Field, a technology-driven startup looking to revolutionize the tax preparation industry, has closed on a funding round of $17.2 million. Leroy Kerry (left) and Atul Ramachandran (right), co-founders of the company. They’re using artificial intelligence (AI) to take the guesswork out of tax returns. The tax preparation industry is already going through uncertain and turbulent times. An aging workforce and a shortage of new talent further underscore our field’s immediate need to innovate.
Field’s co-founder and CEO Leroy Kerry has an equally fascinating backstory. Raised by a single mother in low-income housing in South London, he overcame various obstacles to pursue a career in architecture. Kerry graduated on a Friday and was back on the sales floor by that Monday. This rapid response demonstrates his high level of professionalism and commitment to growth. He would go on to work as chief of staff at multiple other venture-backed firms in the U.K. and Sweden.
Kerry’s journey eventually brought him to the United States, where he joined forces with Ramachandran to start Field. For them, the workflow challenges in the tax workflow present the biggest strategic opportunities to create a truly differentiated product. Field’s AI technology easily fits within current software ecosystems. This provides clients the flexibility to experiment with new technologies, without having to completely replace their existing infrastructure.
“The industry has been waiting for its AI moment, and we’re just getting started,” Kerry stated, emphasizing the urgency for change within the sector. And he thinks Field’s approach can make doing your taxes a lot easier. This will increase their efficiency and lower the chance of human error.
Field’s development process included a lot of firsthand shadowing of small to mid-size tax preparers in Colorado and Arizona. Kerry and his staff did the legwork. This singular focus empowered them to design their AI solution with tax professionals in mind.
Kerry emphasized that the tax industry is in a real crisis. On one hand, a large cohort of Certified Public Accountants (CPAs) are nearing retirement, while on the other, an increasingly small pool of students are joining the ranks. He pointed to a 2021 report by the Association of International Certified Professional Accountants. He says this coming demographic wave represents the greatest existential crisis likely to face the industry going forward.
“Those years taught me how to build through chaos and stay relentlessly focused on the customer,” Kerry reflected on his past experiences that shaped his leadership style. Yet his vision for Field extends well beyond tax return preparation. He envisions it as the backbone AI infrastructure for the whole tax industry, from client engagement to docs collection to audit prep.
Field’s innovative approach is not only timely but necessary as it seeks to fill gaps left by an aging workforce. The company’s technology has the potential to really enhance CPAs and make their day-to-day work easier, freeing them up to better serve their clients.