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	<title>AI-powered bookkeeping platform Archives - The Tach</title>
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		<title>Fondo Aims to Mitigate the American Accountant Shortage with AI Bookkeeping Service</title>
		<link>https://thetach.com/?p=850</link>
					<comments>https://thetach.com/?p=850#respond</comments>
		
		<dc:creator><![CDATA[burhan]]></dc:creator>
		<pubDate>Sun, 24 Nov 2024 17:41:28 +0000</pubDate>
				<category><![CDATA[Tech Startup ideas]]></category>
		<category><![CDATA[AI-powered bookkeeping platform]]></category>
		<category><![CDATA[American Accountant Shortage]]></category>
		<category><![CDATA[Entrepreneurship in America]]></category>
		<guid isPermaLink="false">https://thetach.com/?p=850</guid>

					<description><![CDATA[<p>There is increasingly becoming a huge problem commonly referred to as the American Accountant Shortage that continues to undermine business operations throughout the United States of America. With the increased establishment of various companies as a result of high entrepreneurship, there has been a rapid and drastic increase in demand for accountants to manage various ... <a title="Fondo Aims to Mitigate the American Accountant Shortage with AI Bookkeeping Service" class="read-more" href="https://thetach.com/?p=850" aria-label="Read more about Fondo Aims to Mitigate the American Accountant Shortage with AI Bookkeeping Service">Read more</a></p>
<p>The post <a href="https://thetach.com/?p=850">Fondo Aims to Mitigate the American Accountant Shortage with AI Bookkeeping Service</a> appeared first on <a href="https://thetach.com">The Tach</a>.</p>
]]></description>
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<p>There is increasingly becoming a huge problem commonly referred to as the <strong>American Accountant Shortage</strong> that continues to undermine business operations throughout the <strong>United States of America</strong>. With the increased establishment of various companies as a result of high entrepreneurship, there has been a rapid and drastic increase in demand for accountants to manage various and challenging accounting, taxing, and financial responsibilities. However, the supply of qualified accountants is declining, and that puts businesses in a very vulnerable position. Fondo, a dynamic startup to address this gap has developed its <strong>AI bookkeeping platform</strong>. Combined for startups and small and medium enterprises or <strong>SMBs Fondo</strong> provides an all-in-one automated, solution for any financial activity. The article in question is devoted to the discussion of the global accountant shortage, the growth of Fondo, and the impact of the <strong>AI-based platform</strong> startups’ financial management.</p>



<h2 class="wp-block-heading"><strong>Entrepreneur Thrives Amid Economic Challenges</strong></h2>



<p>And yet, people’s concerns about the economy have not diminished, and, nevertheless, entrepreneurship in <strong>America</strong> remains strong This shows that in 2024 on average, there were 430000 monthly new applications for business entities, an increase of bof50% compared to t019 result. The increase seen over the last few years in the number of startups being built indicates that there is an entrepreneurial upgrade that people are very eager to start up even during recessions. However, this business increase has worsened the pressure created by the<strong> American Accountant Shortage</strong>.</p>



<p>Essentials of the accounting profession are in a slow but sure decline. It was estimated that 75% of the CPAs will retire over the next ten years. At the same time, ambition and a desire for a higher salary reduce the number of learners going to accounting classes to obtain a degree instead of focusing on the development of occupations such as technology and finance. This increasing demand and supply imbalance poses risks of difficulties for <strong>startups and SMBs</strong> who rely on accountants to optimize their financial performance.</p>



<h2 class="wp-block-heading"><strong>Fondo’s Origin and Mission</strong></h2>



<p>In response to the <strong>American Accountant Shortage</strong>, serial entrepreneur David Phillips founded Fondo in 2020. With a background in successfully scaling startups, Phillips recognized the urgent need for an efficient, technology-driven solution to fill the gap in the accounting industry. Before founding Fondo, he sold his coding school startup, Hackbright, to Capella University in 2016 and invested in over 85 notable startups, including Rippling, Flexport, and Liquid Death.</p>



