ScaleFactor announced yesterday that it is shutting down in August and terminating accounting services at the end of July. In doing so they sent their customers scrambling all because of this statement:
ScaleFactor Statement About Customers
We are retaining a portion of the team to support our current customers. Throughout July and August, we will be working tirelessly to ensure they can successfully transition to other solutions and providers. In the meantime, our bookkeeping, payroll, bill pay, and other solutions will continue to run as usual through the end of July. We will continue to provide the same level of service to meet all our current customer obligations through July financial close — including any remaining 2019 tax filings. This change will also be hard on them, and it is so important that their service continue uninterrupted while we help them transition.
How We Can Help ScaleFactor Customers
Now we are shifting our attention to the ScaleFactor customers that need help. We have already heard from some of them. We are working through ScaleFactor’s methodology with each in order to move them to the comparable package at Acuity. This is a crazy time to make a change like this but with PPP loan forgiveness on the horizon and ongoing challenges related to COVID-19, we are going to help as many as we can.
A little about Acuity — we are 100% bootstrapped by our two founders who are both still active in the business, we’ve been around since 2004, and we are about the same size as ScaleFactor. Throughout our history, our specialty and largest customer segment has been SaaS companies.
ScaleFactor Customer Transition Plan
Step 1A: Sign Up for One of Our Informational Sessions
We are holding general Q&A info sessions every Monday, Wednesday, and Friday in July. You can sign up to tune in using the links below:
If you’re unable to attend these sessions but would still like to get the information, please let us know, and we’ll send you a recording after the fact.
Step 1B: Alternatively, Set Up a 1:1 Call
If you have more specific needs or questions, we are happy to chat through privately. Please schedule time here.
Step 2: Submit Your ScaleFactor Services Form
We will honor ScaleFactor pricing for your first 12 months. Please submit your ScaleFactor services form to [email protected] so that we can get you information about how Acuity will perform these services.
Step 3: Transition Services
We’ve already established a ScaleFactor transition team that is dedicated to transitioning and onboarding ScaleFactor customers in order to accelerate the onboarding process and get you fully ready to go by the time your ScaleFactor services conclude.
Step 4: Work With Us on a Comprehensive Access & Security Check
Security and account access are an important part of changing financial firms. As a part of our onboarding process, we will perform a comprehensive business check on bank, credit card, and software access.
Acuity’s Thoughts on the ScaleFactor News
We are disappointed to hear that ScaleFactor is closing because we have similar missions, just different approaches. We have concluded that standardization is required before full accounting automation is possible. And we’ve also learned that by providing small businesses with unparalleled access to a human expert, financial questions get answered faster. That’s why we recruit curious accountants that embrace technology in everything we do.
We don’t think that we are the ones to build new technology. We instead commit to leveraging our technology partners. We have participated on the customer advisory boards of Xero, Gusto, Jirav, Verady, Helm, InvoiceSherpa, and VerifyIQ to work with these technologists in various business stages — working together to move the profession forward. We also have a dedicated tech stack team that continually evaluates technologies that our customers find or that we think can solve a pervasive problem across our client base. This has proven to be the right approach for us.