#USA #AI Solutions #Phoenix #Soraban #Altos Ventures

Soraban Secures Series A Funding to Transform Accounting Firms

In a significant step toward reshaping the accounting industry, Soraban, the Intelligent Admin Copilot, has successfully completed its Series A funding round, with Altos Ventures leading the investment. This venture aims to tackle a critical issue plaguing the accounting sector: excessive unbillable tasks that drain resources and reduce employee satisfaction.

Enoch Ko, the company's CEO and Founder, emphasized that the need for Soraban is more pressing than ever, not just because of a talent shortage, but due to the overwhelming administrative workload that accountants face. "Our goal is to eradicate the manual busywork that exhausts accountants and administrative staff alike, costing firms substantial amounts of money," Ko stated. With over 300 firms already reaping the benefits of their system, Soraban is well on its way to becoming an essential tool within the accounting landscape.

Addressing the Unbillable Hours Crisis

Recently, accounting firms have struggled to handle the considerable amount of time spent on tasks that, despite being necessary, cannot be billed to clients. This unproductive time can account for nearly 60% of a firm’s weekly operations. Traditional automation efforts have centered on tax work and similar revenue-generating activities, often neglecting the administrative aspects that consume valuable hours. Soraban positions itself uniquely, offering a solution that bridges this gap, streamlining everything from client onboarding to document collection and workflow management.

Ko noted that with the completion of the Series A funding, the company is now poised for rapid growth across various workflows, enhancing their technology to produce even better results as it integrates more deeply into the industry's operational structure.

Empowering Accounting Professionals

According to John Hopkins, a Partner at Prospect Financial Solutions, Soraban has drastically upgraded their prior systems. The ease of use for clients and the automated reminders have significantly streamlined operations. “Despite losing a key administrative member, we have successfully maintained our volume thanks to Soraban’s efficiency,” he remarked, expressing enthusiasm about the future potential of the software.

The platform is designed not only to automate mundane tasks typically assigned to administrative staff but also to deskill routine operations that previously demanded specialized accounting knowledge. As a result, firms can improve capacity without needing to increase their headcount, allowing teams to redirect their efforts toward tasks that generate revenue and enhance client relationships.

The Future of Accounting with Soraban

The feedback from Soraban's users highlights a common theme: by reducing administrative burdens, the platform allows for quicker turnaround times and heightened client satisfaction. Firms are seeing fewer bottlenecks and more billable hours as admin roles evolve from traditional tasks to becoming workflow owners.

Cathy Anderson, an investor at Altos Ventures, pointed out the overarching benefits of Soraban’s transition towards a client-centric approach, stating, “When the experience for clients is streamlined, everything else improves—less chasing overdue items, more straightforward billing practices, and better morale among teams.” She praises Ko’s background as an engineer and former accounting firm owner for deeply understanding the struggles businesses face in these areas.

An Innovative Admin System for Accountants

As a pioneer in the field, Soraban has established itself as the go-to administrative system for accounting firms. With its purpose-driven design intended specifically for accountants and admins, Soraban has been in operation for five successful tax seasons, helping firms overcome pain points experienced in daily operations. It facilitates everything from client data collection to automating data entry and ensuring timely delivery to clients.

As Soraban moves forward, the company intends to leverage this funding to enhance its capabilities further, allowing more firms to scale without chaos and reinventing how administrative tasks are managed in the accounting world. For more details about Soraban and its offerings, visit www.soraban.com.