Zeitgold raises $29.2 million to automate bookkeeping

Zeitgold has raised a Series B round of $29.2 million (€27 million). Overall, the company has raised more than $54 million (€50 million). The company is building a software platform for small companies to automate bookkeeping as much as possible.

Vintage Investment Partners is leading today’s round with existing investors Battery Ventures, HV Holtzbrinck Ventures, Saban Ventures, btov Partners, AXA Innovation Campus and Deutsche Bank also participating.

When Zeitgold first unveiled its product, the company knew that paperwork often ends up in a big pile that you hide in a drawer. It quickly becomes a mess once you need to find that one document from months ago. The company told you that you could put all your invoices, receipts and bills in a box (an actual, physical box), somebody would pick it up and take care of them for you.

Picking up boxes of documents is a visual way to explain the service. Of course, many Zeitgold customers now use the company’s mobile app to scan documents as they arrive. It’s much more efficient for everyone involved.

After that, your Zeitgold account becomes your repository for all things related to bookkeeping. You can find old documents by searching for what’s written on them thanks to optical character recognition.

Zeitgold tries to automatically match digitized receipts with movements on your bank account. You can add information when the service can’t figure it out on its own. When there are unpaid invoices, Zeitgold will flag them and help you pay your suppliers.

And when it’s the end of the month, you can export all your data and send it to your accountant. Zeitgold also provides an interface for tax advisors. If they use Zeitgold, they can ask questions directly in Zeitgold’s interface if there’s a missing document for instance.

The company says that 80% of booking scenarios are already handled automatically by the platform. Zeitgold wants to go one step further and automate even more tasks.

Post by startupsnows.blogspot.com