Accounting firms struggle to adopt advanced technology solutions. According to that one Survey Rightsworks found earlier this year that 88% of companies believe technology has a positive impact on their performance, but 60% say systems are disconnected; They found that they were suffering from inconsistent processes and a lack of standardized workflows.
I like startups. Aiwyn We are trying to fill the need. Charlotte, Founded in 2020, based in North Carolina. Aiwyn Sells software designed to solve the revenue cycle side of the CPA business. Aiwyn's platform reconciles payments and invoices for CPAs and their clients.
Aiwyn was co-founded by entrepreneurs Pat Morell and Justin Adams. During his first startup, Digitize.AI, a healthcare company (Morell also co-founded); Adams had a bad experience with a CPA firm. The company sent an invoice two months after selling Digitize.AI and wanted Adams to send a check to a post office box in Pennsylvania.
“(It) doesn't leave a bad taste in my mouth from a customer experience standpoint,” Adams wrote. In a LinkedIn post, “It made me wonder: Why do the top 10 accounting firms have such a bad experience? Why is it difficult for them to pay? Why are there so many contradictions in the process?”
Therefore, Feeling “pretty burned out” after selling Digitize.AI, as Adams describes it, he called Morell and the two began brainstorming what would become Aiwyn.
Aiwyn has about 80 employees today and expects $8 million in revenue by 2023, Adams said. The company serves approximately 130 of the top 500 accounting firms.
A good income position.
according to The accounting management software sector is confirmed to be worth $1.29 billion by 2024 and reach $2.36 billion by 2031. Ninety-three percent of accountants believe that accounting firms that use more technology are more likely to survive periods of high inflation. and interest rates; Survey.
Aiwyn is developing what it describes as a “comprehensive” accounting practice management platform as well as a tax-focused application. To fund those efforts, the company recently closed a $113 million funding round led by KKR and Bessemer Venture Partners.
Aiwyn's total earnings have reached $127 million.
“Aiwyn is committed to helping CPA firms improve their operations and client relationships,” Adams said in a statement. “With this investment, companies are poised to redefine how they manage their operations from CRM to general ledger while setting a new benchmark for customer experiences.”