HubSync closes Series A funding to simplify and automate tax and accounting processes for CPA firms
The market size of the Accounting Services industry, measured by revenue, is valued at $144.5 billion in 2023. And yet, the CPA profession, which makes up a large portion of this industry, has been struggling with fragmentation and inefficiency when it comes to consolidating information related to individual taxpayers.
The process of gathering data from multiple physical and digital documents is not only labor-intensive but also highly susceptible to manual errors, especially since there is no single source of truth for client management that can synchronize across various tax platforms, ERPs, and CRMs. Even after the information is consolidated, it can be easily misplaced or overlooked in poorly secured email correspondence.
It’s for this reason that Alexandria, Virginia-based HubSync is on a mission to solve this problem and simplify and automate the tax and accounting processes for CPA firms. The team at HubSync has created an all-in-one tax and accounting platform that disrupts the market by dynamically consolidating all the tax preparation work into a single, fully customizable view.
HubSync’s SaaS platform has the potential to revolutionize the way the CPA profession operates by providing a centralized and secure location for managing client information. This way, accountants can work more efficiently and accurately, reducing the risk of errors and saving time.
To meet the increasing demand for its SaaS platform, HubSync announced today it has raised its Series A investment round. The total amount raised was not disclosed. The round was led by Nashville Capital Network (NCN) and included other highly-strategic industry veterans. HubSync will also use the funding proceeds to fuel its rapid growth and further accelerate product development.
Today, HubSync’s platform is used by thousands of CPA firms to automate tax returns and other key processes.
“HubSync has built an integrated, intuitive platform that greatly benefits tax, audit, and advisory professionals no matter their role. HubSync’s founder John McGowan and the rest of the team have decades of experience in developing technology for Big 4 firms, which helped HubSync secure contracts with a rapidly expanding list of Top 50 firms,” said Sid Chambless, Managing Partner at NCN.
Founded by CEO John McGowan, HubSync streamlines tax experience and accounting procedures for both CPA professionals and their clients. HubSync’s platform also offers a single, customizable view of all tax preparation work and consolidates data from various sources, reducing the risk of manual errors and increasing efficiency.
“We could not be more thrilled to work with NCN. They are the ideal partner for us with their impressive network of strategic partners, portfolio of successful SaaS companies, and like-minded team. This funding round will strengthen our go-to-market strategy and enable HubSync to evolve our platform based on market demand and client feedback,” McGowan said in a statement.
McGowan also added, “Utilizing the latest in cloud-based technologies, HubSync brings standardization, automation, and a suite of integrated modules to the market. We expect the partnership with NCN to help fuel our growth for the foreseeable future as we realize our vision of fundamental change for Professionals and Clients in the Tax and Accounting industries.“