Numeral Raises $35M to Automate Sales Tax with AI

Numeral, a startup focused on automating sales tax compliance using artificial intelligence, has successfully raised $35 million in funding. This investment aims to further develop their AI-driven platform and expand their reach in the market. The company’s innovative approach seeks to alleviate the complexities and burdens associated with sales tax management for businesses of all sizes.

Automating Sales Tax with AI

Sales tax compliance represents a significant challenge for businesses, involving intricate regulations and constant updates across various jurisdictions. Numeral addresses this pain point by leveraging AI to streamline the process. Their platform automates tasks such as tax calculation, filing, and remittance, reducing the risk of errors and freeing up valuable resources for businesses.

By using AI, Numeral is trying to make sales tax compliance more efficient and less of a headache for businesses. The funding will boost their efforts in refining their AI algorithms and broadening the scope of automation.

Key Features of Numeral’s Platform

• Automated Tax Calculation: Numeral’s AI accurately calculates sales tax based on location and product type, ensuring compliance with local regulations.
• Simplified Filing: The platform automates the filing process, submitting returns to the appropriate jurisdictions on time.
• Real-Time Reporting: Businesses gain access to real-time data and reporting, providing insights into their sales tax liabilities.
• Integration Capabilities: Numeral integrates with popular accounting and e-commerce platforms like Shopify and QuickBooks, creating a seamless experience for users.

Impact on Businesses

Numeral’s AI-driven solution has the potential to significantly impact businesses by:

• Reducing compliance costs.
• Minimizing the risk of errors and penalties.
• Freeing up resources for core business activities.
• Improving overall efficiency.