CPA.com, the technology arm of the American Institute of CPAs, has extended its partnership with Bill.com to beyond 2025. The deal “ensures that Bill.com will continue to make the accounting profession one of its highest priorities over that term,” according to CPA.com officials, although the exact length of the term remains unspecified.

BIll.com is the preferred provider of digital payments solutions for CPA.com, which recommends a range of software services to its members. CPA.com places great focus on helping firms transition to the cloud, and partnerships such as this with Bill.com are part of this strategy, according to the association.

Bill.com offers an Accountant Program in partnership with CPA.com. Program members get access to digital AR and AP, including the ability to review, approve and pay bills from any device; a single sign-on console that allows firms to manage all clients; cloud-based document management and storage; and certain certifications, training and tools for practice growth.

“Early on at CPA.com, we identified the cloud as a transforming technology for client accounting and virtual CFO services,” said Erik Asgeirsson, president and CEO of CPA.com, in a statement. “Traditionally, the business payment process presented a substantial pain point for accounting firms and their clients, and we felt we could play a role in reducing that burden. Our relationship with Bill.com offers firms a proven way to leverage technology to grow, establish a competitive advantage, and satisfy and retain clients.”

AICPA building in Durham, N.C.
Photo: AICPA

CPA.com, the technology arm of the American Institute of CPAs, and Bill.com, the nation’s leading business payments service, have agreed to extend their strategic partnership. Together, the two organizations will continue to help CPA firms grow their client accounting service practices and improve profitability through the power of cloud technology and digital payments.

Bill.com, used by more than half of the top 100 accounting firms, is the preferred provider of digital payments solutions for CPA.com, which offers a broad array of resources for firms on technology adoption and change management. The long-term partnership between Bill.com and CPA.com is based on strong traction and proven success with transitioning firms to cloud-based accounting services. Through training and educational programs such as the client accounting advisory services certificate and the Digital CPA workshops and conference, CPA.com has positioned firms to succeed in the shift to higher-margin, higher value services.

Firms using Bill.com, meanwhile, report substantial business growth and efficiency gains on once tedious, error-prone and time-consuming bill payment and invoicing processes. Bill.com is recognized as SOC 2 compliant, offers flexible and robust payment controls and, with features such as Positive Pay, offers greater payment security than paper checks.

“Early on at CPA.com, we identified the cloud as a transforming technology for client accounting and virtual CFO services,” said Erik Asgeirsson, president and CEO of CPA.com. “Traditionally, the business payment process presented a substantial pain point for accounting firms and their clients, and we felt we could play a role in reducing that burden. Our relationship with Bill.com offers firms a proven way to leverage technology to grow, establish a competitive advantage, and satisfy and retain clients.”

The Bill.com Accountant Program in partnership with CPA.com offers significant advantages for firms building an advisory practice and their clients with:

1. Digital AR and AP, including the ability to review, approve and pay bills from any device, at any time
2. A single sign-on console that allows firms to manage all clients
3. Convenient and secure cloud-based management and storage for bills and documents
4. Integrations with leading accounting solutions
5. The ability to maximize efficiency with certifications, training and tools that help grow practices

“With CPA.com, we have spent nearly a decade working with and listening to the nation’s leading accounting firms. Bill.com has developed into an essential tool that promises more innovations in the future. We are delighted to extend our partnership with CPA.com and continue our journey to help firms become more efficient and profitable through technology,” said René Lacerte, CEO and founder of Bill.com.

Firms say the best gauge of the program’s effectiveness is the response from their clients.

“Bill.com allows us to increase collaboration with clients, while adding the right controls and expediting the bill pay process,” said Lila McNair, a CPA with Warren Averett, CPAs and Advisors, a Top 35 firm in the southeastern United States. “The built-in access and controls are unmatched by other solutions.”

“We had no bill payment clients before adopting Bill.com three years ago. With Bill.com, we now have a service that brings in $250,000 a year in revenue,” said Matthew May, managing partner of Acuity. The firm has built its client base by bundling services with innovative third-party technologies.

For more information about the Bill.com Accountant Program, visit Bill.com or cpa.com/bill-management.

Recognizing that the accounting profession is due for disruption, the Association of International Certified Professional Accountants and CPA.com launched an initiative to jumpstart the transformation.

As many as five early-stage companies will get a major boost over the next year, thanks to a new startup initiative designed to drive innovation in accounting technology.

The Association of International Certified Professional Accountants and CPA.com Startup Accelerator will award up to $20,000 to finalists selected by AICPA and CPA.com executives after a round of live product pitches. Winners will also receive coaching from industry experts and the opportunity to showcase their products at AICPA’s Engage 2018 conference next June.

“It’s like Shark Tank for companies serving the accounting profession,” CPA.com CEO and President Erik Asgeirsson said in a statement.

But not just any company can apply. According to entry guidelines, the startup accelerator seeks pre-Series A companies that address one of two themes: professional competency or technology and financial information. Products in the latter category would include advancements in artificial intelligence, solutions that automate routine accounting tasks, and any other tool or application that helps accountants and financial teams “shift their focus more to value-add work rather than routine tasks.”

KEEPING AN EYE ON THE HORIZON

The desire to find innovative ways to serve clients comes as a response to the changing accounting landscape.

