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Through his experience, Michael saw a bigger opportunity to help small businesses with their bills and expenses via the cloud. “I I realised that creating a piece of software that could extract data from bills would create immense value for a larger potential customer base,” Michael says. Extracting the data. Hitting the right notes.
Odds are you pay your rent or mortgage, utilities, and other bills using a card or online payment system. These can be performed as a direct debit, an e-check, an electronic bill, electronic cash or e-cash, or a stored value card like a gift card. Do you even remember the last time you wrote a paper check?
So Justin was the founder of a company called Strong Room, which we acquired back in the 2015 timeframe. I know your software can post a recurring payment to the generalledger. I was actually in Houston last Thursday and had dinner with Justin. So why aren’t management companies automating those knowable payments?
But what if late in the middle of the night, somebody from my billing team realizes that they're not gonna collect cash; they wanna reverse an entry, cancel a contract, book something in my deferred revenue account? Then, to the right of that number, you're gonna type in either TB or GL, for trial balance or for generalledger.
They will do your bill pay powered by Bill.com. They'll do payroll that's powered by Gusto for an additional add-on fee - for both the bill pay and the payroll. This is pretty basic stuff - the dashboard, the bookkeeping, the payroll, the bill pay. They'll do cash, or accrual accounting. They're a cash-accounting service.
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