Fieldguide

Company Overview

Fieldguide is a software company that provides an AI-powered platform for advisory and audit firms. The company was founded to modernize and streamline the engagement lifecycle for professional services firms, with a focus on increasing efficiency, margins, and client satisfaction. Fieldguide is based in San Francisco and has raised $50 million in funding from top Silicon Valley investors.

The company’s platform is built to power what they call the “firm of the future”, leveraging artificial intelligence and cloud-based technologies to digitize and automate advisory and audit workflows. Fieldguide’s solutions are trusted by many top CPA and consulting firms, including firms in the Top 500.

Products Overview

Fieldguide’s core product is its AI Platform for Advisory & Audit Firms. Key components include:

• Fieldguide AI: An AI system purpose-built for practitioners to automate tasks like drafting tests, analyzing documents, and making recommendations.

• Engagement Hub: End-to-end engagement management platform to streamline the entire lifecycle of advisory and audit engagements.

• Document Management: Cloud-based workpaper and document management system with AI-powered analysis capabilities.

• Request Management: Automated system for managing client information requests and submissions.

• Reporting Automation: One-click report generation with real-time collaboration features.

• Client Hub: Client portal for a modern digital client experience.

The platform integrates these components to provide a comprehensive solution for managing advisory and audit engagements from start to finish. It’s designed to work across various types of engagements including risk advisory, SOC audits, financial audits, IT audits, regulatory compliance, and more.

Founding Team

While specific details about the founding team are not provided in the given materials, the company describes its team as consisting of former Big Four practitioners and Silicon Valley technologists. This combination of professional services and technology expertise seems core to Fieldguide’s approach and value proposition.

Problem and Market Fit

Fieldguide is addressing several key problems in the advisory and audit industry:

1. Inefficiency and outdated processes: Traditional software for accounting firms is described as “notoriously outdated, slow, and hard to use.” Fieldguide aims to modernize these workflows.

2. Talent shortages and retention: By automating routine tasks, the platform allows practitioners to focus on higher-value work, potentially helping with talent retention and addressing industry-wide staffing challenges.

3. Client experience: The platform aims to improve client satisfaction through more streamlined processes and a modern digital interface.

4. Margin pressure: By increasing efficiency and automation, Fieldguide helps firms improve their margins on engagements.

The market for Fieldguide’s solutions appears to be substantial, as they target Top 500 accounting and advisory firms. The company’s success in attracting these firms as customers suggests strong product-market fit.

Business Model

Fieldguide operates on a software-as-a-service (SaaS) model, providing its platform to accounting and advisory firms on a subscription basis. While specific pricing details are not provided, the company emphasizes ROI for firms in terms of increased efficiency, higher margins, and improved client satisfaction.

Funding and Runway

Fieldguide has raised $50 million from top Silicon Valley investors, including:

• Bessemer Venture Partners
• 8VC
• Floodgate
• Y Combinator
• Fourth Realm

Additional individual investors include Justin Kan, Eric Ries, Elad Gil, Qasar Younis, and Tracy Young. The substantial funding round suggests the company has significant runway to execute on its growth plans, though specific financial details are not provided.

Competitive Landscape

While the given materials don’t explicitly mention competitors, Fieldguide is likely competing with:

1. Traditional audit and advisory software providers
2. Other startups targeting the professional services technology market
3. In-house solutions developed by large accounting/advisory firms

Fieldguide’s differentiation appears to be its focus on AI-driven automation, modern cloud-based architecture, and end-to-end engagement management specifically tailored for advisory and audit workflows.

Customers

Fieldguide’s customers include Top 500 accounting and advisory firms. Some named customers mentioned in the materials include:

• Maxwell Locke & Ritter
• Wipfli
• BerryDunn
• Warren Averett
• CBIZ
• CRI (Carr, Riggs & Ingram)
• Weaver
• LBMC
• Aprio

The company also mentions that it is trusted by “many of the largest advisory and audit firms.”

Relevant News

The most significant recent news mentioned is that Fieldguide has extended its AI platform to financial audits. This expansion of capabilities suggests the company is broadening its addressable market and use cases.

Additionally, Fieldguide has received industry recognition, including:

• 3x Technology Innovation Award winner from CPA Practice Advisor
• 3x Top New Product recognition from Accounting Today

These awards, particularly their repeated nature, indicate ongoing innovation and positive reception within the accounting technology industry.