4 Accounting Software Business Success Stories [2024]
Accounting software is an important part of any business. Without a definitive accounting system, businesses cannot keep track of debtors, creditors, assets, and liabilities.
According to experts, demand for new and advanced accounting software is increasing than conventional software. Besides, conventional accounting software lacks technological competitiveness, which creates an environment for expansion and upgradation of the accounting software market.
Are you looking for a business idea within the accounting sector? If you understand how accounting systems work, you can build modern accounting software that helps businesses manage accounts receivables, payables, and the general ledger, among others.
In this list, you'll find real-world accounting software business success stories and very profitable examples of starting a accounting software business that makes money.
1. TenantCloud ($12M/year)
The founder of TenantCloud, who grew up in a small reservation town, became both an investor and a landlord, experiencing the challenges firsthand. Recognizing the need to streamline property management for landlords, they created a product that combines various functions such as rent collection, tenant screening, maintenance scheduling, and accounting all in one platform, catering to the 15 million landlords in the US who own 21 million rentals and house 60 million tenants. With a projected revenue of $15 million in 2021, TenantCloud has achieved profitability and plans to continue growing by making strategic acquisitions in the future.
How much money it makes: $12M/year
How much did it cost to start: $250K
How many people on the team: 130
TenantCloud is a leading property management software designed to assist DIY landlords in managing their rental properties, with revenue projected to reach almost $15 million by the end of 2021.
2. Workbooks CRM ($600K/year)
John Cheney, CEO of cloud-based CRM platform Workbooks, recognized the issues faced by mid-sized businesses with limited IT budgets and in-house IT teams. Seeing a gap in the market, he developed Workbooks to provide a cost-effective solution that offers a comprehensive range of functionalities typically found in more expensive platforms like Salesforce or Microsoft Dynamics. With an initial investment of £2 million and ongoing support from Angel Investors totaling £8 million, Workbooks has grown to serve over 1,400 customers across 30 countries.
How much money it makes: $600K/year
How much did it cost to start: $1M
How many people on the team: 55
Workbooks CEO, John Cheney, shares how he identified a gap in the market for affordable CRM solutions for mid-sized businesses and, after raising over £8m in seed capital, expanded globally, serving over 1,400 customers across 30 countries.
3. Free Cash Flow ($300K/year)
During COVID-19, accountant Alan Chen noticed online influencers facing financial mishaps. With his Big Four experience, he launched FreeCashFlow.io, now serving a niche market of content creators with precise tax and accounting solutions.
How much money it makes: $300K/year
How much did it cost to start: $500
How many people on the team: 2
A case study about FreeCashFlow.io, an accounting agency that specifically caters to the financial needs of Onlyfans models and entrepreneurs, helping them with bookkeeping, taxes, and financial management, all while overcoming the stigma associated with the industry.
4. A4E ($96K/year)
Sara, the original founder of A4E, launched the business in 2018 as a tax services company. However, after realizing that many of her tax customers had messy books and low profit margins, she decided to expand the services to include bookkeeping and CFO services. This shift allowed A4E to become a strategic partner for its customers, providing them with comprehensive accounting solutions. Since then, the business has experienced significant growth, with a MRR of $8k and a targeted MRR of $13k by the end of the year.
How much money it makes: $96K/year
How much did it cost to start: $1K
How many people on the team: 2
A4E, a full-service accounting business, grew five times from when it started about a year ago when it was only offering tax services, and its current MRR is around $8k with a targeted MRR of $13k, providing 100% done-for-you accounting solutions that combine bookkeeping, taxes and CFO services under one roof and for an amazing value for US-based businesses in tech-related industries and services.
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Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
Download the report and join our email newsletter packed with business ideas and money-making opportunities, backed by real-life case studies.
