Accounting corporations are struggling to undertake high-tech options. That’s in accordance with a survey earlier this 12 months from Rightsworks, which discovered that, whereas 88% of corporations imagine tech has had a optimistic impression on their effectivity, 60% are affected by disconnected programs, inconsistent processes, and an absence of standardized workflows.
Startups like Aiwyn try to fulfill the demand. Based in 2020, Charlotte, North Carolina-based Aiwyn sells software program designed to handle the income cycle facet of the CPA enterprise. Aiwyn’s platform automates and reconciles funds and invoices for each CPAs and their clients.
Aiwyn was co-founded by entrepreneurs Pat Morell and Justin Adams. Whereas constructing his first startup, healthcare firm Digitize.AI (which Morell additionally helped co-found), Adams had a foul expertise with a CPA agency. The agency despatched him an bill two months after he’d bought Digitize.AI, and wished Adams to mail a examine to a P.O. field in Pennsylvania.
“[I]t form of left a foul style in my mouth from a buyer expertise perspective,” Adams wrote in a LinkedIn publish. “It triggered me to dig in and ask: Why does a top-10 accounting agency have such a awful expertise? Why did they make it so troublesome to pay them? Why put a variety of friction in that within the course of?”
So, regardless of feeling “fairly burned out” after promoting Digitize.AI, as Adams described it, he referred to as up Morell, and the 2 began brainstorming what would develop into Aiwyn.
Aiwyn has about 80 staffers at present, and notched $8 million in income in 2023, in accordance with Adams. The corporate serves round 130 of the highest 500 accounting corporations.
It’s a profitable place to be in.
According to Verified Market Analysis, the sector for accounting observe administration software program was price $1.29 billion in 2024 and will attain $2.36 billion by 2031. Ninety-three p.c of accountants imagine that accounting corporations making extra use of tech usually tend to survive intervals of excessive inflation and rates of interest, per one poll.
Aiwyn is creating what it describes as a “complete” accounting observe administration platform, in addition to a tax-focused software. To fund these efforts, the corporate just lately closed a $113 million funding spherical led by KKR and Bessemer Enterprise Companions.
The spherical introduced Aiwyn’s complete raised to $127 million.
“Aiwyn is dedicated to empowering CPA corporations to raise their operations and consumer relationships,” Adams stated in an announcement. “With this funding, we’re poised to redefine how corporations handle their operations from the CRM to the overall ledger whereas setting a brand new benchmark for consumer experiences.”
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