Accrual launches with $75M to modernize accounting workflows
San Francisco-based startup Accrual has raised $75 million to build an AI-native platform designed to automate tax preparation and review—two of the most time-consuming, document-heavy processes inside accounting firms.
The funding round was led by General Catalyst, with participation from Pruven Capital, Edward Jones Ventures, and a group of accounting industry executives and founders. The company said the capital will support product development, hiring, and onboarding additional firms as it scales across the U.S.
Targeting manual work, fragmented tools, and compliance demands
Accounting firms face rising expectations to deliver faster turnaround times while managing expanding data volumes and strict regulatory standards. Yet many workflows remain heavily manual and spread across disconnected tools. Accrual says its platform consolidates preparation and review into a single system, aiming to preserve the accuracy, controls, and auditability firms require.
Cosmin Nicolaescu, who leads the company, said the goal is to rebuild core accounting infrastructure so workflows function as an integrated system rather than isolated tasks.
How the platform works
Accrual uses AI agents that behave like a preparer: they ingest and organize client documents, flag missing information, draft follow-up questions, and generate draft tax returns for professional review. The system structures incoming data automatically so preparation and review build on the same foundation instead of restarting the process.
Early pilots and claimed productivity gains
Over the past year, Accrual has worked with firms including H&R Block, Armanino, and Creative Planning, along with other large U.S. accounting firms. Initially focused on individual tax returns, the platform is built to handle complex inputs such as K-1s, 1099s, large spreadsheets, emails, photos, and lengthy financial statements, and it integrates with existing tax engines.
The company claims users have reduced preparation time by more than 85% and cut review time by up to 60%, adding capacity without increasing headcount. Accrual said it plans to expand beyond individual tax returns over time while continuing to hire engineers, product leaders, and accounting specialists.
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