A new player has emerged in the accounting software market, raising $17.2 million to innovate the industry. The company, Field, aims to streamline the tax preparation process by automating mundane tasks.
Challenges in the Tax Industry
Leroy Kerry, CEO and co-founder of Field, highlighted a significant challenge facing the tax industry. An increasing number of certified public accountants (CPAs) are nearing retirement, while the inflow of new talent into the profession is declining. This observation aligns with findings from a 2021 report by the Association of International Certified Professional Accountants, which underscores the urgent need for transformation in the field.
Field’s Innovative Approach
Kerry noted that many firms are struggling to manage workloads effectively due to a shortage of staff, forcing professionals to spend nearly half their time on low-value, repetitive tasks. In response to this issue, he collaborated with Atul Ramachandran, the company’s CTO, to create Field. This platform leverages artificial intelligence to handle the entire tax return process.
The technology is designed to read documentation, apply specific tax strategies, and input data into existing software systems seamlessly, minimizing the frustration associated with traditional methods. When the AI detects a situation requiring human expertise, it flags it for review, ensuring that professionals maintain oversight while reducing their administrative burdens.
Funding and Future Aspirations
The funding round led by Northzone, with participation from Day One Ventures and Neo, will support Field’s expansion efforts, including the recruitment of additional tax engineers. Kerry expressed his ambition for Field to play a critical role in the broader tax industry, envisioning the platform as foundational AI infrastructure that enhances various aspects of tax management, such as client collaboration and audit preparation.
Kerry’s Background and Journey
Field’s CEO, Leroy Kerry, reflects on his unconventional journey to becoming a tech entrepreneur. Growing up in South London in a single-parent household, he did not envision himself in a leadership role. Despite facing academic challenges, he demonstrated determination by studying architecture and transitioning quickly into the workforce after graduation. Through perseverance, he managed teams and collaborated with startups, gaining insights that would shape his future ventures.
Ultimately, Kerry’s experiences led him to the United States, where he conducted firsthand research in small tax offices, identifying traditional practices that could be modernized. His vision for Field extends beyond mere software solutions; he anticipates a transformative shift in the tax industry, which is ripe for technological innovation.
Kerry concluded, “The industry has been waiting for its AI moment, and we’re just getting started.” This statement reflects both his confidence in Field’s potential and the urgency for change within the accounting sector.