“It’s no secret that the accounting profession of the future will look radically different than it does today,” the startup accelerator’s entry page states. “We’re already being challenged to adapt and evolve to global trends and practices, such as the increasing complexity of regulatory compliance, task automation, artificial intelligence, blockchain, and the internet of things.”

Many in the accounting profession say embracing these changes is essential to riding the wave of digital disruption in finance. According to a statement from Lawson Carmichael, AICPA’s executive vice president for strategy, people, and innovation, the initiative allows the association and CPA.com to do just that: “For us, the startup accelerator offers a chance to ‘see around corners’ and take a more long-range view of opportunities in business transformation and innovation.”

Startups must apply by October 5.

The American Institute of CPAs and its technology-focused subsidiary CPA.com are jointly sponsoring an accelerator for companies that have potential to have significant impact on the accounting profession.

The initiative was announced at the 2017 AICPA Engage conference by Barry Melancon, president and CEO of the American Institute of CPAs. The aim of the initiative is to give the profession an early look at potentially disruptive technologies and services in finance and business.

Initially, the startup accelerator plans to support up to five early-stage companies over the next year. The companies should focus on either technology and financial information, which could include AI, automation or blockchain; of professional competency innovation, which includes focus on machine learning to personalize professional education, collaboration tools for mentors and experts, and improvements in measuring professional competency, among other categories.

“The Association and CPA.com have a deep base of knowledge and resources to offer entrepreneurs looking to find a foothold in the accounting ecosystem,” said Lawson Carmichael, the Association’s executive vice president for strategy, people and innovation, in a statement. “And for us, the startup accelerator offers a chance to ‘see around corners’ and take a more long-range view of opportunities in business transformation and innovation. There’s a compelling business case for collaboration.”

The accelerator will offer up for $20,000 in funding to each finalist, provide access to experts and mentors, and a spot to showcase their product or service at next year’s AICPA Engage conference with the opportunity for more long-term partnerships within the profession.

Ellison-Taylor and Melancon at Engage 2017
AICPA

Interested startups should be pre-Series A funding, although the associations will allow for some exceptions. Pre-revenue companies will be considered based on their development progress and business plan. Candidates will be expected to pitch their products or services this Fall.

For more information on the accelerator, click here.

The Association of International Certified Professional Accountants and CPA.com, the American Institute of CPAs’ technology subsidiary, announced Tuesday that they are launching an initiative to provide funding and support to early-stage companies developing innovative technologies for the accounting profession.

The Association and CPA.com Startup Accelerator will seek to support as many as five early-stage companies during the next year. The focus will be on startups in two key areas:

• Technology and financial information, which could include advances in artificial intelligence, automation of routine tasks, and the application of blockchain/digital ledgers; and
• Professional competency innovation, which could encompass machine learning to personalize professional education, collaboration tools for mentors and experts, and improvements in measuring professional competency, among other categories.

“The Association and CPA.com have a deep base of knowledge and resources to offer entrepreneurs looking to find a foothold in the accounting ecosystem,” Lawson Carmichael, the Association’s executive vice president for strategy, people, and innovation, said in a news release. “And for us, the startup accelerator offers a chance to ‘see around corners’ and take a more long-range view of opportunities in business transformation and innovation. There’s a compelling business case for collaboration.”

The startup accelerator will provide as many as five companies with up to $20,000 in funding and access to subject-matter experts, including an advisory panel of thought leaders in the accounting technology field available to provide coaching and mentoring on issues and opportunities unique to the profession. The funding will be subject to a commercial agreement that could take any number of forms, including using the funding to purchase equity in the startup or to assist with development of a product in which CPA.com and/or the Association would own part of the product’s intellectual property. Another possibility would be a channel agreement to provide access to the market.

Firms chosen for the accelerator initiative also would have the opportunity to showcase their product or service next June at AICPA ENGAGE 2018, one of the largest accounting-related events in the United States, and—with continued, successful development—the potential for longer-term, strategic relationships within the profession.

The main goals for the Association and CPA.com in launching the accelerator are to promote innovation and to give the accounting profession early insight into disruptive technologies and services in finance and business.

Applicants from all global markets are eligible to apply for one of the five accelerator spots. To qualify:

• Startups should be at a pre-Series A stage of financing, with some exceptions.
• The company must have a functioning product or service.
• Pre-revenue companies will be considered based on their development progress and business plan.
• Candidate companies must agree to pitch their product or service to Association and CPA.com executives this fall, after which up to five finalists will be selected.

“At CPA.com, we have been driving innovation for the past decade through our technology services, strategic partnerships, and training and education programs,” said Erik Asgeirsson, CPA.com’s president and CEO. “We’ve also been convening leading technology companies at our executive roundtables and other collaborative events, so the next logical step for us is to support earlier-stage activity with this Startup Accelerator. It’s like ‘Shark Tank’ for companies serving the accounting profession.”

Submissions by startups are due by Oct. 5. Interested companies that want more information can contact Greg LaFollette, a strategic adviser with CPA.com, at Greg.Lafollette@hq.cpa.com, or Mark Brooks, senior manager of innovation at the Association, at Mark.Brooks@aicpa-cima.com. To apply for consideration or learn more details about the Startup Accelerator, visit aicpaglobal.com/accelerator.