The Japan Times - Inkle buys Finally bookkeeping unit and expands India-based workforce

San Francisco-based accounting firm Inkle, which has its technology operations in Bengaluru, acquired the bookkeeping division of financial operations platform Finally, bringing approximately 100 employees into its workforce and expanding its presence across the US, India and three other countries.

Announced on October 28, the all-cash asset purchase takes Inkle's total workforce to around 160 employees. The financial details of the transaction were not disclosed.

The acquisition is Inkle's first major expansion through a business purchase and is aimed at strengthening its presence among American small businesses, including contractors, restaurants, medical clinics and professional services firms.

The acquired employees are based in the Dominican Republic, Colombia, Puerto Rico and the US, including Miami, Boca Raton and New York. They will join Inkle's existing operations, which include a 60-member technology and services team in Bengaluru, as reported by American Bazaar Online.

What did Inkle's CEO say about its India operations?

Founded in 2022 by Anand Krishna and Ranvir Singh, Inkle operates as a US accounting firm while developing much of its technology in India. Krishna leads the company from San Francisco, while Singh oversees its Bengaluru operations.

The Indian team comprises engineers, product designers, tax professionals and bookkeepers who develop the company's software and support its accounting services.

“Inkle is an American company that serves American small businesses, and it’s built in Bengaluru,” Krishna, the company’s co-founder and CEO, said in a statement.

“That combination is our edge: US CPAs who own the outcome, and an engineering team in India building the software and AI that let them serve far more businesses, far better, than a traditional firm,” he added.

Inkle combines services from US-licensed certified public accountants (CPAs) with artificial intelligence (AI)-powered software developed by its Bengaluru team. Its products include Inkle Books, a general ledger and accounting platform, along with tax and compliance tools designed to automate routine financial tasks.

Why has Inkle acquired Finally's bookkeeping division?

The acquisition will help Inkle expand beyond its existing customer base of venture-backed startups and reach more traditional American businesses that may not have dedicated accounting teams.

The company said customers of Finally's bookkeeping division will continue working with their existing teams, which will transition to Inkle's platform.

The expanded workforce is projected to support customers across the Americas and Asia around the clock. The transaction will also test Inkle's ability to integrate an established bookkeeping operation into its technology platform without disrupting services.

Before the deal, Inkle helped hundreds of businesses incorporate in the US annually, including ventures founded by Indian entrepreneurs seeking access to American investors and customers. Many establish Delaware C-corporations and require assistance with federal tax returns, Delaware franchise taxes and cross-border reporting requirements.

The company also works with Stripe Atlas as a cross-border compliance partner for Indian founders.

US accounting industry faces professional shortage

The acquisition comes as the American accounting industry struggles with a declining pipeline of new professionals and an ageing workforce.

According to the American Institute of Certified Public Accountants' (AICPA) 2025 Trends Report, US colleges and universities awarded 55,152 accounting degrees in the 2023-24 academic year, marking a 6.6% decline from the previous year.

With several experienced accountants approaching retirement, firms are facing growing pressure to meet businesses' bookkeeping, taxation and regulatory compliance requirements.

Inkle is betting that AI, automation and a globally distributed workforce can help address the gap by allowing accountants to serve more customers while reducing manual work involved in financial management.

How does Inkle make money?

Inkle offers its accounting software without a subscription fee and charges customers for bookkeeping, tax preparation and compliance services supported by AI.

Customers can use its Inkle Books platform or access its services through other accounting platforms, including QuickBooks, Xero, Zoho Books and Mercury Books.

The company said it has achieved profitability after raising $1.5 million in pre-seed funding from Picus Capital, Saison Capital and Force Ventures. However, it has not disclosed its revenue or profitability figures.

Unlike several competitors that have raised substantial venture capital, Inkle is seeking to scale its business through a combination of technology, accounting expertise and international operations.

H.Hayashi--JT