SAAS-based financial reporting automation
Brief
Booktonote is a revolutionary accounting solution for companies.
Using booktonote, companies can save thousands of dollars in accounting and consulting fees and generate a complete set of financial statements in a matter of a few clicks.
Key features
Automatic set up of financial reports.
Intelligent interactive questionnaire.
The story
It all started in 2017 with two enthusiasts of the finance industry deciding to change the accounting world. They had worked over different continents - Australia, the USA, Europe and knew the finance industry inside out.
They enjoyed working in finance, but over the years they realized that companies struggled to keep up with the changing accounting regulations. Businesses would often end up paying incredible fees for professional accounting help, and even then would fail to comply with the standards.
In short: the process of financial reporting seemed unreasonably complicated if not painful, time-consuming, and very expensive for many businesses. This lack of understanding of financial regulations on the business side would result in a far-too-lengthy, tiresome process for financial auditors and regulators. It seemed like the whole industry could benefit from a tool that would make financial reporting more straightforward.
Booktonote founders set high goals for themselves; namely, to turn financial reporting into a painless, easy, and enjoyable procedure for companies of any size.
Having the bold and revolutionary idea in my mind, booktonote needed a strong and reliable IT partner to deliver smooth functionality and user-friendly interface. Through word-of-mouth recommendations, booktonote got in touch with inCode Systems and decided to give this potential partnership a go.
We already had experience working with an IT outsourcing company, and once we started working with inCode Systems, their professionalism was striking. That was the next level. They did everything fast, effective, were proposing their own ideas. This approach and enthusiasm were consistent, too. They would say: “Guys, we think, you do not need it. Maybe it’s better to do it this way?” And we would be so happy someone actually cares about the project as much as we are.
Result
In a year’s time, booktonote, together with inCode Systems, defined and developed MVP for the online financial reporting tool. With the system set in place, they provide reporting services for companies of different industries making accounting pain-free and simple.
Over the years, they acquired a loyal customer base and got a few suggestions from potential investors, including one Venture Capital firm. Most customers come from a network and through word-of-mouth recommendations since finance is quite a sensitive side of the business.
Challenges
Even though it may sound like the company had a smooth and untroubled evolution and delivered the perfect product that the industry needs - it wasn’t easy at all for the two founders. Believe us, there was plenty of headwinds faced.
As the founders describe it, they had to play “ping pong”, throwing ideas and suggestions of the product concept. Let’s remember - there is no alternative on the market for such a service, even though the competition is present
Whichever idea you come up with, whatever feature you think is needed, until you discuss it with your actual end-users, you cannot be sure that this is really needed - because most likely it’s not.
They also talk about the difference in mindsets and attitudes that are practiced in the workplace and when founding a start-up. Quickly changing environments, high-risk, and heavy workloads are only a few things that will describe the start-up environment.
Having worked in traditional corporations for many years and being taught how to avoid risks on endless workshops, it’s quite challenging for us to turn off the risk-averse mindset and turn on “take-risks-and-fail-fast” attitude.
The founders are continuing their amazing journey, exploring different growth opportunities. Currently, they are looking for further investments to build on the existing MVP and make it fully automated. “Ideally, we would want our investor to become our partners and bring in not only financial capital but also unique expertise that we lack”, say Booktonote founders.
To be continued...
inCode Ltd.
London, United Kingdom
Palliser Road, London, England, W14 9EB
