Dallas Accounting Platform Changes Name, Then Is Selected by AICPA’s Accelerator Program » Dallas Innovates

Based in Dallas BaCo Tech, whose patented accounting workflow technology turns redundant tasks into one-touch solutions, had a busy week. First, it announced it was renaming Once Accounting Technologies to create “a more permanent presence in the industry.” Then today he was selected to participate in the 2022 startup accelerator sponsored by the American Institute of CPAs (AICPA) and CPA.com.

Ten companies in the United States and Canada have been chosen for the 2022 Startup Accelerator, including Frisco-based Knuula, whose platform enables companies to easily personalize, distribute and manage customer engagement letters. Selected companies receive a $25,000 grant, participate in a six-month program, receive guidance from an expert advisor, and have the opportunity to showcase their solutions at AICPA Engage, the industry’s largest annual conference.

“We created this program five years ago to identify emerging trends and drive innovation within the accounting profession,” said Erik Asgeirsson, president and CEO of CPA.com, in a statement. communicated. “The accelerator has been a great success, supporting leading companies to help drive the transformation of accounting services in key areas such as blockchain, insurance, ESG and automation.”

The Once platform is a “touch-it-once” solution

The Once Accounting platform was launched in January 2020 to solve every CPA’s recurring nightmare: a client waits until April 15 to disclose an event with big tax implications. The CPA is forced to dig into the past to unravel the details and enter a long list of information, as well as other redundant tasks repeated manually, year after year.

With the Once platform, redundant tasks are performed automatically and only once. The CPA is alerted to tax-significant transactions throughout the year, and fixed asset additions can be entered in real time. The startup says it achieves this by focusing on accounting standards, not a balance, making touch-it-once possible for the accounting and tax industry.

“What shocked me was how many little ‘mistakes’ a company can make on its books that affect taxes that may never be taken, simply because a CPA doesn’t have the time. to go into that detail,” Will Baker, Once Accounting’s director of marketing and CPA experience, told Dallas Innovates. “Now, with our tool, they do.”

By implementing the Once workflow, clients can collect accounting data from clients, map client data for tax returns, create adjustments between accounting and taxes, and consolidate client finances – “once , forever”.

Once a customer is onboarded into the platform’s chart of accounts map, “the customer doesn’t need to be onboarded or mapped again,” Baker explained. “With a normal tax workflow, a CPA has to remap everything every year, maybe multiple times during a tax season, just because of how slowly it takes to get client data. For our technology, once a CPA client is logged in, they are logged in and we collect information every day.

Founder and CEO wanted to lighten long and unhealthy workloads

Ford Baker is the founder and CEO of Once Accounting and the father of Will Baker. Since 1999, Ford has been CEO of his accounting firm Farmers Branch BaCo Group (formerly Baker and Company). He decided to pursue the new technology after years of 100-hour work weeks and compromised health, his son Will said. Ford began developing the product in 2018 and 2019 with its CTO, David Knedilick.

“By being built within a CPA firm, it allows our product to be constantly plugged in and attuned to the needs of the public accountancy industry,” said Will Baker. “Not only do we understand the technical side of the industry, but we know the problems the industry is facing and help to solve them.

Inspired by a quote from Intuit

Ford was first inspired to create the platform when he was able to automate complex data collection for a large customer project. While exploring the “touch-it-once” philosophy, he came across a quote from Intuit, the company behind TurboTax software: “Touching once is one of the most fundamental tenets of productivity and time management, but in the world of tax preparation, it’s hard to do.”

Ford’s goal was to make Once Accounting a touchscreen solution. He and his team discovered that the best way to create this workflow was to go to the raw accounting data – the transactions – and build the automation there.

“We are now able to offer the industry ‘touch-it-once’ efficiencies,” said Will Baker. “We were able to patent these basic features so that they are exclusive and will remain so.”

Platform launched at the start of the pandemic

Ford Baker filed its patent in 2019 before launching the platform in January 2020, just weeks before the pandemic swept through the United States

“It really delayed our targeted release date,” said Will Baker. “CPAs had extended deadlines, were slammed with PPP loans and would ultimately not see the light of day again until April 2021.”

“However, it turned out to be a very good opportunity for us,” he added. “PPP Loans provided one of our best use cases yet for how our solution could help CPAs adapt to the needs of their clients. As a company, we rebuilt the product and turned to online education through CPA Academy, which allowed us to develop partnerships with industry leaders, influencers and publications.

“In the summer of 2021, when the industry was ready for new technologies, we had great brand positioning and content in place to validate our product and accelerate conversations with businesses.”

Customers in multiple states

Once Accounting Technologies currently has offices on Midway Road in Farmers Branch and eight employees, plus consultants, as well as support work from BaCo Group. Its director of sales and strategy is based in Atlanta and a key consultant is in California. The startup now has customers in Texas and “several states” across the US

“Initially, we thought we were going to focus on the Dallas area for employees and customers, but moving to virtual work environments allowed us to find out who we could work with,” said Will Baker.

Initially, Once envisioned small accounting firms as a target clientele. However, “we quickly found that the software was suitable for all sizes of tax firms,” ​​said Will Baker. “We are currently integrating a top 100 company as well as smaller and medium-sized companies. After presenting to [the AICPA Engage conference] Last July, several large companies contacted us and we realized that we were not limited to one buyer, but to several.

Development of a rebranding strategy with Dallas-based Artistry Labs

The Once team worked on its rebranding strategy with Dallas-based consulting and branding agency Artistry Labs, where Will Baker spent the first five years of his career. The startup’s new name is all that’s been revealed so far; a new logo, polished messaging, and other branding components are still in the works.

Join the list.
Dallas innovates, every day.

Sign up to keep an eye on what’s new and coming to Dallas-Fort Worth, every day.

READ NEXT

  • While it may seem like the public announcement is the finish line and the end of late-night phone calls and closed-door meetings, it also seems like it’s just the beginning.

  • Ryan acquired PTX Tech to develop and deploy embedded software and data solutions for its customers. Both companies seek to improve the customer experience and provide their customers with valuable technology.

  • BaCo Tech collects and manages all customers of a company’s accounting documents in one place. As a “conversion tool,” the technology takes an industry’s reactive workflow and transforms it into a proactive one, opening up more opportunities for consulting services.

Comments are closed.