Qount, based in Plano and specializing in AI-powered solutions for public accounting firms, is pleased to announce the successful closing of a funding round totaling $17 million. This funding success comes with a strategic appointment: new leadership on board, as the company positions itself for sustained innovation and growth in the world of accounting software.

This round of funding worth $17 million was led by data-driven private equity capital-efficient B2B SaaS firm Savant Growth. There was also participation from Kennet Partners, which is an investment partner of Savant Growth, and additional co-investment from the newly appointed leadership team at Qount. 

The new funds will be used to accelerate Qount’s growth, thereby deepening its investment in artificial intelligence to further automate practice management and service delivery workflows.

Read also: iplicit raises £25M for Cloud Accounting software

Qount was founded based on the premise of changing how public accounting practice management is executed. The platform is cloud-based and AI-driven, providing the complete solution to public accounting firms. It bundles a wide variety of tools usually found in distinct applications into a single system. 

The key features are CRM, client onboarding, internal and client collaboration, document management, automation of tasks and workflows, e-signatures, billing and payments, and project tracking among others. This means that through unification of all these functions, Qount is able to make accountants, tax professionals, auditors, and bookkeepers operate with maximum efficiency in a streamlined operation. 

Qount was co-founded by Uday Koorella and Phani Ilapakurty. Qount to harness the power of artificial intelligence to understand the intricacies of accounting practice management.

To intensify growth, the business has appointed Peter Miele as Chief Executive Officer, or CEO, and Greg Pope as Chief Marketing Officer, or CMO. Miele, and Pope are experienced because of their previous stay at Thomson Reuters. Peter Miele has two decades of experience in scaling SaaS businesses in the tax and accounting space, including experience as Vice President of Sales at SurePrep, which was acquired by Thomson Reuters for $500 million.

Read also: Basis AI Raises $34M to Revolutionize Accounting Automation 

Greg Pope was Vice President of Marketing at SurePrep, bringing with him a broad knowledge of marketing strategy and execution to the leadership team.

Qount’s platform is one of the most comprehensive, sentiment-driven AI capabilities that are built to enhance every aspect of a firm’s operations.The automation of digital work units and the optimization of core processes allow accounting firms to become more efficient than ever before.

AI integration will allow for routine tasks to be automated, reduce manual effort, and minimize human error. This automation enables accountants to shift their attention to more value-adding activities like strategic advisory services and relationship management with clients. 

Read also: Trayd Raises $4.5M to Transform Construction Payroll Management

Recent funding and leadership appointments are expected to further spur Qount’s growth and its investments in AI to continue automating practice management and service delivery workflows.
It gives the company a complete suite to achieve a very high return on investment by bringing in complete visibility for optimizing the management of accounting firms and their workflows for automated service delivery through AI.

It places Qount at the top to significantly change the accounting industry as it helps firms operate much more efficiently and effectively in this increasingly complex regulatory environment.

With the big capital infusion coupled with strategic appointments of seasoned industry leaders, Qount is poised to accelerate growth and innovation in the accounting software space. The company says it will use the funding to further enhance its AI capabilities and expand its product offerings and scale operations to meet the evolving needs of accounting firms.

By continuing to focus on automating practice management and service delivery workflows, Qount will empower accounting professionals to deliver superior client service and drive firm profitability.