Authors: Sameer Dholakia, Alex Yuditski, Aditya Nidmarti
Accounting is at a crossroads—industry data shows there’s a growing need for its services, yet the supply of practitioners is contracting at a faster clip. It’s a profession that’s ripe for innovation: inefficiencies and challenges plague the audit industry, from outdated software to repetitive and complex processes. At Bessemer, we have conviction that AI can dramatically improve workflows and drive productivity gains for highly skilled professionals. Fieldguide was born out of this necessity. Bessemer Venture Partners is thrilled to lead Fieldguide’s $30 million Series B financing and partner with the team on its mission to reshape advisory engagements and audit workflows.
During his time at a Big Four accounting firm, Fieldguide CEO and co-founder Jin Chang began to envision a future where technology could transform the profession, not just assist. After Jin met his co-founder and CTO Chris Szymansky at legal AI startup Atrium, the two began to reimagine workflows for auditors. The opportunity became clear to leverage AI to address the imbalance between the demand for accounting services market (projected to grow more than nine percent (compounded annually) by 2032) and supply of fewer accounting graduates and listed CPAs.
So, what’s driving these trends? CPAs are frustrated with repetitive tasks and intense hours—and they are quitting at unprecedented rates. Fieldguide is uniquely positioned to address these pain points with its...
Read the full blog post on the Bessemer Venture Partners website.