Accounting is no longer about pocket protectors and calculators. Accounting startups are reinventing the industry, bringing new appeal to one of the world’s oldest professions. Recent transactions, such as the $170 million sale of Mint to Intuit, show that there’s real money in this accounting startup revolution. In a rapidly changing market, here’s our list of the 5 most notable accounting startups today.
Indinero: With a high profile investors like Y Combinator, Indinero is an accounting startup shaking up the way small businesses handle their books. They take on all the hassle of many of the back office functions, such as bookkeeping, taxes payroll, and benefits. Removing these headaches allows for entrepreneurs to focus on what really matters most: their customers. We are also big fan of their software, which is leaps and bounds ahead of many other more traditional platforms.
Bench: A Techstars company, Bench just raised their Series A and are making moves. Part software company and part match maker, Bench helps to pair you with a bookkeeper. Bench finds dedicated professionals that can handle all your needs in a safe and secure environment. They also offer online tools so you can manage you finances paper free. Right now, they are offering a free one month trial so check em out!
Wave: Wave provides cloud-based software to run your invoicing, accounting, payroll, and payments. Interestingly enough they have also added personal finance tools so teams can manager their entire portfolio. Charles River Ventures has been involved with these guys from the beginning and they just raised a $10M Series C round of funding. We’ve tested Wave’s software here at The Accounting Path and found it easy to use, with simple bank integrations and other core features.
Xero: Xero is New Zealand based company primarily a accounting software geared at small businesses. They pitch themselves as the alternative to QuickBooks and even offer a section for accountants to learn about how Xero can make their lives easier. They’ve already developed a client base of over 500K and have done a great job of integrating with lots of different applications. As Accountingweb.com notes, Xero is in for a big fight with QuickBooks and to help in that fight they’ve recently announced a partnership with Dropbox.
Audit File: The audience Audit File is going after is specifically CPAs and people going through the audit process. Audit software is notoriously clunky and so they are developing software innovations that take what is a very messy and streamlining it. For many it’s a saving grace especially at smaller companies where efficiency is key.
Collectively, these accounting startups are doing more to change the service model for both businesses and consumers than anyone in the past decade. For new graduates, it’s providing exciting opportunities to diversify away from traditional public accounting firms and its putting a fresh face on an aging industry. We sure are excited to see where it goes next.