At the recent Scaling New Heights Conference in New Orleans Entryless founder Mike Galarza was asked to sit down during the general session with Joe Woodard to talk about his vision of accounting automation.
Joe, who puts on this premiere training for Intuit professionals wanted to know what drove the founding of Entryless. We explained that Entryless knows that automation will move accounting into the future. Before Entryless, technology wasn’t being applied intelligently in accounting. Too much was left to manual process and too many accountants were stuck doing tedious busywork when they could instead be funneling energy into bettering their businesses.
We got started with the most crucial piece in accounting: how do you get data entered into your accounting system? If your data is not in a system, it is worthless. However, all of this data was being entered manually.
When we looked at the market there were no products capable of managing supplier expenses. In addition, over 75% of all American businesses are manually processing bills, receiving them by postal mail or email in the form of PDFs.
We recognized a need for automation in bill processing, and that’s how Entryless was born. We are now one of the leaders in bill automation, processing billions of dollars per year in B2B expenses.
Joe was also curious about what Mike saw as the challenges facing the accounting industry.
There are close to 30 million companies in the US with accounting records. However, Intuit only has about 5 million companies as QuickBooks customers. Where are the other 25 million? This is the biggest challenge in the accounting industry. How do we reach and serve those other 25 million businesses?
Accountants need to be more than just paper pushers. They seen and understand important things about where a business is and where it is heading.Instead of providing insight, they have been buried in paper. Services like Entryless aim to be the secret weapon allowing them to serve ten times more clients without significant additional overhead.
Automation and the Accountant: Can They Be Friends?
Another subject that came up was the common misconceptions that accountants have about automation in the industry. Entryless has identified two common misconceptions. The first is that accountants will no longer be needed. The second is that revenue generation for accounting firms will be hurt.
Automation doesn’t reduce the need for accountants at all. More automation means an accountant can serve more customers with the same staff and without adding any burden to the organization. This means that an accountant generates more revenue by not only serving more customers, but by focusing on strategic advice instead of paper pushing.
Accountants of the Future
Finally, Joe asked Mike about the accountant of the future. What will the industry look like in coming years? If you look at the role of the accountant five years ago, you can already see that much has changed.
The accountant of the future will be the small business champion, supercharged by all of the technology and modern tools they will have at their disposal. Mike sees accountants as being key players in the business growth of their clients.
We were at the entire Scaling New Heights Conference, putting on a breakfast training session, showing off Entryless on the floor, and clowning around with the crowd. It was really inspiring to connect with our users. It really reinforced what we believe: The accounting industry is at a turning point right now. With more technology to leverage, things are only going to get better. Entryless will be there to help.