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Roger, an accounting automation tool that uses accounting software to automate various processes, raised $ 7.35 million in Series A funds.
QED Investors, with the participation of 9Yards, Silicon Valley Bank, Financial Venture Studio and BootstrapLabs, leads the way. A number of investors, including Dan Wernikoff, the former managing director of QuickBooks and TurboTax, also supported the A-series.
Claiming to reduce corporate time to day-to-day financial processes by 80%, Roger uses existing accounting software to automate financial processes, such as paying bills, approvals, scanning receipts compliance and accounting. This is achieved through "simple workflows" that the company based in Denmark and the United States says that everyone can configure and manage.
Clients range from small and medium-sized businesses in virtually every industry to accounting and large accounting firms.
"For businesses, we reduce the time you have to spend on your accounting software and we help you save time and money on your external accountant or better allocate the resources of your internal finance team," said Roger the founder Cathrine Andersen tells me. "You can adapt your accounting service more easily without adding new staff."
To do this, Roger consists of a simple web and mobile application that badyzes incoming documents and ensures that they are viewed by the right person within an organization. In this way, they can be quickly and efficiently "coded, approved and reconciled".
"Roger's workflow builder looks almost like a zapier for accounting: it allows business owners and financial departments to set rules to govern all financial flows, so they can rest and watch their work will be done. Accounting without accounting, "says Andersen.
For Andersen, the start-up helps them stay competitive in a new landscape that sees automation becoming a major disruption factor.
"This does not mean that there will be no more accountants in 5 years, but that the industry will have to change the services and the value they bring to customers and that business models will have to change," she says. "Any accountant or accounting firm who still spends time on manual processes will likely be faced with questions from his clients and soon to a rapidly declining customer base. Customers are starting to see that there are tools that can do the hard work, so why would they pay an hourly fee to do the same thing over and over again each month? ".
To this end, Roger generates revenue in several ways. Companies pay the company a fixed monthly subscription fee based on the number of documents processed. Accountants pay basic fees per client and a price per document.
"Over time, the monetization of our large volume of payments will be a key revenue driver, along with other business models that also serve as valuable features to help Roger's network of customers and suppliers manage." healthier businesses, "says Roger's CEO.
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