A new accounting software, Filed, has emerged with a significant $17.2 million investment and a mission to revolutionize the industry. The company aims to automate mundane tasks and streamline processes, bringing a fresh perspective to the field.

According to Leroy Kerry, co-founder and CEO of Filed, the tax industry is currently facing a crisis. With many CPAs nearing retirement and a dwindling number of new entrants, the field is struggling to keep up with demand. Citing a 2021 report from the Association of International Certified Professional Accountants, Kerry highlights the urgent need for innovation.

Kerry explains that many firms lack the personnel to process returns efficiently, resulting in professionals spending a significant amount of time on low-value tasks that could be automated. This is where Filed comes in, utilizing AI to complete the lifecycle of a tax return, from reading documents to applying tax strategies and entering data into existing software systems.

The AI technology used by Filed is specifically designed for tax workflow and seamlessly integrates with existing software systems, eliminating the need for clients to overhaul their current tech infrastructure. This sets it apart from other solutions in the market, such as Black Ore and Basis.

The $17.2 million funding round was led by Northzone, with participation from Day One Ventures and Neo. This investment will enable Filed to expand its team and hire more tax engineers, further developing its AI infrastructure.

Kerry’s journey to becoming a CEO is a testament to his determination and resilience. Growing up in a low-income household in South London, he never thought he would run a tech company. However, he was driven to succeed and started working at a call center while finishing his education.

Kerry’s career path took him from sales to working with startups, and eventually, he joined a unicorn company. He later worked as a chief of staff at high-growth companies in the UK and Sweden, learning valuable skills about building and scaling businesses.

Kerry’s experience and ambition led him to launch Filed in the US, where he and his team conducted extensive research in small tax offices, observing the reliance on outdated methods. With its fresh funding, Filed will continue to develop its AI technology, aiming to become the foundational infrastructure for the entire tax industry.

The company’s long-term vision extends beyond return preparation, seeking to transform client collaboration, document management, and audit preparation. Kerry believes that the industry is ripe for an AI revolution, and Filed is poised to lead the charge.

“The industry has been waiting for its AI moment, and we’re just getting started,” Kerry said, emphasizing the potential for Filed to make a significant impact in the tax industry.