Before New Year's Eve, I had a conversation with a new prospect about the way they do bookkeeping.
20 years of the same frustration
We went through various processes and he has lamented to me his suffering; that the whole process of invoice processing is laborious and largely manual. That the approval of bills in the various markers is time-consuming and tedious and that all employees find the work extremely tedious and depressing. Accordingly his hopes are great to take a huge step forward with the Parashift platform.
That's how it sounds in the last few weeks and I've known the song for a long time. I have been working as an entrepreneur for around 20 years. For 20 years, these tedious and annoying jobs scourge employees in accounting teams and executives alike. Invoice processing is a constant, reliable source of infinite frustration. There has been surprisingly little over the years.
When I ran my first company, a computer trading company, 20 years ago, we had to manually record all vendor invoices (15-40 a day) in our ERP. When I look into medium-sized companies today, I mostly encounter a virtually unchanged set-up. Paper is sorted, signed off, manually typed. And the frustration is omnipresent.
A solution for today's businesses
There are several solutions to this dilemma. What they have in common is that they are associated with high acquisition and maintenance costs for medium-sized businesses, long project times, complicated set-ups, training and the notorious 18% maintenance contracts. And, almost always, these solutions look like they came straight from the '90s.
We believe this must be over. To process accounting documents digitally and automatically has to become the new standard. A solution that makes this possible must be as easy to book as a plane ticket.
And the costs must be so deep that every medium-sized business can safely afford it.
To meet this idea, we have Parashift Platform, which we will launch in the next few weeks. A product that enables businesses to deliver a turnkey, digital solution to the entire process.
For you and your team!
Why this matters to us is explained very quickly: the people out there in the accounting department are important to us. We find that lifetime should be spent as well and meaningfully as possible. Surprised typing receipts is definitely not one of them.
At the moment, manual accounting is very useful, very simple, because there is no way around it. But as soon as there are simple, real alternatives, manual labor becomes pointless. That's what we're working on.