Numeric is an accounting software that automates certain parts of the billing process and recently secured $28 million in Series A funding.
The company achieves this by aggregating and reconciling data from various accounting systems and Excel spreadsheets. It then overlays this data with AI agents that identify changes in each item compared to the previous month. If the agents detect outliers or unexpected changes, they explain the reasons for increases or decreases in accounts, saving accountants a significant amount of time.
Parker Gilbert, CEO of Numeric, stated that Numeric saves accounting teams several days during the monthly closing process. The company's product also provides links for accountants to check the work of AI agents at any time.
Although the actual binding and calculation are not yet done by generative AI, Gilbert anticipates that Numeric's models will soon be able to do this accurately.
Croom Beatty, a partner at Menlo Ventures, said he spent a lot of time looking for a company that disrupts accounting software, and Numeric was one of the first startups in this category to catch his interest. Numeric's competitors are two accounting software companies: public company BlackLine and FloQast.
Future developments for Numeric include adding other products, such as financial planning and analysis features.
