PORTLAND, Ore. and SAN JOSE, Calif., May 8, 2018 /PRNewswire/ -- inDinero and tempCFO are joining forces in a conjunction that brings the biggest benefits of fintech and accessible expertise to the SMB financial services market.
"The accounting industry has historically been divided into thousands of small, regionally based firms," says Keddrick Stuart, COO of inDinero. "By bringing complementary strengths from inDinero and tempCFO together, we can provide a solution from inception to IPO that gives businesses real value from financials."
inDinero is the industry-leading financial technology provider for tech business and tempCFO is a pioneer in outsourced accounting expertise for startups and growth businesses. "tempCFO has mastered the process side and for us, the next step is technology/AI and that's what inDinero does very well," says David Johnson, founder of tempCFO and now president of inDinero + tempCFO.
- AI and automation are freeing accounting professionals from the burdens of basic bookkeeping so they can add more value for clients.
- Startups and other high-growth businesses are hungry for outsourced solutions to manage the back office at an affordable cost.
- Combining forces and resources means faster, more widespread innovation to modernize the B2B fintech industry so that we can serve more of the market we want to help.
Adapt and Excel — Modern Accounting is Here
"In 1999, outsourced accounting was a taboo, but just like with the cloud, people began to adapt and see the benefits over time," says Johnson. And as he's looked to grow tempCFO's team, Johnson recognizes that it's not just today's markets demanding automation, but also job seekers. "The new generation of accountants want to focus on being accountants, not data-entry bookkeeping."
Jessica Mah, co-founder and CEO of inDinero, shares the same mentality. In a 2015 interview with Forbes, Mah explained the vision for accounting technology. "Really good accountants are embracing automation as a way to move themselves up the value chain to do what they love — consult with the business owner on ways to save money and bring more products to market."
Today, that vision is something Mah says the market understands. She says, "In 2018, if a business is paying someone to do its bookkeeping, it's wasting money on what technology has already automated away."
Innovation Takes a Village
inDinero and tempCFO have built strong businesses as individual entities over the last decade, but the next phase of this growth will be a partnership. It's a journey Johnson and Mah hope other like-minded leaders will join. "Collective resources means we can be a major player in the fintech revolution and that we can help more businesses," said Johnson. Both leaders are excited to see what the next 10-plus years have in store.
inDinero continues to seek partners like tempCFO. To learn more about inDinero's acquisition program, contact Josh Boyd ([email protected]).
Founded in 2009, inDinero is the leading financial solution for growing startups or small businesses. By automating bookkeeping, accounting and tax prep, they are unleashing accounting and tax professionals to add more expertise-based value to the businesses they work with and making it easy and effortless for entrepreneurs to track their business' financial performance and file taxes. Headquartered in Portland, Oregon, inDinero has over 150 global employees at offices across the United States and in the Philippines. Visit inDinero.com or call 855-463-4637 for more information.
Established in 1999, tempCFO provides outsourced accounting, financial and tax solutions for technology companies and small to medium-size businesses. Headquartered in the heart of Silicon Valley — San Jose, California — tempCFO specializes in SaaS accounting, venture capital, venture debt and angel round accounting, CFO-level consulting, and entity and individual tax consulting. With a team approach that includes an accountant, controller and CFO, as well as tax professionals, tempCFO performs the essential accounting and tax functions for companies at every stage. Visit tempCFO.com or call 408-600-2300 for more information.