Yunzhangfang, A Fast Growing Intelligent Taxation Company, Received Series C Funding of USD 43.48 Million in September 2018
Yunzhangfang has received its Series C funding of USD 43.48 million in September 2018. The Series C funding is led by Hillhouse Capital, followed by Liuhe Venture Capital, Danhua Capital. After this series of funding, Yunzhangfang has acquired total funding of USD 72.49 million. XUE XingHua, the CEO of Yunzhangfang, indicates that this series funding will be used at continuous iteration of AI technology on intelligent taxation.
According to iyiou.com, Yunzhangfang (云账房) has received its Series C funding of USD 43.48 million in September 2018. The Series C funding is led by Hillhouse Capital, followed by Liuhe Venture Capital, Danhua Capital. After this series of funding, Yunzhangfang has acquired total funding of USD 72.49 million. XUE XingHua (薛兴华), the CEO of Yunzhangfang, indicates that this series funding will be used at continuous iteration of AI technology on intelligent taxation.
As the leading company in the intelligent taxation, Yunzhangfang focuses on helping the bookkeeping and accounting agency to succeed. By combining the internet technology, artificial intelligence with the data collection of taxation, Yunzhangfang provides the enterprises with more intelligent and automatic taxing solution, which could lower the taxation cost and increase the effectiveness.
Yunzhangfang focuses on SaaS (Software-as-a-Service) on the taxation industry, with various functions provided for its clients.
Invoice Acquisition Automatically: Yunzhangfang automatically gets the original invoice data and classified the data correctly.
Transaction Recorded Automatically: The transactions can be allocated to the correct P&L (Profit & Loss) Statement.
Tax Report Generated Automatically: By upgrading the requirements of local tax law and regulations, Yunzhangfang can lodge the tax automatically with most efficient method.
Declaration Automatically: Supported by the CA(Certificate Authority) shared server, Yunzhangfang can lodge the tax automatically.
Tax Risk Detection Automatically: Yunzhangfang automatically detect the risks like statement imbalance, negative capital, negative inventory, insolvency.
As the tax lodging system and process varies in different provinces in China, which leads to the situation of differentiation in bookkeeping and accounting agency industry. Also, traditional bookkeeping and accounting agency requires numbers of employees finishing the paperwork. By using Yunzhangfang, the agency company can reduce the employees’ risk of doing paperwork for different tax lodging system and process. Also, the agency company can save money by cutting off headcounts. XUE XingHua has given the example that one of their clients used to service for more than 4000 companies with 80 employees, after using Yunzhangfang, the client serves for more than 7000 companies only with 40 employees.
According to Yunzhangfang’s official website, more than 2,000 accounting and bookkeeping agency company are using the software, and it has successfully served for more than 700,000 enterprise. Valued at USD 115.93 million, Yunzhangfang is a fast-growing SaaS company resolving the repetitive issue for accounting and tax industry.
- Author: TANG Shiyu. Write to TANG Shiyu at ShiYu@EqualOcean.com