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- [Press Release]: Accounting Firm for Tech Industry Grows Customer Base by 70% in 2016
ATLANTA – Feb. 13, 2017 – Acuity, a complete accounting service (from bookkeeping to CFO) for early and growth-stage technology companies, today announced it has achieved 33 percent revenue growth in 2016, fueled by a 70 percent increase in customer growth, half of which falls into the startup category. Top customers and partnerships include Sequr, Luma, Rented, Xero, Gusto and Bill.com
“Accounting is the most critical component of running a business, yet it is often the most neglected, especially by early stage startups,” said Kenji Kuramoto, founder and CEO, Acuity. “Our exceptional year is largely due to our focus on creating leaner processes and automating basic accounting and bookkeeping tasks so that our incredible team can provide solid guidance and advice to customers. We’re proud to take the burden off our customers, while at the same time give them the expertise and insights they need to reach their goals faster.”
Accounting and bookkeeping continue to be one of the biggest challenges startups face. Based on an analysis of 101 start-up post-mortems by CB Insights, 29% cite running out of cash as the No. 1 reason for company failure. For early stage start-ups, keeping accurate financial booking is essential to attracting and maintaining investors.
Upon adding a new practice built to address the bookkeeping function of small businesses, Acuity’s innovative approach, professional expertise and proven financial reporting processes fueled its growth in 2016. The company has become a top choice for start-ups, entrepreneurs and scaling businesses. In 2016, Acuity received a TiE Middle Market award, Silicon Valley’s hottest tech start-up recognition. A few notable start-up clients include:
“Keeping accurate financial records and having a strong financial plan is what’s kept us afloat,” said Andrew MCConnell, CEO of Rented. “Acuity’s lean processes and disruptive approach to bookkeeping and accounting not only keeps us in business, but continues to support our growth. With Acuity, we’ve successfully secured institutional funding from both West Coast and East Coast firms.”
Acuity’s ability to remain nimble and leverage disruptive SaaS technology and processes has attracted several prominent partners to support the future of accounting for small businesses, including Gusto and Bill.com. In November 2016, Kuramoto was one of 12 appointed to Xero’s 2016 Partner Advisory Council (XPAC) to help guide the company’s innovation strategy. Acuity also partnered with Apple last year as their in-store small business accounting experts.
“We strive to enable small businesses to focus on what is most important for them, said Julian Coleman, Head of Partner Sales at Gusto. “By automating traditionally manual tasks like running payroll. Partnering with Acuity was a natural step, since they have a very similar mission.”
One of Acuity’s key business development strategies has been focused on building out a strong team and company culture. The company was recently recognized as Atlanta Business Chronicle’s Best Places to Work. In light of recent growth, the company plans to expand its team from 68 to 90 by the end of 2017.
“Our team is the backbone of our business,” said Matthew May, COO and founder. “We’re proud of our strong company culture and look forward to growing our team of innovators, experts and entrepreneurs.”
Acuity is an accounting and financial services company that helps build scalable accounting processes for growing businesses. Whether a business needs basic bookkeeping or dedicated CFO services, Acuity’s expert team of US-based professionals serve as partners in financial growth, giving businesses the confidence and support needed to scale smarter. For more information, visit Acuity.co.