Way Beyond Numbers: Qount Merges Tech & Philosophy
You’re the owner of a software company, and you know more about captchas than capital gains. But for your business to run smoothly, you have to bridge that gap in your knowledge.
Without a well-functioning accounting department, your company will have its own virus, one that could give your software business the proverbial blue screen of death. Hiring a full-time accounting team isn’t in your budget, so you have to outsource a large portion of the responsibilities.
That in itself leads to a number of questions: is your business big enough to get the attention it would need from a major firm? Odds are, probably not. But if you go with a smaller firm, can you know for sure that they are on top of the latest trends, not just in the accounting portion but on the technological side as well?
As someone who may be an accounting novice to begin with, you’re likely not privy to some of the happenings in the accounting world at large, as well as the philosophical differences that are cleaving some firms.
When you go with a traditional accounting firm, big or small, you could be finding yourself unwittingly entering into a divided environment. Many firms are grappling with something of an existential question dividing their group: does a client belong to the manager who brought them in, or do they belong to the firm as a whole?
The former, where a client belongs to the manager who brought them in, is known as the "Eat What You Kill (EWYK)" philosophy, which has historically been standard operating procedure in accounting and other client-based professional industries. The latter, where a client belongs to the entire firm, is called the "One Firm Client" practice, and is gaining traction in recent years as a more equitable way to conduct business.
Like any disruption, it's causing consternation among members of the old guard versus the new generation. The divide is explained in this Accounting Web article, which looks at the shifting sands within the industry. A key point comes at the end:
"It’s often difficult for partners to let another person assume their client responsibilities. A strong leadership at a firm is critical to manage partners hesitant to transition clients as they near retirement or slowing down.
Client transition from one member of the firm to another needs to be a seamless, 'non-event' that occurs over time. Therefore, plan at least a two-year transition during which the internal successor is in place while the retiring owner participates in the transition process. And don’t hesitate to place financial consequences on the buyouts of partners that fail or refuse to follow the client transition plan."
That sounds like a lot of trouble brewing, and regardless of what side of the debate you fall on, do you want your business caught in the crossfire? With Qount, the only philosophical debate within our walls is where we’re ordering lunch from. At Qount, we don’t care who brought in a client, just that our clients are happy.
But let’s say for the sake of argument that a firm is settled into one of the philosophies, and it won’t be an issue. Here’s the next question: what are the tech capabilities of the traditional firm? In this day and age, most businesses need their accounting company to be as much a tech firm as a group of accountants. Software is reaching a point where it can do a lot of the work that previously needed to be done by hand, which hopefully frees up the people at the firm to look at big picture questions.
But does the firm you’re talking to look at it that way? A big firm will have the capital to have a full range of software options, but is it nimble enough to change with the times and get all of their people on board? And for small firms, do they have the time, ability and resources to launch new software?
Here at Qount, we’re on the cutting edge of a technological revolution in accounting. The proprietary software we’ve developed provides a full suite of financial services – from basic accounts receivable duties to overall CFO services, Qount can do it all.
The advantages of a system like Qount can be outlined in this article - immediacy, mobility, centralization, tax compliance, analysis tools and accuracy. Consider the writer's thoughts on the benefits of software's immediacy:
"Whether you are running a retail operation where each transaction is electronically entered as it occurs or a one-person consultancy where you are personally entering your transactions bi-weekly, using small business accounting software forces you to keep up with data entry and stay current.
And being forced to stay current has the added benefit of keeping you tuned in to the financial pulse of your small business. You have a much better chance of spotting a cash flow gap or a customer who's developing a serious credit problem than the small business person who's just throwing all the receipts and invoices into a drawer and dealing with them at the end of quarter or year."
Software like Qount can spot a problem before it happens, and keep your business running smoothly.
Or consider this piece, where they list their own advantages to accounting software. It details how a company like Qount can give you something you never thought possible: time.
"Accounting software ultimately saves you time in different ways. By eliminating manual calculations and record-keeping, you can put your energy to better use by letting the software handle chores you would normally figure out yourself. If you work with a staff, you may save man-hours with programs that automate tasks such as keeping track of employee hours and generating payroll. These tasks could occupy a significant part of your work day if you managed them entirely on your own."
What small businesses and startups don’t need is SILO accounting software coupled with a plethora of other applications to manage their finances and business.
Qount’s unique One App is way beyond a SILO accounting software. One App offers tools and integrations that are easy to use and time saving, allowing you to follow your passion and live your dream. It's a bookkeeping software, a business management solution, and financial analytics rolled into one, with an incredible array of features:
Integration with best-in-class payment gateways to receive and send payments via invoices and bill pay
Integration with factoring applications to lend against your invoice on demand
Integration with Invoice Collection application
Hub to request LOCs and loans seamlessly from the application
Venture Hub with leaderboards and eye balls of VCs, Private Equities, and Investors
Valuation of Startups and Small businesses
Integrated Financial and Business performance reporting, dashboards, and analytics
Hub to generate Compilation reports
You might read that and wonder what it all means – fair enough. That’s where our experts come in. They take all the financial language and translate it into plain English for you. After all, running your business consumes much of your waking time – so who has room in their calendar to add a Master’s in finance?
Take it from one of our clients, a software developer called Appsky. They started using Qount after first trying a CFO and then an accounting team. Finally, they decided to go the software route and signed on with us. We did an interview with their founder on our blog, where you can read about all the ways Qount has helped them, but the key takeaway is here:
"First things first – their uncanny understanding of startups and how uniquely they’re run. This approach of theirs has helped them create a tailor-made bookkeeping solution for startups and middle-sized businesses that makes bookkeeping and accounting a breeze. They know what works the best, which data matters the most, and which figures are the least important.
Secondly, it’s their team of dedicated finance experts that keep our books. As in the case of using a software to automate accounting, no one cares if your numbers are messed up. We know it’s not a robot with Qount that’s managing our accounts, but a group of experienced accounts professionals who’re as deeply invested in our business as we are. The team of passionate bookkeepers, who besides delivering accurate books every month, also share critical analytical reports that help us take our business to a new height."
With that, Appsky encapsulates one of the key elements of working with Qount: our experts are here to streamline everything and get you back on track to do what you do best: run your business.
You won’t find a culture war or philosophical divides when you work with Qount. Our team puts the customer first. What you will find is cutting-edge technology that will revolutionize the way you run your company’s accounting practices, and a friendly team of experts ready to help walk you through it. Whether you want to be hands-on with finances on a daily basis, or have our team run it for you, Qount will work with you.