AI-based accounting platform geared for Small to Medium Businesses (SMBs) in the United Arab Emirates secures $1.5 million in funding for its launch.
In the rapidly transforming accounting sector, Oncount, a Dubai-based accounting technology startup, is making waves. Led by serial entrepreneur Sergey Panov, Oncount is set to expand throughout the MENA region and Central Asia, focusing on underserved SMB segments and markets with increasing regulatory complexity.
Oncount's launch coincides with the digitalization, automation, and AI-driven transformation of the accounting sector in the UAE and beyond. The company's AI-driven accounting platform aims to transform how SMBs manage their finances, addressing the challenges they face, such as cost pressures, rising accountant salaries, and potential penalties for tax non-compliance.
SMBs across MENA and Central Asia face mounting pressures: more taxes, higher wages, and growing compliance risks. Oncount's platform is designed to streamline accounting processes and reduce costs, offering features such as AI-powered document processing, automated bank transaction reconciliation, client-specific task management, and accountant-managed quality control.
Each Oncount subscription includes tax registration and filing (CT and VAT), full-service accounting, a dedicated team, comprehensive compliance support, financial reporting, and premium features like voice-activated document creation, same-day transaction processing, guaranteed 20-minute response time for accounting questions, and professional liability insurance included in all service plans.
Oncount's subscription model offers plans ranging from 508 AED to 4,212 AED monthly, scaled to business size and complexity. The company is exploring opportunities in Saudi Arabia, Egypt, Kazakhstan, and Uzbekistan, aiming to cater to the needs of SMBs in these markets.
Oncount has secured $1.5M in seed funding, led by Sergey Panov, to accelerate the development and market entry of its AI-driven accounting platform. The funding will be used for the platform's development and launch.
According to Panov, "Oncount's services are designed to give business owners peace of mind to focus on growth." Indeed, with Oncount, SMBs in the UAE and the broader MENA region can rest assured, knowing that their finances are in capable hands. Businesses in Dubai alone account for 42% of the workforce and contribute approximately 40% of the city's economic value.
As Oncount expands, it promises to bring a new level of efficiency and affordability to the accounting sector, empowering SMBs to navigate the complexities of the digital age and thrive in an increasingly competitive landscape.
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