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Five Companies Leading The Way in Bookkeeping Technology

Bookkeeping software

Startup companies that specialize in finance and accounting solutions are in demand in the business sector. Businesses are looking for innovative software or complete services to simplify and streamline bookkeeping tasks. Startups that specialize in the development and marketing of software for finance that operate within a cloud-based environment help to digitize tasks that were once performed on paper. They provide the latest in tech that helps in the documentation, analysis, and financial planning of the company. There are thousands of companies providing these services or software programs, but here are 5 businesses leading the way in bookkeeping technology.

5. Pilot

Pilot is a San Francisco startup that launched its bookkeeping service in 2017. Pilot provides high-quality bookkeeping services s well as CFO, and tax services for businesses. Pilot has received ample financial backing in a Series B round of funding that closed in April of 2019. The round raised $40 million in the round that was led by Index Ventures and Stripe. Pilot provides clients with tips and best practices for growing businesses along with expert personal support with fast and responsive service. Pilot professionals provide industry-specific reporting with monthly statements that are customized to suit the needs of the company as well as tailoring for inventory, management for e-commerce, and more. Pilot offers accrual basis bookkeeping built to scale for your company and growth as your business grows and expands with tailored CFO services and support.

4. Payfit

PayFit launched its automated payroll and Human Resources management software in 2015. The startup is headquartered in Paris, France. The last round of Series C funding closed in June of 2019. It was led by Eurazeo, and Bpirfrance followed by 11 other investors raising $78 million or expansion funding. Payfit provides its clients with software that streamlines the management of Human Resources along with automation of payroll processes, saving time and effort. The integrated automated HR and payroll software provides companies with full control of their in-house payroll along with the benefits of payroll outsourcing. Payfit is a bookkeeping startup that is postured to become a leader in the industry with its innovative business solutions. There is a high potential for this European startup to reach unicorn status in the months and years to come. The solutions provide software and services that save time and resources with professional services and guaranteed satisfaction for services rendered.

3. Scale Factor Partners

Scale Factor Partners is an Austin, Texas-based startup that launched in 2013. The company provides back-office automation solutions that reduce the amount of manpower needed to complete financial and bookkeeping tasks. The company provides bookkeeping software that does the job of accountants but it's designed for staff who are not accountants. The company prides itself on providing 24/7 support by experts in the field. This company is on the rise and is expected to continue to move forward as a leader in bookkeeping software solutions for businesses of all sizes. Confidence is high in Scale Factor Partners with investors stepping up to provide a total of $108 million in venture capital funding. The latest round of Series C funding closed in August of 2019, bringing in $58 million in venture capital. The round was led by Coatue and Broadhaven Capital Partners with fourteen other investors joining in. Scale Factor Partners is a company to keep your eye on as it has survived rough economic times in the industry. There is every indication that Scale Factor Partners will continue to grow and expand with a growing presence in the business world.

2. Canopy

Canopy is a United States startup based in Lehi that launched in 2014. Canopy provides practice management and tax resolution software that is designed for professionals in the tax business. There is a tremendous demand for new and innovative software of this type as increasing population numbers necessitate the filing of new tax forms with more tax filers entering the system annually. Tax preparation companies must accommodate an increasing client load.The practice management software helps to streamline the client to preparer process from notification of previous clients through the tax preparation process. Canopy is backed by Venture capital funding. The company recently completed a round of Series C funding that closed in February of 2020, raising $8 million. The venture capital round ws led by Tenaya Capita and Nyca with 8 other investors contributing to the event. Canopy has been in business for over 6 years. It shows signs of continuing to expand to accommodate the growing base of clients in need of this type of software to streamline and enhance current business practices. From an investor or potential investor standpoint, Canopy is a company to keep your eye on.

1. Brex

Brex is a corporate expense credit card solution that was launched in 2017. The company is headquartered in San Francisco, California. Brex functions as a bank account with enhanced benefits including no fees and no limits. All of the necessary routing numbers, account numbers, and credit cards required for a business are available. It is the ultimate corporate expense credit card solution. Brex is a company to keep your eye on as it continues to grow and expand. So far, Brex has raised a total of $315 million in venture capital founder from a large array of investors The most recent round of Conventional Debt was completed in December of 2019. The round raised $200 million and was led by Credit Suisse and Kleiner Perkins. Eighteen additional investors placed their bets on the success of Brex in the months and years to come.

Final thoughts

Brex, Canopy, Scale Factor Partners, Payfit, and Pilot are five companies that are leading the way in bookkeeping technology. Some offer software, for bookkeeping/financial management while some offer direct services for their clients. Each has one thing in common. They are up-and-coming startups with the potential to become unicorn companies in the months and years to come.

Allen Lee

Written by Allen Lee

Allen Lee is a Toronto-based freelance writer who studied business in school but has since turned to other pursuits. He spends more time than is perhaps wise with his eyes fixed on a screen either reading history books, keeping up with international news, or playing the latest releases on the Steam platform, which serve as the subject matter for much of his writing output. Currently, Lee is practicing the smidgen of Chinese that he picked up while visiting the Chinese mainland in hopes of someday being able to read certain historical texts in their original language.

Read more posts by Allen Lee

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