Numeric Software
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Numeric Software is a San Francisco-based software company specializing in accounting automation software. The company offers a cloud-based platform designed to streamline the financial close process and automate routine accounting tasks. Numeric uses AI technology to reduce manual data entry, increase efficiency, and improve accuracy for finance teams.[1]
History
[edit]Numeric was founded in 2020 by Parker Gilbert, Anthony Alvernaz, and Andrew Bihl. Gilbert, who had previously managed finance at an early-stage startup, was frustrated with the manual, error-prone nature of traditional accounting processes, particularly during month-end and quarter-end closings.[2] This led to the development of Numeric, which aims to reduce the burden on accounting teams by automating key elements of the financial close.
Technology
[edit]Numeric's platform utilizes advanced AI and machine learning to automate the financial close process. The software aggregates and reconciles data from various accounting systems and Excel spreadsheets, using an AI agent to identify discrepancies and analyze financial data. The platform is known for its AI-driven flux analysis, which identifies and explains variances in financial accounts month-to-month. To ensure accuracy, Numeric provides links to supporting documents so users can verify the AI-generated explanations.[1]
The company's approach focuses on reducing time-consuming manual processes, allowing accountants to concentrate on strategic, higher-level tasks. Future developments are expected to include further AI enhancements, particularly in complex financial calculations and tie-outs.
Funding
[edit]Numeric has undergone significant funding rounds, reflecting its rapid growth in the accounting software market. In May 2024, the company raised $10 million in a Seed round, backed by investors such as Founders Fund, Menlo Ventures, 8VC, and Long Journey.[3] Five months later, in October 2024, Numeric secured an additional $28 million in a Series A round led by Menlo Ventures, with new investors including IVP and Socii.[1]
Products and features
[edit]Numeric's platform is designed to assist finance teams in automating the financial close process, reducing manual work, and increasing overall efficiency. Numeric integrates with various ERP systems, including NetSuite, Xero, QuickBooks, and Sage Intacct, to facilitate seamless data management. The platform's key features include:[1]
- Close Management: Tools that help finance teams organize and track the financial close process, ensuring deadlines are met.
- Automated Reconciliations: AI-driven automation for reconciling accounts from multiple data sources.
- AI-Powered Flux Analysis: A feature that explains fluctuations in financial data, highlighting variances between periods and linking to the relevant documentation.
- Reporting and Dashboards: Customizable reports and dashboards that provide real-time insights into financial data.
Numeric's focus on AI accuracy includes safeguards to prevent errors, with built-in verification links that allow accountants to double-check AI-generated results.
Competitors
[edit]Numeric operates in a competitive landscape, facing established players in the accounting software market. Its main competitors include:[4]
- BlackLine: A publicly traded company that provides end-to-end accounting automation solutions.
- FloQast: A private company known for its close management and checklist tools.
References
[edit]- ^ a b c d Temkin, Marina (2024-10-10). "Exclusive: Numeric grabs $28M Series A to automate accounting using AI". TechCrunch. Retrieved 2024-10-24.
- ^ "Parker Gilbert on Accounting Data Hygiene - Mosaic". www.mosaic.tech. Retrieved 2024-10-24.
- ^ FinSMEs (2024-05-07). "Numeric Raises $10M in Seed Funding". FinSMEs. Retrieved 2024-10-24.
- ^ "Numeric Raises $28M to Transform Accounting with AI-Driven Automation". Maginative. 2024-10-10. Retrieved 2024-10-24.