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Georges raises $11.2 million for its accounting automation tool - Ice Brains Software
Georges raises $11.2 million for its accounting automation tool

Georges raises $11.2 million for its accounting automation tool

Meet Georges, a French start-up that desires to assist freelancers, doctors and lawyers when it concerns accounting. With Georges, you can get rid of your accounting professional altogether and switch to a software-as-a-service product. Alven is leading today’s round with other investors also participating.

Automated accounting is an intriguing area. For example, Roger simply raised $7.35 million recently. But Georges concentrates on one type of business in specific– people dealing with their own as freelancers, coaches, physicians, architects, lawyers, and so on

The item is dead simple. Initially, you link Georges with your expert savings account. The business leverages Bankin’ to link to the large majority of French banks. After that, Georges immediately tags revenue and expenses to determine your annual profits, BARREL, and so on

It’s not perfect so you still need to manually classify some transactions. But it’s still much faster than going into each transaction in an accounting application. Once everything is tagged correctly, Georges creates paperwork and sends it to tax authorities.

The business completes with more traditional software services, such as BNC Express With a little bit of machine-learning, Georges could rapidly end up being much more efficient than those tradition tools.

Georges has attracted 10s of thousands of clients so far. It currently costs EUR24 monthly ($27 monthly) to access the platform.

The startup had formerly raised a $1.1 million (EUR1 million) seed round from Kerala and Fast Forward in March2018 It’s going to be interesting to see if they can expand to small businesses and other kinds of companies as it would represent a huge market chance.

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