Accounting firms are struggling to adopt high-tech solutions, with 60% suffering from disconnected systems, inconsistent processes, and a lack of standardized workflows, according to a survey by Rightsworks. However, startups like Aiwyn are stepping in to meet the demand. Founded in 2020, Aiwyn has developed software designed to address the revenue cycle side of the CPA business, automating and reconciling payments and invoices for both CPAs and their customers.

The company's journey began when co-founder Justin Adams had a poor experience with a CPA firm while building his first startup, healthcare company Digitize.AI. Adams received an invoice two months after selling Digitize.AI and was asked to mail a check to a P.O. box in Pennsylvania, leaving a bad taste in his mouth from a customer experience perspective. This experience prompted Adams to question the firm's inefficient processes and sparked the idea for Aiwyn.

Today, Aiwyn boasts around 80 staffers and has notched $8 million in revenue in 2023, serving approximately 130 of the top 500 accounting firms. The company's success is largely attributed to the growing demand for accounting practice management software, which is expected to reach $2.36 billion by 2031, up from $1.29 billion in 2024, according to Verified Market Research.

Aiwyn is developing a comprehensive accounting practice management platform, as well as a tax-focused application, to empower CPA firms to elevate their operations and client relationships. To fund these efforts, the company recently closed a $113 million funding round led by KKR and Bessemer Venture Partners, bringing its total raised to $127 million.

The investment will enable Aiwyn to redefine how firms manage their operations from the CRM to the general ledger, setting a new benchmark for client experiences. As Adams stated, "Aiwyn is committed to empowering CPA firms to elevate their operations and client relationships. With this investment, we are poised to redefine how firms manage their operations from the CRM to the general ledger while setting a new benchmark for client experiences."

The significance of Aiwyn's funding round lies in its potential to transform the accounting industry, which is increasingly reliant on technology to survive periods of high inflation and interest rates. In fact, 93% of accountants believe that accounting firms making more use of tech are more likely to survive such periods, according to a poll.

As the accounting industry continues to evolve, Aiwyn's innovative solutions are well-positioned to meet the growing demand for efficient and streamlined practice management. With its latest funding round, Aiwyn is poised to make a significant impact on the industry, empowering CPA firms to thrive in an increasingly digital landscape.