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- AI agents are revolutionizing tasks including accounting automation, transaction entries, error checks, and tool syncing.
- Basis, the AI agent raised $34M for Series A, is doing exactly this!
- Backed by Khosla Ventures and tech giants, it looks to solve the accountant shortage.
Accounting and AI
Accounting might not scream “cutting-edge tech,” but it’s one of the industries most vulnerable to AI disruption and shake up!
A 2023 OpenAI paper concluded that large language model-driven automation could impact 100% of accountants’ and auditors’ tasks.
Also, in the US accountants are in short supply.
- Baby boomers are retiring
- And younger folks aren’t exactly lining up to take the CPA exam (down 33% since 2016).
Enter Basis; automating the repetitive stuff to help firms do more with fewer people.
What does Basis do? – Your new AI Assistant
New York-based Basis is part of a category of AI startups creating autonomous agents or systems that use AI to perform actions independently.
Basis’ product, which they specifically sell to accounting firms, is capable of performing:
- Entering transactions
- Checking for errors
- Syncing up with tools like QuickBooks and Xero and a lot more!
Think of Basis as an AI agent that handles the boring stuff!
Instead of drowning in details, accountants get to focus on reviewing the AI’s work.
The product, which functions like a junior accountant, saves time, reduce stress, and makes spreadsheets a breeze.
Founders of Basis
Basis, founded by researchers: Zenna Tavares, Emily Mackevicius, and Eli Bingham, is headed by its fourth co-founder, Matt Harpe.
This isn’t your average funding round
In September 2023 Basis Platform raised a $3.6M seed round!
And announced on 17th December 2024 that they raised $34 million in a Series A funding round.
Leading the charge is Khosla Ventures, alongside a dream team of tech legends:
- Nat Friedman and Daniel Gross, the brains behind NFDG
- OpenAI board heavyweights Larry Summers and Adam D’Angelo
- Google’s own AI wizard, Jeff Dean
When this many power players are betting on you, you know you’re onto something big.\
The funding will be used to scale its AI-powered accounting automation platform, revolutionizing workflows with cutting-edge technology.
Also read: ‘AI coworker’ for CFOs startup raises $8.7 Mn
Happy clients…
Basis is teaming up with accountants to make their lives easier (not replacing them!)
In September 2023, Basis partnered with New Jersey-based CPA firm Wiss, a firm with 450 accountants which said it would deploy Basis’ AI platform across the firm.
Guess what? Wiss has seen up to 30% in time reduction from using Basis, the company’s CEO Matt Harpe told Reuters.
Wiss began this full deployment of Basis after seeing successful results in 10 months of testing the platform in beta in its Client Accounting Services (CAS) practice. During that time, Wiss’ internal adoption of Basis increased rapidly each month.
OpenAI’s CFO, Sarah Friar thinks these systems are going to be the big focus in AI next year. Models have gotten so advanced that they can now handle long-term planning like pros.
What’s next for Basis?
With $34 million in the bank and momentum, Basis is ready to scale up and help more firms ditch the drudgery.
If you’ve ever wanted to hand over the grunt work to a super-smart assistant, now’s the time to watch this space.
Accounting just got a lot more exciting – who knew?
FYI: AI Agents for CFOs?
An AI agent is a software program that can use artificial intelligence (AI) to perform tasks independently and achieve goals. AI agents can learn from their interactions and improve their performance over time.
We also covered in mid-2024 how Sapien, an AI-powered platform is transforming finance workflows, giving finance teams a new edge.
How? Building AI agents / or as they call it coworkers for CFOs. They secured an $8.7 million seed round.
