Making it Work: the accounting start-up removes the administrator’s “paper cuts” for the founders
Throughout his years as a chartered accountant, Ross Hunt couldn’t help but feel that his industry was not functioning in a way that best served his clients.
“Rather than thinking about what the business owner needed, the top priority seemed to be what the accountant guild needed from the business owner,” Hunt said.
“And if you think the owner of the business is the customer, I didn’t necessarily know how the industry served the customer. I felt this was leading to a pretty bad customer experience.
More than a decade later, Hunt is now president of Outmin, a start-up that provides outsourced accounting and bookkeeping services to businesses. The company uses a combination of artificial intelligence and real accountants to provide clients with real-time financial data, and claims to remove the “administrative paper cuts” that are bogging down many start-up founders.
It also claims to offer far cheaper rates – 60% on average – than established accounting providers.
During his trip to Outmin, which he established alongside David Kelleher, a startup expert and former revenue manager at Jobbio, Hunt constantly tried to find ways to make it easier to manage the accounting and administrative needs of businesses.
While working at Comex McKinnon, the farming company run by his family, Hunt developed a digital system that automated the company’s processes to deal with compliance, risk management and accounting, as well as other tasks. difficult administrative procedures.
He later founded Cainthus, a start-up that used IT to give farming businesses better insight into their own operations.
The business was going well, but Hunt was frustrated with the number of administrative and operational tasks that came with starting a business.
“It occurred to me that no start-up founder should have to do all of this,” he said. “And during the lockdown, I decided there had to be a platform so that no one was ever forced to do the type of work I needed to do in Cainthus again.
“It is so damaging to your product or service and your focus on your customers. “
Less than a year after its founding, Outmin has already raised over € 650,000 in its quest to develop a product that aims to simplify the lives of entrepreneurs in small and medium-sized businesses. It currently has 13 employees and 70 Irish customers.
“Every week we tend to close the biggest deal we’ve ever made,” Kelleher said.
The company has already expanded into the UK market, where it plans to hire a full-time accountant to work with a “full book” of clients there. In 2022, Outmin plans to launch in Canada.
Outmin is currently focused on offering accounting services comprising both human expertise and digital information to clients. But in the long run, Hunt said the firm will grow to help clients with all of their administrative needs.
“We believe that solving this accounting problem is just the beginning,” he said.
Outmin is not actively seeking other outside funding, but Hunt said the company is “open to the right investor – the one who can help us grow faster.”
“Being able to invest to extend the software we are developing would certainly be interesting. We would like to find an investor who can help us grow as fast as possible.