Fixing accounting.

In the US, over 99% of all companies are small businesses.

They form the foundation of the US economy, they’re responsible for over half of net-new job creation, and they deliver almost half of the country's GDP.

And yet, for these ~30 Million small business owners, accounting is broken.

So, we're fixing it.

How is accounting broken?

1

Late reports

Monthly Reports arrive 2-3 weeks too late! The industry-standard is a 15-21 day close, so by the time you get October's reports, November is almost over.

By then, you're thinking about December, not October - that ship sailed!

2

TLDR please?

Financials delivered as Excel models or black & white PDFs take far too long to understand, with the key takeaways lost in a sea of numbers.

In the age of AI, you should know what matters and what to focus on in seconds.

3

Accrual what?!

Today's entrepreneurs, creators, and influencers have no background in business finance: they do not understand accrual basis accounting and have no interest in learning it.

Cash is king, except, you know, when talking to banks or the IRS.

4

That's… not my business

To save time and drive down costs, many accountants conflate operational reporting and tax reporting, resulting in a chart of accounts that doesn't represent the owner's mental model of their business.

The result? The reports are useless and largely ignored.

5

Stop bugging me!

The questions from your accountant each month seem endless:

Where's the receipt for this?
What did you buy on Amazon?
Wait, what are these t-shirts for?
Was this really a business expense?

And given all the time they take to answer—and how confusing the reports still are—it's easy to understand why so many business owners question what they're even paying for!

6

Bugs, bugs, everywhere

Even after all the back & forth, it seems any deep-dive into the numbers uncovers rafts of mistakes. It's a tale as old as time...

Did you know you spent 237% more on Office Supplies last month?
Wait, why?
Uhhh, that's not Office Supplies.

Seeds of doubt grow fast, so it's no surprise how many business owners don't trust their own books and feel like they could do it better themselves.

7

Budgeting is too expensive

Most SMBs operate without a budget for a simple reason: they can't afford one. It takes hours for their accountant to massage their P&L into useful budget areas, and hours again each month to reconcile the budget areas back to actuals.

Nobody has the time—or the budget!—for that.

8

The forecast? cloudy

Entrepreneurs tend to be high-energy early-adopters, always looking towards the future for the next customer, the next new hire, or the next unlock to grow their business.

But most accountants spend so much time ensuring the past is accurate and the present is up-to-date, that little is left for what really matters: the future.

Don't hate the players,
hate the financial system.

We ❤️ Accountants

At Digits, we've spent years working with thousands of accountants to understand the challenges they face first-hand.

With few exceptions, they are unbelievably kind, passionate, hard-working folks who care deeply about helping business owners and getting the details right.

The job is more manual, and more tedious, than you would ever imagine.

Left behind by the system

To understand the problem, just glance at your credit card statement.

It's great at showing the date of each transaction and how much you owe, but everything else accountants care about—what you purchased and why—is lost to the sands of time.

Even critical info, like the vendor's name and location, is shortened into a hard-to-read description, causing unnecessary confusion.

Reconciliation deserves a reckoning

Endless hours each month are spent reconciling bank accounts—ensuring that what you see in the bank matches what you see in your books.

Back in the day, when bank errors were more common, this was worth the effort, but in the age of digital banking and mobile apps, you generally take your checking account balance as given!

Today, bank statements should be accessible as structured data via APIs to auto-reconcile your books, but due to the lack of Open Banking laws in the US, they aren't.

Rendered powerless by ancient software

The most popular SMB accounting software in the US is over 30 years old. The runner up? 20 years. Both rely heavily on manual data entry and archaic tabular interfaces, with limited autocomplete and no underlying intelligence.

Modern software design patterns and modern technology have opened the door to radically reimagining the core accounting and bookkeeping workflows to save time, reduce mistakes, and improve understanding.

Bringing this to life has become our obsession.

Let's fix accounting, together.

We work directly with US-based, VC-backed tech startups to fully automate their accounting.
We partner with top accounting firms to automate the tedium, scale their practice, and delight their clients.
Board of Directors
  • Jeff Seibert CEO & Co-founder
  • Wayne Chang Co-founder
  • Jessica Verrilli Partner, Adverb
  • Peter Fenton Partner, Benchmark

Welcome to Digits

If you ever hoped that accounting could be better—let's talk.

Thank you!

We're working through the waitlist as quickly as possible.

We’ll be in touch soon - stay tuned!

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