Ceterus, which helps small businesses automate their accounting and financial reporting, has raised $10m through its Series B financing round.
Harbert Growth Partners led the round with participation from earlier investors TechOperators, GroTech Ventures, Idea Fund Partners, and Alerion Ventures. The round brings the company’s total to $20.2m and comes nearly a year after it raised $6m in its Series A-1 extension round.
In addition to the funding, Wayne Hunter, the co-founder and managing partner at Harbert, will join Ceterus’ board of directors.
The company said it will use the new funding to continue development of its automated accounting and benchmarked reporting platform, Ceterus Edge. It will focus on additional functionality for entrepreneurs who own multiple businesses, as well as support for its CPA firms who serve multi-unit entrepreneurs. The business is also hiring software engineers and cutting-edge accountants for its Charleston, SC headquarters.
“The future of accounting will be automated, continual, and will provide entrepreneurs forward-looking insights, not just a record of the past,” says Levi Morehouse, Ceterus founder and CEO. “Our team is excited to put this capital to work and continue to build this future.
Founded in 2008, Ceterus delivers a SaaS based accounting and benchmarked reporting solution for small business entrepreneurs. Its Edge Automation system automates entries into QuickBooks Online and aggregates financial data to provide peer benchmarked reporting.
Hunter added: “Ceterus is an early-mover in what is quickly becoming the new era for accounting. We are thrilled to partner with Ceterus, a company that is building a solution that prepares small businesses for the future.”
International Financial Reporting Standards (IFRS) are a set of international accounting standards stating how particular types of transactions and other events should be reported in financial statements. IFRS are issued by the International Accounting Standards Board (IASB), and they specify exactly how accountants must maintain and report their accounts.
Earlier this month, AxiomSL, a provider of regulatory reporting and risk management solutions, launched a new solution to address IFRS 17 requirements. The solution claims to provide automation with strong data management, reconciliation, flexibility and traceability capabilities whilst reducing the Total Cost of Ownership (TCO) and operational risks as well as ensuring quick time to market.
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