Bookkeeping

Introducing the Bookkeeping as a Service (BaaS) Model

About nine years ago, AcuityCFO launched to provide strategy-level accounting consultancy for SMBs, meaning that a CPA from AcuityCFO works as a part of the financial team within a company that has an interim or part time need for a CFO, controller or accounting manager. That has been, and continues to be a very successful business model that has served some very bright, fast-growing companies.

During the course of working with these companies, the AcuityCFO team came to recognize that in order to have the financial data they needed to do things like secure investments and scale, their clients were handling a tremendous amount of tactical accounting. (Read: they were doing the bookkeeping.)

When they talked to these clients, they found out a few other things as well.

  • Bookkeeping sucks when you have to do it every day, and especially when it takes time from other things (like what you got into business to do in the first place).
  • Their bookkeeping was handled by either an hourly-wage, contract bookkeeper who was marginally efficient at shuffling paper and almost entirely inefficient at producing anything strategic; OR the founder/CEO was handling the bookkeeping themselves, often at night or on weekends.

The AcuityCFO team began to explore what would happen if they could create a highly automated, entirely secure, client accessible bookkeeping solution. They realized that simply putting more people to task wouldn’t really change anything about how bookkeeping was handled. The answer was AcuityComplete, a solution that would balance people, processes and technology.

The people part was easy. AcuityCFO was already staffed by a team of highly expert full-time CPAs. The process part was not all that difficult either – reporting tools and schedules are inherent in good accounting services. It really just meant reconfiguring a few of the processes for the purposes of regular tactical financial tasks. That left the automation technology piece to solve.

AcuityComplete technology-enabled bookkeeping solutionThe team began to form a Bookkeeping as a Service model that is based on using best-of-breed, cloud-based, secure accounting technologies to provide clients access to a remote, expert-supported bookkeeping solution that was enabled by an integration of the best available, most appropriate technologies.

That was January 2013. As of June, AcuityComplete has built a client list of more than 20 companies, many of which are early stage startups. One of the beautiful things about AcuityComplete is that it is a fixed price solution that ranges from $300-$1200 per month depending on the scope of needs. It can scale from a solution that does little more than manage accounts receivable and payable, to a solution that does everything including payroll and invoicing.

What can it do for you?

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