Accounting firms are struggling to adopt high-tech solutions. It is according to a investigation Earlier this year, Rightsworks revealed that while 88% of businesses believe technology has had a positive impact on their efficiency, 60% suffer from disconnected systems, inconsistent processes and a lack of standardized workflows.
Startups like Aiwyn trying to meet demand. Founded in 2020, based in Charlotte, North Carolina Aiwyn sells software designed to meet the CPA business revenue cycle. Aiwyn's platform automates and reconciles payments and invoices for CPAs and their clients.
Aiwyn was co-founded by entrepreneurs Pat Morell and Justin Adams. While founding his first startup, healthcare company Digitize.AI (which Morell also helped co-found), Adams had a bad experience with a CPA firm. The company sent him an invoice two months after he sold Digitize.AI and wanted Adams to send a check to a post office box in Pennsylvania.
“[I]It didn’t leave a bad taste in my mouth from a customer experience perspective,” Adams wrote in a LinkedIn post. “It made me dig in and ask myself: Why does a top 10 accounting firm have such a bad track record? Why did they make it so difficult to pay? Why put a lot of friction into the process?
So although he felt “pretty exhausted” after selling Digitize.AI, as Adams described it, he called Morell and the two began brainstorming what would become of Aiwyn.
Aiwyn now has about 80 employees and has revenue of $8 million in 2023, according to Adams. The company serves approximately 130 of the top 500 accounting firms.
It's a lucrative position.
According to According to Verified Market Research, the accounting practice management software industry was worth $1.29 billion in 2024 and could reach $2.36 billion by 2031. Ninety-three percent of accountants believe that firms Accountants who use technology more are more likely to survive periods of high inflation. and interest rates, per person survey.
Aiwyn is developing what it describes as a “complete” accounting practice management platform, as well as a tax-focused application. To fund these efforts, the company recently closed a $113 million funding round led by KKR and Bessemer Venture Partners.
The funding round brought Aiwyn’s total raised to $127 million.
“Aiwyn is committed to empowering CPA firms to improve their operations and client relationships,” Adams said in a statement. “With this investment, we are poised to redefine how businesses manage their operations, from CRM to general ledger, while setting a new benchmark for customer experience. »
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