Oncount: Revolutionizing SMB Accounting in the UAE with AI-Powered Solutions
Dubai Startup Secures $1.5M Seed Funding to Enhance AI-Driven Accounting Platform
Oncount, an innovative accounting technology startup based in Dubai, has successfully raised $1.5 million in seed capital to accelerate the development and launch of its cutting-edge AI-powered Accounting Platform. This funding round, spearheaded by tech entrepreneur Sergey Panov, aims to transform financial management for small and medium-sized businesses (SMBs) across the UAE and the broader Middle East region.
Empowering SMBs with Speed, Accuracy, and Reliability
Sergey Panov, Oncount’s founder and CEO, emphasizes the platform’s commitment to data accuracy, operational efficiency, and customer-centric service. “Our solution integrates voice-activated document creation verified by professional accountants, same-day transaction processing, and guaranteed response times within 20 minutes for all accounting inquiries. Additionally, every subscription plan includes professional liability insurance to safeguard our clients,” Panov explains.
SMBs constitute approximately 42% of Dubai’s workforce and contribute around 40% to the city’s GDP. However, these businesses are currently navigating significant financial challenges, including the introduction of a 9% corporate tax on profits exceeding AED 375,000, a 15% surge in accountant salaries-now averaging AED 135,400 annually for mid-level professionals-and potential fines up to AED 50,000 for tax non-compliance. Oncount’s AI-driven platform is designed to help SMBs manage these pressures with precision and efficiency.
Addressing Rising Costs and Compliance Complexities in the Middle East
In response to escalating compliance expenses and salary inflation, Oncount offers a streamlined accounting solution tailored for Middle Eastern SMBs. The founding team brings extensive expertise in IT, SaaS, and digital accounting. Sergey Panov, formerly CEO of Action, leads the company alongside Nicol Kuznetsova, a seasoned B2B entrepreneur, and Ivan Anohin, ex-product manager at OSOME, a Singapore-based global accounting startup. Their combined knowledge spans product innovation, automation, and scaling businesses effectively.
Innovative Features Powered by Artificial Intelligence
Oncount’s platform distinguishes itself through advanced AI and automation capabilities that simplify tax and bookkeeping operations. Key functionalities include AI-driven invoice and receipt processing, automated bank reconciliations, client-specific task management with customized tax calendars, and quality assurance overseen by professional accountants. These features collectively reduce operational costs, enhance accuracy, and boost overall efficiency, setting Oncount apart from conventional accounting software.
Flexible Subscription Plans Tailored to Business Needs
Oncount offers a range of subscription packages from AED 508 to AED 4,212 per month, catering to businesses of varying sizes and complexities. Each plan encompasses comprehensive tax filing and registration services (covering Corporate Tax and VAT), access to a full-service accounting team-including senior accountants, bookkeepers, assistant accountants, and tax lawyers-robust compliance support, and detailed financial reporting. This tiered pricing model makes Oncount an appealing choice for SMBs seeking cost-effective, all-inclusive accounting solutions.
Strategic Expansion Across MENA and Central Asia
Following its successful launch in the UAE, Oncount plans to expand aggressively into the MENA and Central Asia markets. The company is targeting regions with underserved SMB sectors and increasing regulatory demands, including Saudi Arabia, Egypt, Kazakhstan, and Uzbekistan. These markets face growing challenges such as heightened tax obligations, wage inflation, and stricter compliance requirements.
“We recognize a significant opportunity to introduce our technology-first approach to these emerging markets, providing business owners with peace of mind and enabling them to concentrate on scaling their operations,” says Sergey Panov.
The Future of Accounting: Digital Transformation and AI Integration
Oncount’s emergence aligns with a broader shift in accounting practices across the UAE and neighboring regions, driven by digitalization, automation, and artificial intelligence. These advancements empower businesses to adapt swiftly to evolving regulatory landscapes and operational demands, ensuring sustained growth and compliance.
