 𝗡𝗮𝗶𝗹 𝗱𝗼𝘄𝗻 𝘆𝗼𝘂𝗿 𝗲𝗾𝘂𝗶𝘁𝘆 𝗽𝗶𝗰𝘁𝘂𝗿𝗲. Lindsay Gray shared her challenges with equity accounting changes. Get ahead of it now to avoid future headaches. For a full recap of the day's insights, check out what we wrote: https://lnkd.in/d4QcBDxS

"The winners will be those that embrace change" This great quote from Nick Gerostathos yesterday at Klarity's GenAI in Accounting & Operations Summit sums up a key theme of the event. Things are changing fast and leading finance teams are reviewing their processes, operations, and team structure in response. Other takeaways — Julian Roeoes highlighted the importance of "micro improvements building on each other" - starting with a few quick wins can immediately bring the value of GenAI to the team Eric Owiesny hammered home that like all tech — starting with the problem at hand is key and encouraged teams to build "a careful collection of use cases" with "proper messaging of outcomes and what it means to individuals". And Joe Blanchett, Julie Gosal Hoarau, and Stephen Attanasio discussed how the companies that leverage GenAI will likely have an easier time attracting talent — how people spend their day will be more enjoyable with less time spent on manual work 👏 Didn't attend the event, but curious about how accounting teams are leveraging AI? Get our AI Guide for Accounting Team: https://lnkd.in/g-WHHg7r

Since announcing our $28M Series A, we've been blown away by the love and encouragement from customers and partners 💜 (featuring here: Brian Weisberg, Nate Carbrey, MBA, CPA, Edward Watson, Michael Liang). Building a company requires a village — and we've only gotten to this point due to feedback and enthusiasm directly from customers. We're excited for the next chapter together. For more on our Series A, check out our announcement: https://lnkd.in/gdVYnR_T

📈 𝗛𝗼𝘄 Stash's 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗧𝗲𝗮𝗺 𝗘𝗹𝗲𝘃𝗮𝘁𝗲𝗱 𝗥𝗲𝗽𝗼𝗿𝘁𝗶𝗻𝗴 𝗳𝗼𝗿 𝗧𝗵𝗲𝗶𝗿 𝗡𝗲𝘄 𝗖𝗙𝗢 📈 Bringing on a new CFO can feel high pressure for any team, and STASH’s accounting department was ready to rise to the challenge. The team knew their existing close process was solid— but their flux analysis needed a boost. That’s where Numeric came in. By integrating Numeric, STASH shifted from covering just 50% of accounts in flux analysis to nearly 100%. The new CFO quickly had full visibility into the company’s financials, with detailed insights delivered faster than ever. With Numeric, STASH didn’t just impress their new exec— they became better strategic partners for the entire business and a stronger accounting team overall. Learn how they did it 👇 https://lnkd.in/gewrxnmY

If you’ll be in NYC for Klarity’s AI Summit, come say hey! We’ll be in attendance with a ton of other AI-forward companies who are looking to discuss GenAI’s impacts on accounting and operations. For more details, read here: https://lnkd.in/dQR2WjTe

Last week was a big one. Announcing our Series A was just the beginning. Since then, we’ve seen incredible support and interest in what’s happening at Numeric. To our investors, partners, and old friends — thank you for being part of this journey. We’re excited to see what the future holds. If you’re new here, welcome! We’ve compiled a few quick reads to get you up to speed on our mission and what we’ve been working on: 🌟 𝗦𝗲𝗿𝗶𝗲𝘀 𝗔 𝗔𝗻𝗻𝗼𝘂𝗻𝗰𝗲𝗺𝗲𝗻𝘁: Learn about Numeric’s mission to automate accounting’s most time-consuming tasks (shoutout to Marina Temkin, CFA for the great coverage). https://lnkd.in/gauX65yP 👨💻 𝗖𝗘𝗢 𝗣𝗮𝗿𝗸𝗲𝗿 𝗚𝗶𝗹𝗯𝗲𝗿𝘁 𝗼𝗻 𝗡𝘂𝗺𝗲𝗿𝗶𝗰’𝘀 𝗳𝘂𝘁𝘂𝗿𝗲: Hear from our fearless leader on what this raise means for us—and for the future of accounting. https://lnkd.in/gdVYnR_T 🤖 𝗔𝗜 𝗚𝘂𝗶𝗱𝗲 𝗳𝗼𝗿 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗻𝘁𝘀: Want to see how AI and automation will be key to solving long-standing accounting headaches? This guide is for you. https://lnkd.in/gwEHE9kA 🎊 𝗪𝗲’𝗿𝗲 𝗛𝗶𝗿𝗶𝗻𝗴: We’re growing fast and looking for talented folks to join the team. Check out our Careers page or reach out! https://lnkd.in/gfCdtpVP

Hakeem Olajuwon had the greatest pivot in basketball history. Bob Fosse was as pristine a pivoter as dancing had ever seen. Netflix’s pivot into streaming from DVD rentals? It changed TV forever. And still, none of them were you. None of them are you. And none of them are who you will be as you showcase your pivot table mastery in Numeric’s reporting builder. To all the pivot pros out there, we see you.  🙌

I'm excited to announce that Numeric has raised a $28 million Series A round led by Menlo Ventures, with participation from new investors IVP and Socii Capital, and existing investors Founders Fund, 8VC, Long Journey, Access Industries, and Friends & Family Capital, and others. Since announcing our $10M Seed round in May, our business has accelerated on all fronts. We've brought on incredible customers, like OpenAI, Plaid, and Brex, have released new features that customers love, and have continued to scale an incredible team. With this new round of funding, we're doubling down on R&D investments to scale and expand our product offering. Today, most accountants spend up to 120 days per year on manual recurring work during the month-end close. Accounting teams are overworked, understaffed, and are often seen as back-office cost center. With advancements in AI, we see an opportunity to fundamentally reimagine many foundational accounting workflows and to elevate accountants from the role of scorekeeper to truly providing strategic guidance across the business. While we're proud of the progress we've made so far, there's a lot of work ahead to make that happen. We've brought together a really special group of people at Numeric and we're expanding our team — hiring across engineering, GTM, and solutions roles. As always, we greatly appreciate intros to folks who might be a good fit! More on the raise announcement here: https://lnkd.in/dhJXbx5X