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Building an accounting startup with Fred de la compta, Acasi & Chaintrust

Accounting changed the world forever both when it was “invented” in Mesopotamia & when it became a double-entry system 500 years ago. Today, the profession of accountant & the practice itself are again undergoing major revolutions - revolutions that startups are initiating ⏱️

Looking at what is currently happening in the accounting world, we may automatically think that the profession of “accountant” is dying: The number of accountants has decreased by 25% in just the last 15 years.

This “threat” is enabled by new technologies that are shifting everything within the space. Cloud, AI, blockchain & data are changing the game. But total automation is still very far away. And obviously, in such an ancient & symbolic sector, the opportunities are infinite. And we have a few examples of startups who are ready to seize them!

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Building an accounting startup with Fred de la compta, Acasi & Chaintrust

  1. 1. BUILDING AN ACCOUNTING STARTUP With Fred de la compta, Acasi & Chaintrust
  2. 2. WHY IS ACCOUNTING STILL NOT AUTOMATED? By Mikael Gandon, CEO at Chaintrust
  3. 3. Why accounting is still not automated ?
  4. 4. What is accounting ?
  5. 5. =
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  7. 7. 3 Months
  8. 8. How to automate it ?
  9. 9. 3. All your writing in your accounting software 1. Understand you PY accounting 2. Chaintrust reads & books invoices in the right accounts
  10. 10. Food for thought
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  13. 13. Chartered accountants for freelancers and self-employed 28
  14. 14. Accounting Financial statements, VAT returns, tax returns Annual general meetings & payslips Accounting and financial management for freelancers Automated processing of the accounting flows Live KPIs : VAT, corporate tax & social contributions Notifications & a dedicated coach : automated and tailored advice Acasi : What we do 29 Automation Chartered accountants Real-time dashboards A single pricing Regardless of your corporate form, turnover or volume of documents
  15. 15. Freelancers and self-employed individuals face 3 main concerns in their day-to-day activity : Time Managing and developing their business Filing their tax returns Gather and communicate accounting items Knowledge Lack of knowledge Growing legal complexity Wrong financial, tax or legal decision making 30 Accounting management as a freelancer in France 2 850 000 Money High consulting fees Too costly having an outsourced CFO
  16. 16. How chartered accountants address this market 31 Not in the CAs’ best interest to manage freelancers (low profitability) Generalist positioning Focusing on SMEs (Small and Medium-sized Enterprises) Client management Annual meeting (financial statements) Additional billing for consulting time Impossible to advise in real-time Internal structure Chartered accountants Associates / 0 clients per chartered accountant
  17. 17. How to automate accounting for freelancers ? 32 1 2 3 Automated integration API PSD PurchasesSales Cash accounting Accrual accounting Proprietary plug-in csv Import API Banks Electronic invoices Data retrieval via banking APIs (e.g. Qonto) OCR software for automated processing
  18. 18. 33 1 2 3 Vertical business expertise Proprietary algorithm Data reprocessing Beyond accounting, how can we automate consulting ? Quality data provided by the software makes comparability possible Freelancers and self-employed persons only (no SMEs) Integration of sectoral specificities Customized back-office highlights potential improvements in real-time
  19. 19. CONTACT Société Acasi 8 rue du Delta - Paris 9e 34
  20. 20. ACCOUNTING FOR SMBs By Romain Passilly, CEO at Fred de la compta