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updated 2/19/2014 9:47:42 AM ET 2014-02-19T14:47:42

Accounting is a critical piece of operating a small business, and the investment community appears to see promise in companies innovating in that space.

ZenPayroll, a cloud payroll provider, said today it has raised $20 million in Series A funding from venture capital firms General Catalyst Partners and Kleiner Perkins Caufield & Byers. The company also announced that Hemant Taneja, a managing director at General Catalyst, will be joining the company's Board of Directors.

Related: Payroll, Meet Accounting: ZenPayroll and FreshBooks Join Forces

ZenPayroll was co-founded in 2012 by CEO Joshua Reeves, with a $6.1 million seed investment from Google Ventures, Salesforce, and the CEOs of companies like Yelp, and cloud-based peers Box and Dropbox. This round of financing is the most money that the company has raised to date. 

The San-Francisco based platform, which currently processes more than $400 million in annual payroll, positions itself as a "delightful, modern" and low-stress solution for small businesses, plans to utilize the financing to continue to expand its reach as well as hire more employees to join its team.   

Related: When Launching a Company, Consider These 5 Things

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