Meet Silverfin, a startup that focuses on accounting software. This is not about helping small startups do accounting tasks themselves. Silverfin wants to build the cloud service for small and large accounting firms – Salesforce, but for accounting.
The startup has just started a Series B financing round led by Hg – Index Ventures, which led the previous Series A round. While the terms of the contract are not known, a source informed me that the round is worth approximately $ 30 million.
To improve productivity, Silverfin tries to automate the most time-consuming aspect of accounting – data entry. The company will help you connect directly to your customers’ accounting software to import their data such as Xero, QuickBooks, Sage and SAP.
Then Silverfin standardizes your data set and allows you to manually add data so that the platform can become the main data repository.
Once your data is in the system, you need to process it. With Silverfin, you can configure automated workflows and templates so that everyone in the accounting firm can enrich data and check for compliance issues. As with Salesforce and other software-as-a-service products, multiple people can communicate through the service and view all past changes and changes.
You can then visualize financial data, create reports and settlements. It opens up new opportunities for accounting firms. Thanks to analysis tools and a warning system, you can bill consulting services.
The startup was founded in Ghent, Belgium and has now expanded to London, Amsterdam and Copenhagen. Silverfin has attracted 650 clients, including large accounting firms in Europe and North America.
Silverfin addresses the most demanding customers first and does not have to completely replace Xero or QuickBooks. It can first be integrated into these existing software solutions. It is possible to go into the downmarket later and convince smaller companies that do not necessarily have a large accounting team.