This week on the Expert Voices podcast, Randy Wootton, CEO of Maxio, speaks with Bill Hollowsky, VP of Accounting Services at Kruze Consulting. Bill shares his journey through various organizations like KPMG, Oracle, and SunGard. He offers insights into the changing landscape of accounting in the startup world, and the importance of implementing effective technology stacks from QBO to NetSuite, and shares his perspective on the industry's labor shortages. Randy and Bill discuss critical industry trends, such as the cryptocurrency boom and bust, as well as the recent AI surge, and explore what to expect in the near future. 

Quotes

• “When we transition new clients to us, we do a KYC and due diligence. We've seen some crazy stuff on the books and balance sheets. So what we'll absolutely do is go back and recast and redo and bring it up to standards. And in some cases, we actually offered to go ahead and amend taxes, so that everything is in sync and matches. ” -Bill Hollowsky [17:32]

• “As crypto took off and then the Web 3.0 trends happened, of course, it became a really big VC funding frenzy. But boy, folks were really writing checks into the start-ups that were impacting the whole market, which was really cool. So in a way, we had to become crypto and Web 3.0 experts very quickly. And if you looked at the GAAP standards and methodology and the FASB codification, it was very archaic.” -Bill Hollowsky [22:51]

Expert Takeaways 

• The necessity for SaaS accounting firms to leverage advanced technology stacks for efficient handling of financial tasks.
• How Bill's team uses a blend of off-the-shelf tools and custom-built software to meet diverse client needs.
• Evaluating transition phases where startups move their accounting systems, especially during significant funding rounds.
• An emphasis on the current talent shortage in the accounting profession and Kruze Consulting's strategic adaptation.
• The emergent importance of AI and how it is poised to revolutionize workflows in SaaS accounting services.

Timestamps

(00:04) Agile Methodologies in Accounting and SaaS

(03:21) Leveraging Technology for Efficient Accounting in Fast-Growing Firms

(06:50) Scaling Startups with Efficient Back Office Technology

(11:34) Navigating Accounting Transitions in Growing B2B SaaS Companies

(16:03) The Importance of Accurate Accounting in B2B SaaS Acquisitions

(18:48) Navigating Startup Challenges Amidst Black Swan Events and Market Shifts

(24:29) AI's Impact on Business Efficiency and Workforce Augmentation

(29:42) Innovative Hiring Strategies Amidst an Accounting Labor Shortage

(38:46) Mentorship and Inclusivity in Remote Work Environments

(44:26) Insights on Client Service, Influencers, and Startup Podcasts

Links

Maxio

Upcoming Events

Maxio Institute Report

Randy Wootton LinkedIn 

Bill Hollowsky LinkedIn