2014 Demo Day startup profiles: Common Ledger
Common Ledger is tackling a huge problem for accountants and bookkeepers, by standardising accounting data.
“We connect every accounting system, even the desktop-based ones, and put them into a single format. Usually taking two hours per client, it’s now down to two minutes,” says co-founder Vince Warnock.
Dramatic shifts in accounting products means it’s easier for people to change systems and their information is no longer locked in one format. “Big players like Xero and Wave have completely tipped the accounting space on its head,” says Warnock. “Accountants are excited by the choices for their clients but the backbone and all the processing that goes on behind them is now broken.”
Developed in April 2013, the team now has a solid business model ahead of demo day. Founders Drew Broadley, Vince Warnock and Brendan Wu have already experienced some early points by gaining a low-to-no risk factor on the Global Deloittes Register. Also the first on the market to map the chart of accounts, Common Ledger is gaining ground on their aim to become the international standard for accounting data.
To learn more about Lightning Lab’s Demo Day and see other startups involved in the programme, go here.Tags: accounting, Common Ledger, Demo Day 2014, Lightning Lab