Welcome to the era of accounting business startups.
Hot off the press, a pilot in the US raised $40M for his online accounting and tax bookkeeping service. The bench, an online bookkeeping services company in Canada, raised $18M in funding. Visor, online tax services company, raised $9M back in November 2018.
The above list is an achievement made by accounting startups, raising a ton of money to offer accounting, bookkeeping, and other financial services to businesses. Clearly, they consider financial space as a market ripe for disruption and are willing to throw tons of money and technology into it to transform the manual accounting and bookkeeping approach as much as possible.
Software juggernauts like Intuit starting to release bookkeeping features through Quickbooks have generated a space that is insanely competitive.
Having said that, it is not a bad idea to seek help from these accounting startups to grow your financial base.
Startups like Bench and Visor share some attributes which are very different from most traditional ones out there. These firms are process-oriented, technology-based, have remote teams that focus on alleviating key pain-points by focusing on client experience.
These are some most desirable characteristics required to stay competitive. Startups have recognized the pain-points in business and are all set to introduce new and innovative ways to address the same. While conventional accounting practices tend to follow the same old school approach, startups have come up with new solutions to deliver complete client experience.
There is another important aspect that ties these startups together- Pricing! Startups like these have kept their pricing comparatively low to attract a larger number of prospects. Though it becomes difficult to offer services at a low cost, startup accounting practices have considered automating a majority of their processes to eliminate certain costs. This has given them the ability to get businesses onboard quickly and prepare strategies to standardize operations to the absolute maximum.
Time and money are key constraints that prevent entrepreneurs from accurately keeping a record of books and accounts. Come tax season, business owners get busy frantically sorting out the pile of receipts.
In a true startup fashion, businesses will have the ability to work out of a garage. The fast-paced and automated accounting practices from accounting startups will allow access to well maintained and organized records. Business owners will ensure they stay on top of the financial health, make sound business decisions, keep expenses under control, and effectively monitor the cash flow while ensuring full compliance to the IRS, GAAP, and other legal tax norms.
It is high time you leverage outsourced accounting services from one of such accounting startups to improve financials.
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