Prime Highlights:
- Fieldguide has raised $75 million in a funding round led by Goldman Sachs Alternatives, valuing the company at $700 million.
- The platform is helping accounting firms work faster and more efficiently, reducing stress for professionals.
Key Facts:
- Fieldguide was founded in 2020 by Jin Chang to simplify repetitive and time-consuming accounting tasks.
- The company is already used by half of the top 100 U.S. accounting firms and plans to expand its team and services.
Background:
Fieldguide, an accounting and audit company, raised $75 million, valuing it at $700 million. New investor Geodesic and existing investors like Bessemer Venture Partners, 8VC, and Thomson Reuters also joined.
Started in 2020 by Jin Chang, Fieldguide was created to handle the repetitive and time-consuming parts of accounting. Chang, a former accountant, wanted to use technology to make accounting easier and more efficient. Today, the company combines AI capabilities with deep industry expertise to support auditors rather than replace them.
“Auditing may seem routine, but it plays a critical role in the business world,” said Chang. “Our platform is helping firms replace fragmented technology systems and focus on higher-value work.” With more than 75% of current CPAs expected to retire over the next decade and CPA exam candidates at a 17-year low, Fieldguide’s tools aim to fill a pressing gap in the workforce.
Fieldguide’s AI agents assist with tasks such as analyzing financial statements, planning audits, and drafting procedures. These agents effectively act as extended teams for U.S. auditors, handling initial work while allowing human auditors to focus on interpretation and client relationships. According to Chang, this approach could reduce a traditional 10-person audit team to just three in the near future.
The company has grown rapidly and now works with half of the top 100 U.S. accounting firms, including KPMG, with different levels of use. Its team of 160 employees, a quarter of whom are former auditors, is expected to double over the next year as the company expands both technical and accounting skills.
Experts believe Fieldguide has strong growth potential. The company might be bought by an accounting firm, but it could also go public and offer more services in audit, tax, and accounting.
Fieldguide helps accounting firms work faster, reduce stress, and prepare for the future.
