SMBs have an ongoing need for accounting solutions amid the pandemic

Summary List Placement

US-based Pilot raised $100 million in Series C funding, pushing its valuation to $1.2 billion, per its press release. The round included an investment from Jeff Bezos’ personal investment company, Bezos Expeditions.

Pilot’s software and support team integrate directly with small and medium-sized businesses’ (SMBs’) billing, banking, expense, and payroll systems to automate back-office functions such as bookkeeping and tax prep. Pilot will use the funding to expand its product suite for the back office.

Pilot’s mega-round follows a successful year of growth.

The pandemic-induced economic slowdown has exacerbated SMBs’ need for smart accounting solutions. SMBs have traditionally been underserved when it comes to accessing tailored accounting solutions because they generate less revenue per head than their corporate counterparts, despite requiring comparatively similar costs to serve. This lack of access has been particularly harmful in the past year, as the pandemic made it essential for SMBs to get a clear picture of and better manage their finances: 51% of SMBs reported a significant decrease in sales due to the pandemic last year.
And Pilot’s platform is successfully filling this gap. Pilot takes on the accounting role to track cash flow, reconcile accounts, create annual …read more


Source:: Businessinsider – Finance

      

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