Field, a new player in the accounting software arena, has recently secured $17.2 million in funding to revolutionise processes in the tax industry. Co-founder and CEO Leroy Kerry has highlighted a pressing crisis in the sector, where a significant number of certified public accountants (CPAs) are nearing retirement, while fewer students are entering the profession. This imbalance, pointed out in a 2021 report by the Association of International Certified Professional Accountants, exacerbates the challenges faced by firms unable to efficiently manage tax returns.
Kerry noted that professionals are becoming overwhelmed, spending nearly half their working hours on monotonous, low-value tasks that could benefit from automation. To tackle this issue, Kerry partnered with Atul Ramachandran, now the company’s CTO, to develop Field. This innovative software uses artificial intelligence (AI) to facilitate the entire lifecycle of a tax return; it reads documents, adapts the specific tax strategies of firms, and automatically inputs data into existing systems. The AI is designed to alert human operators when special attention is needed, thus ensuring that humans remain in control while reducing tedious tasks.
Field stands out in a competitive market populated with other tax software solutions like Black Ore and Basis, which serve the tax preparation and accounting assistant fields. Kerry asserts that Field’s AI was specifically designed for tax workflows and integrates seamlessly with existing software, avoiding the need for clients to overhaul their current systems.
The recent funding round was led by Northzone, with participation from Day One Ventures and Neo, enabling Field to enhance its team and recruit more tax engineers. Kerry revealed that he sees an expansive vision for the company that stretches beyond mere return preparation. He envisions Field evolving into a foundational AI infrastructure for the entire tax sector, transforming aspects such as client collaboration, document management, and audit preparations.
Kerry’s personal journey to this point has been as remarkable as Field’s mission. Raised in low-income housing in South London by a single mother, he initially didn’t envision himself as a CEO. However, after gaining valuable experience working in a call centre while completing his education, he climbed through the ranks to manage teams and partner with startups. His diverse experiences, including a stint in both the UK and Sweden, have equipped him with a strong understanding of the unique market challenges faced by tax professionals in the US.
Having observed firsthand the continued reliance on outdated systems in tax offices across Colorado and Arizona, Kerry is committed to leveraging Field’s new capital effectively. He believes the accounting industry is ready for its AI transformation, stating emphatically, “We’re just getting started.”
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