<p>Fondo’s purpose is to use financial services to help<strong> startups and SMBs</strong> to improve their financial operations. Relying on artificially intelligent automation, <strong>Fondo</strong> minimizes the challenges faced while compiling and <strong>filing business accounts</strong> and taxes.</p>



<h2 class="wp-block-heading"><strong>Fondo’s Rapid Growth and Milestones</strong></h2>



<p>In four years since its inception, Fondo has recorded significant strides in the realization of the <strong>American Accountant Shortage</strong>. Operating on a subscription-based model, the company has: Signed 1,200 customers which include big brands such as ElevenLabs, Karat, PostHog, Campus, Limitless AI, and many others. Generated $6 million monthly or $72 million annual recurring revenue (ARR). Become profitable while maintaining consistent growth. Fondo’s impact extends beyond revenue generation. The platform has saved its clients over <strong>$75 million in Delaware Franchise Tax</strong> and secured more than <strong>$16 million in IRS tax credits</strong>.&nbsp;</p>



<p>These savings are critical for startups navigating tight budgets and scaling challenges. To fuel its expansion, Fondo recently raised an oversubscribed $7 million seed round, led by Tokyo-based Money Forward, with participation from Y Combinator, Motley Fool Ventures, and others. This funding round valued Fondo at $66 million, providing the resources to further address the <strong>American Accountant Shortage</strong> and enhance its platform’s capabilities.</p>



<h2 class="wp-block-heading"><strong>Fondo’s Competitive Advantage</strong></h2>



<p>The competition seeking to offer <strong>AI-based bookkeeping </strong>services include Pilot, Bench, Digits, and Finally. However, Fondo is unique in the sense that it offers a solution that is designed for<strong> high-growth startups </strong>cum <strong>SMBs</strong> only. Many conventional approaches to accounting subsequently involve organizations in using several systems for record-keeping, taxation, and analysis. This uncoordinated approach leads to more time consumption, thus time wastage,e anis d likely to produce wrong results.&nbsp;</p>


<div class="wp-block-image">
<figure class="aligncenter size-full"><img fetchpriority="high" decoding="async" width="926" height="624" src="https://thetach.com/wp-content/uploads/2024/11/American-Accountant-Shortage.jpg" alt="Entrepreneurship in America" class="wp-image-852" srcset="https://thetach.com/wp-content/uploads/2024/11/American-Accountant-Shortage.jpg 926w, https://thetach.com/wp-content/uploads/2024/11/American-Accountant-Shortage-300x202.jpg 300w, https://thetach.com/wp-content/uploads/2024/11/American-Accountant-Shortage-768x518.jpg 768w" sizes="(max-width: 926px) 100vw, 926px" /></figure></div>


<p>Fondo’s platform consolidates these functions, enabling startups to manage all their financial needs through a single, streamlined interface. This differentiation has made Fondo a preferred choice among startups struggling to navigate the challenges posed by the <strong>American Accountant Shortage</strong>.</p>



<h2 class="wp-block-heading"><strong>Leveraging AI to Combat the Accountant Crisis</strong></h2>



<p>Many factors determined the success of <strong>Fondo</strong> and one of the big factors was the imaginative approach of applying an <strong>AI technology solution</strong> to the <strong>American Accountant Shortage issue</strong>. This means that easing of operations is achieved through the use of automation on the platform which makes it easier for businesses to deal with their accounting without the need for a huge team. Recent developments include: Designing an <strong>artificial intelligence</strong> agent that will be able to explain financial statements at the time of their preparation, during cash flow statement preparation, and preparation of spending ratios and trends. Delivering deeper financial analysis using analytics and reports as a value addition proposition.</p>



<p>Aligning it with tools that most founders tend to use in their day-to-day activities like payroll among others <strong>Software project management.</strong> Fundo also enhances users&#8217; capabilities through its use of artificial intelligence that performs <strong>bookkeeping chores</strong> but more importantly, it provides users with the right information that can be relied upon to make a sane decision. Over time, Fondo adapts to the scale of the businesses it serves, addressing their challenges regarding cross-border transactions and operations.</p>



