Meet Silverfin, a startup concentrated on accounting software. This isn’t about assisting small startups deal with accounting tasks themselves. Silverfin wants to develop the cloud service for big and small accounting companies
— Salesforce, but for accounting. The start-up simply raised a Series B funding round led by Hg— Index Ventures led the previous Series A round. While terms of the deal are undisclosed, a source told me the round deserves roughly $30 million.
In order to enhance productivity, Silverfin tries to automate the most lengthy element of accounting– information collection. The business helps you connect with your clients’ accounting software directly to import their information, such as Xero, QuickBooks, Sage and SAP.
After that, Silverfin standardizes your information set and lets you add data manually so the platform can become the main data repository.
When your information remains in the system, you require to process it. Silverfin lets you configure automated workflows and templates so that anybody in the accounting company can enhance information and check for compliance issues. Like Salesforce and other software-as-a-service products, multiple individuals can communicate on the service and take a look at all past edits and modifications.
You can then imagine financial data, create reports and statements. It opens up brand-new possibilities for accounting firms. They can charge advisory services thanks to analytics tools and an alert system.
The startup was established in Ghent, Belgium, but it has now expanded to London, Amsterdam and Copenhagen. Silverfin has brought in 650 consumers, including huge accounting companies in Europe and North America.
By targeting the most demanding consumers first, Silverfin doesn’t need to replace Xero or QuickBooks entirely. It can incorporate with those existing software application services. There’s a chance to go downmarket later and persuade smaller sized business that don’t always have a huge accounting group.
Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.