Listen to this articleScaleFactor is fundamentally changing the way people digest and perform accounting and finance in small business. They want to give business owners their time back, and arm them with necessary information about what is happening in their business in real time.
Below is our interview with Kurt Rathmann, CEO & Founder of ScaleFactor, Inc.:
Q: You’ve recently announced $2.5 Million Seed funding round; could you tell us something more?
A: We closed our $2.5M seed round with Next Coast Ventures, Techstars Ventures, Firebrand Ventures, Matchstick Ventures, Edison Factory and Flyover Capital. Our investors understand the importance of automating and streamlining business management tasks while disrupting the very way it has been done for years, and we’re very excited to work with them.
We’re directing these funds towards building new, innovative product features, strengthening our existing automation and further enhancing our customer experience.
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Q: What is the story behind ScaleFactor, how did you start?
A: My first vision of ScaleFactor preceded my efforts to actually start the company. In my former role as a CFO in Denver, CO, I was facing accounting problems that stemmed from operational inefficiencies that kept me up at night. I lacked time, and had an organization running on “old school” manual processes.
I started ScaleFactor in January 2014 at my living room table in Austin, Texas, cultivated from the painful reality of financial business operations. We started out as a services company knowing that we needed to learn first, and quickly realized we were striving to solve a much larger problem than a traditional service could. With a fierce determination to create a better way for owners and operators to control and grow their business, we transitioned to building our product.
Our goal remains the same as when we started, almost four years ago. We’re not simply building features, we’re solving the problems that I felt as a CFO, problems that millions of entrepreneurs feel every day.
Q: What kind of solutions do you offer to your clients?
A:
· Daily Bookkeeping
· Automated Forecasting
· Proactive Insights
· Bill Pay and Invoicing
· Compliance Tracker
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Q: What was the biggest problem in accounting that ScaleFactor managed to solve?
A: We believe the traditional financial close process (~30 days) is a major obstacle for businesses. The financial information is stale by the time business operators receive and digest it. To solve for this problem, we first set out to automate bookkeeping with the goal of speeding up the entire information flow.
In April 2017, we released our first version of automated bookkeeping. Powered by machine learning, our platform completes the tedious bookkeeping tasks of the monthly financial process and removes the typical cycle time. We’re cutting the time it takes to get important financial insights from about 30 days down to one day.
Q: What are your plans for the future?
A: ScaleFactor is focused on fundamentally changing the way people digest and perform accounting and finance functions in their small business. We want to give business owners their time back, and arm them with necessary information about what is happening in their business in real time.
We’re developing a mobile application, enhancing our existing bookkeeping, forecasting, bill pay, invoicing and compliance features, and growing our Trusted Partnership Network, which provides users a network of companies to help with any business need that we can’t handle, such as healthcare, analytics, risk management and more.
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