(Yicai Global) Sept. 15 -- Finance and taxation management SaaS (software as a service) provider YunZhangFang.com pulled in USD15.38 million (CNY100 million) in its series-B round of venture capital investment led by Hillhouse Capital Group, signaling a future in which programs replace workers at small companies and microenterprises.

The business will mainly use raised funds for new product development and market promotion, 36kr.com quoted Xue Xinghua, the founder and chief executive of YunZhangFang.com, as saying today.

Established in March 2015, the site provides integrated and automatic finance and taxation management tools whose main users are microenterprises and small accounting agencies.

More than 7.5 million small and medium-sized companies and microenterprises were registered in China in 2015. To control costs, they usually outsource their finance and taxation business. This fueled the accounting agency market. Accounting agencies manually collect data, check accounts, prepare tax statements and declare taxes. This is inefficient, incurs high labor costs and can lead to errors.

YunZhangFang integrates human-generated accounting formulas and models into a system that combines bookkeeping, tax declaration and tax payment into one process for enterprises. It improves efficiency, while reducing bookkeeping mistakes and labor costs.

YunZhangFang has a presence in Beijing, Shanghai, Guangdong and Zhejiang, and enables tax declarations across tax categories and regions altogether. Its products serve 280,000 companies and are witnessing a monthly growth rate of 30 percent. YunZhangFang's cashflow has leveled off, and the business will hopefully reach the breakeven point by the end of this year, Xue said.