There’s a hot new accounting software making waves in the industry, and it just secured a hefty $17.2 million in funding. Meet Filed, the company looking to revolutionize the way taxes are handled by automating the tedious tasks that have CPAs drowning in paperwork.
Leroy Kerry, Filed’s co-founder and CEO, expressed his concern about the current state of the tax industry, noting that many CPAs are on the brink of retirement, and there aren’t enough new professionals entering the field. He pointed to a 2021 report from the Association of International Certified Professional Accountants that highlighted this issue. Kerry teamed up with Atul Ramachandran, now the company’s CTO, to create Filed, a platform that uses AI to streamline the tax return process.
The AI technology utilized by Filed reads documents, applies each firm’s unique tax strategy, and seamlessly integrates the data into existing software systems. Kerry emphasized that humans still play a crucial role, as the AI flags scenarios that require human input, allowing professionals to focus on high-value tasks. While there are other players in the market like Black Ore and Basis, Kerry believes Filed stands out because of its specialized AI for tax processes and its seamless integration with existing software systems.
Kerry’s journey to founding Filed is a testament to his determination and ambition. Raised by a single mom in South London, Kerry initially didn’t see himself as a CEO. Despite facing academic challenges, he persevered and eventually found success in the business world. His experience working with startups and high-growth companies in the U.K. and Sweden equipped him with the skills needed to launch his own venture in the U.S.
Filed’s recent funding round, led by venture firm Northzone, will enable the company to expand its team and hire more tax engineers. Kerry envisions Filed becoming the go-to AI platform for the entire tax industry, transforming processes from client collaboration to audit preparation. With the industry ripe for innovation, Kerry is confident that Filed is just scratching the surface of its potential.
Maybe it’s just me, but this new accounting software seems like a game-changer. With a fresh $17.2 million in funding, Filed is on a mission to automate the grunt work that’s been bogging down CPAs for far too long. Leroy Kerry, the company’s co-founder and CEO, recognized the crisis facing the tax industry and decided to take action by launching Filed with the help of CTO Atul Ramachandran. The AI technology behind Filed streamlines the tax return process, allowing professionals to focus on more valuable tasks while still maintaining control over the final outcome.
Not really sure why this matters, but Kerry’s background is quite inspiring. Growing up in South London and overcoming academic hurdles, he eventually found success in the business world. His journey from managing a team in a call center to launching his own company in the U.S. is a testament to his resilience and determination. With Filed’s recent funding, Kerry aims to expand the team and further develop the platform to revolutionize the tax industry. As he looks to the future, Kerry envisions Filed becoming the foundational AI infrastructure for tax professionals worldwide.