<h2 class="wp-block-heading"><strong>Expanding Horizons: Fondo’s Future Plans</strong></h2>



<p><strong>Fondo</strong> currently employs 70 people and continues to recruit in all fields including product, engineering, and accounting. The company is oriented on strengthening a product that meets new requirements in the market and corresponds to the needs of startups and <strong>SMBs.</strong> Future initiatives include: Expanding the avenues available to decrease tax liabilities to a concern to reduce its expenditures. Including connections with the third parties’ tools that used by founders.International expansion by making compliance with the rules easier.</p>



<p>Reflecting on its mission statement, <strong>Fondo</strong> established with the mission of tackling the <strong>American Accountant Shortage. </strong>As a further part of the company’s corporate vision to serve the business fraternity by providing state-of-the-art financial solutions. Currently, the company will have to seek $7 million in seed funding to continue with this growth trajectory and the company provides so much value to startups.</p>



<h2 class="wp-block-heading"><strong>Tackling the American Accountant Shortage</strong></h2>



<p>As the more ominous <strong>American Accountant Shortage</strong> escalates, organizations seek improved means of handling their financial concerns. Founded by previous founders, <strong>Fondo’s AI bookkeeping platform </strong>is not only visionary but also addresses current startup requirements with agility, knowledge, and sophisticated data analytics.</p>



<figure class="wp-block-image aligncenter size-full"><img decoding="async" width="666" height="398" src="https://thetach.com/wp-content/uploads/2024/11/Entrepreneurship-in-America.jpg" alt="AI-powered bookkeeping platform
" class="wp-image-853" srcset="https://thetach.com/wp-content/uploads/2024/11/Entrepreneurship-in-America.jpg 666w, https://thetach.com/wp-content/uploads/2024/11/Entrepreneurship-in-America-300x179.jpg 300w" sizes="(max-width: 666px) 100vw, 666px" /></figure>



<p>In overcoming the challenges of accountant shortage, Fondo is not only supporting business success but also impacting exciting financial services. This has placed its strides ahead as the <strong>world of bookkeeping</strong> and<strong> financial management transitions</strong> to an all-in-one option.</p>



<h2 class="wp-block-heading"><strong>Conclusion</strong></h2>



<p>Fondo tackles the <strong>American Accountant Shortage</strong> by offering startups and SMBs an <strong>AI-powered bookkeeping platform</strong>. With innovative tools and tax-saving features, Fondo simplifies financial management, enabling businesses to focus on growth. By integrating automation and expertise, Fondo bridges the gap in accounting services while driving efficiency and accuracy. As the platform expands, its commitment to supporting entrepreneurs ensures that startups can scale successfully, even in the face of a growing accountant shortage. Fondo stands as a leader in reshaping financial management for the modern era.</p>



<h2 class="wp-block-heading"><strong>FAQs</strong></h2>



<div class="schema-faq wp-block-yoast-faq-block"><div class="schema-faq-section" id="faq-question-1732469593784"><strong class="schema-faq-question"><strong>What is the American Accountant Shortage?</strong></strong> <p class="schema-faq-answer">The <strong>American Accountant Shortage</strong> refers to the decline in qualified accountants.</p> </div> <div class="schema-faq-section" id="faq-question-1732469595133"><strong class="schema-faq-question"><strong>How does Fondo address the American Accountant Shortage?</strong></strong> <p class="schema-faq-answer">Fondo <strong>AI-powered bookkeeping platform</strong> streamlines financial tasks for startups and SMBs.</p> </div> <div class="schema-faq-section" id="faq-question-1732469596565"><strong class="schema-faq-question"><strong>What makes Fondo’s platform unique?</strong></strong> <p class="schema-faq-answer">Fondo combines bookkeeping, tax filing, and financial analysis into a single solution.</p> </div> </div>
<p>The post <a href="https://thetach.com/?p=850">Fondo Aims to Mitigate the American Accountant Shortage with AI Bookkeeping Service</a> appeared first on <a href="https://thetach.com">The Tach</a>.</p>
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