Accrual, a San Francisco, CA-based provider of an AI-native accounting platform, has raised $75 million in a funding series led by General Catalyst.
The round also saw participation from Pruven Capital, Edward Jones Ventures, and others.
Read More:Advance Raises $8.55M in Seed Funding
The company plans to use the funds to continue investing in its product and AI development, grow its team, and bring accounting firms onto the Accrual platform as it expands.
Accrual solves this problem by combining preparation and review into one AI-powered system. The platform uses AI tools that act as a preparer, reading and organizing client information, identifying missing details, asking follow-up questions, and creating draft tax returns ready for review. It also collects data as it comes in, so preparation, review and client support work together smoothly without duplication.
“Accounting is highly connected, but most software handles it as separate tasks,” said Cosmin Nicolaescu, CEO and Co-Founder of Accrual. “We are building core technology to bring these workflows together in one system that strengthens professional judgment and helps firms grow their expertise over time.”
Accrual focuses on individual tax returns. The platform processes real client inputs, including complex K-1s and 1099s, spreadsheets, emails, photos, and long financial statements. It also connects with existing tax software to support prior-year data, carry-forwards, and final filing, so firms can keep using the systems they already rely on.
Firms using Accrual are saving thousands of hours each tax season. Preparation time has decreased by over 85%, and review time by up to 60%. For every 50 complex returns, firms gain the equivalent capacity of one additional accountant without hiring more staff, while also improving consistency and accuracy.
Accounting firms are key to financial decision making for businesses and individuals, yet their core workflows remain constrained by disconnected systems and manual processes. As regulations, data and client expectations increase, accountants are expected to deliver results faster while maintaining high accuracy and thorough review.
“Returns produced by Accrual are already at manager-review quality,” said John Karls, National Tax Practice Leader, Private Client Advisors, Armanino. “Work that used to take staff hours now takes minutes. Accrual also identifies issues that could have led to amended returns and can handle documents that our current tools cannot. This allows our teams to spend more time on higher-value planning and advisory work.”
“Accounting is one of the largest and most important professional services industries, but its main workflows have stayed mostly the same for decades,” said Marc Bhargava, Managing Director at General Catalyst. “Cos and Sidd have spent their careers building software for complex, regulated industries, and we believe they are the right team to modernize these systems with AI while maintaining the trust the profession relies on.”
Over the past year, Accrual has partnered with firms such as H&R Block, Armanino, Creative Planning, and other Top 100 accounting firms. These early rollouts showed that new AI technology can remove major workflow bottlenecks while maintaining accuracy, transparency, and professional judgment.
Accrual is currently bringing accounting firms across the U.S. onto its platform and plans to expand beyond individual tax returns. The company is also hiring engineers, product leaders and accounting professionals to help build the next generation of accounting technology.
About Accrual
Founded in 2024 and led by CEO Cosmin Nicolaescu, Accrual is an AI-powered accounting platform designed for leading accounting firms. The platform brings tax preparation and review together in one system that automates manual tasks while maintaining the accuracy, controls, and audit standards firms need.
Accrual is built by engineers and technology leaders who previously developed financial systems at companies like Stripe and Brex. General Catalyst, Pruven Capital, Edward Jones Ventures, and several industry executives and founders back the company. Accrual works closely with accounting firm leaders across the U.S. to build modern infrastructure for the future of accounting workflows.
Read More:Savi Acquires Fiducius
