AI Agents Target Excel Dependency in Finance
Despite widespread investment in financial software, many finance teams in mid-sized enterprises continue to rely heavily on Excel for closing books and reconciling transactions. This dependence on spreadsheets, often treated as improvised databases using functions like VLOOKUP, presents inefficiencies and risks. Two former Microsoft executives have launched Maximor, an AI-driven platform designed to automate these manual tasks and reduce reliance on Excel in finance operations.
Emerging from stealth with a $9 million seed round led by Foundation Capital, Maximor employs a network of AI agents that integrate directly with core enterprise systems such as ERP, CRM, and billing platforms. According to co-founder and CEO Ramnandan Krishnamurthy, these agents continuously extract and unify transactional data, offering real-time financial visibility and eliminating the traditional wait for month-end reconciliation. The platform supports ERP systems including NetSuite and Intacct, accounting tools like QuickBooks and Zoho Books, as well as payroll and various SaaS applications. Beyond data aggregation, Maximor’s AI generates workpapers, reviewer notes, and audit trails, streamlining audit preparation and compliance efforts.
Customer Success: Accelerated Month-End Close and Efficiency Gains
Early adopter Rently, a property technology firm, reported significant improvements after implementing Maximor’s platform. The company reduced its month-end close from eight to four days and avoided hiring two additional accountants. Dustin Neel, Rently’s CFO, noted that nearly half of the finance team’s time was redirected toward strategic initiatives rather than repetitive reconciliation tasks.
Balancing Automation with Human Oversight
While Maximor emphasizes AI-driven automation, it also offers a human-in-the-loop option. This model allows human accountants to review the AI’s work or provide accounting services to companies without internal finance teams. Krishnamurthy explains this approach mirrors traditional accounting structures, where junior staff perform routine tasks and managers provide oversight, ensuring reliability and audit readiness.
Founders’ Expertise and Investor Confidence
Maximor was co-founded in mid-2024 by Ramnandan Krishnamurthy and Ajay Krishna Amudan, both former Microsoft executives with extensive experience in digital transformation and finance systems. Their backgrounds include leading finance and data projects for Fortune 500 clients and revamping Microsoft’s internal revenue systems. Their expertise attracted angel investors from major finance and technology firms, including CFOs from Ramp, Gusto, MongoDB, Zuora, and partners from Big Four accounting firms. The seed round also involved institutional investors Gaia Ventures and Boldcap, along with notable tech CEOs.
Target Market and Global Reach
Headquartered in New York with an office in Bengaluru, Maximor targets mid-market companies with revenues exceeding $50 million. The startup already serves clients across the U.S., China, and India, offering support for both GAAP and IFRS accounting standards to accommodate global enterprises.
FinOracleAI — Market View
Maximor addresses a persistent inefficiency in financial operations by replacing manual Excel-driven reconciliation with AI-powered automation. Its integration with multiple enterprise systems and ability to generate audit-ready documentation positions it well for adoption among mid-sized enterprises aiming to streamline month-end close processes.
- Opportunities: Reduced reconciliation time, lower staffing costs, improved financial accuracy, enhanced audit readiness, and scalability across global accounting standards.
- Risks: Dependence on AI accuracy, integration challenges with legacy systems, potential resistance from finance teams accustomed to Excel workflows, and maintaining human oversight to ensure compliance.
Impact: Maximor’s AI agents represent a significant step toward modernizing finance operations in mid-market companies, promising efficiency gains and better financial control while maintaining compliance and audit transparency.
