Thursday, November 7, 2013

Is Xero Looking At A Strategic North American Acquisition To Speed US Growth?

Ben Kepes for Forbes writes: This week it was suggested to me that cloud accounting vendor Xero could be in the early stages of measuring up a potential acquisition in North America. Xero now has well over 200000 paying customers globally but, much like its other markets, New Zealand, Australia and the UK, growth in the US doesn’t seem to have built rapidly. While Xero hasn’t published specific customer numbers for the US, at its recent series of conferences it boasted of customer growth and numbers in its other regions, potentially indicating slow uptake. This is to be expected for a few reasons. First, as stated before, Xero has taken time to build momentum in other markets. Secondly, and perhaps more importantly, in the US it faces an incredibly strong competitor in Intuit INTU +0.65% with its QuickBooks franchise utterly dominating the SMB accounting space. Thirdly Xero follows a sales approach that targets accounting practices as channel partners. Accountants tend to be slow to adopt new technologies and hence despite the fact that Xero is unquestionably an excellent product, its uptake is, to an extent, out of its own control.
This slower growth wouldn’t be a problem but for the incredible growth Xero has seen in its share price. While the CEO has stated that the company pays little attention to the share price, at a market capitalization of close to $5B in New Zealand dollars, there is incredible pressure on the company, still doing relatively tiny revenue (currently around $70M annualized), to justify this price. The company announced a fundraising of a massive $180M only a couple of weeks ago led by Matrix Capital Management and the Peter Thiel-backed Valar Ventures. Since then the share price rise has been incredible as shown by the stock chart below:
It has to be said that this price rise is, in part at least, a reflection on the very low liquidity of the stock. Current shareholders are holding their stock and very few parcels actually come up for sale, distorting the price upwards.
While this sort of market capitalization is a great validation for the company, it also puts them under incredible pressure to perform and achieve the growth that is factored into the current price, which is where the acquisition suggestion that I heard comes in. Given that Xero is likely experiencing a similar velocity of sales growth in the US as it has elsewhere, an acquisition that could short circuit the growth lag is a plausible suggestion. Two companies that have been suggested as targets are Wave Accounting and FreshBooks. Let’s look at them both.
Wave Accounting
Wave (further information on them here) is an interesting company. Set up with the intention to offer free accounting software for SMBs it follows a similar approach as personal financial management product Mint.com (now owned, coincidentally, by Intuit) and monetizes by delivering highly targeted ads to users. In Wave’s case, this might take the form of special offers for customers – say I buy toner cartridges every six months, Wave can infer that information from the data it holds and offer me a special deal on cartridges the next time it assumes I’m ready to buy. It’s an interesting approach but questions remain as to whether business customers will trust a free accounting product or whether they’ll be turned off by the advertising.
Wave has raised around $25M in venture funding, most recently another $6M last month. Interestingly enough, despite being adamant that the accounting product will remain free, Wave has introduced peripheral paid services. One assumes this is a reaction to slower than anticipated revenue growth through advertising, potentially as a result of slower than anticipated customer uptake of the product. If this is in fact the case, then despite the recent funding round, Wave could look positively at a potential short to mid term exit.
From Xero’s perspective the deal would be relatively simple, they can certainly afford to buy Wave (either in cash or stock) so that wouldn’t be a barrier. However there is something of a disconnect between Wave’s dogmatic approach towards free and Xero’s more traditional model. The customer numbers and/or channel partnerships would have to be very appealing for Wave to be a good target, but even then Xero would have a hard time explaining the free to paid story.
FreshBooks
Freshbooks (more here) is also an interesting company. It’s arguably the most well known and popular invoicing application with over five million “users”. Unfortunately the company gives no information about the two most important things around customer count: how many of those users are regular (ie what churn they’re seeing with customers dropping off) and how many of those users actually pay for the service. My sources tell me paying customers are a fraction of total users.
Interestingly while FreshBooks started as an invoicing application, last year it re-positioned to start calling itself an accounting application. While one could argue whether a product without true double entry accounting can really be called an accounting application, the company has been broadening out the functionality it offers within the application.
FreshBooks has done an excellent job of penetrating the market, they have a quirky culture and focus on exceptional customer service. Founder Mike McDerment is a well respected entrepreneur and over the past year or so he’s built an A-grade management team around him. Little details exist publicly as to either revenue or profitability figures an article on Bloomberg last year stated that:
FreshBooks, which now has 110 employees… has achieved success without the help of venture capitalists, the lifeblood of startups for the past half century. While the company doesn’t disclose financials, FreshBooks has paying users in 120 countries and its product has been used by more than 5 million people since its inception
Interestingly some back of the napkin calculations by one experienced SaaS executive last year suggested that FreshBooks might have an annualized run rate of around $22M. This is a significant figure and would mean that any valuation that FreshBooks obtained for either funding or a buyout would be significant, in Xero’s case a cash purchase wouldn’t be viable. In an email conversation with McDerment he reiterated that FreshBooks is #2 in the US for paid customers after Intuit – given Xero’s ambitions, that’s certainly fighting talk!
Acquiring FreshBooks would give Xero a massive customer base – globally but with an all-important huge presence in North America. However FreshBooks sales approach is different to Xero’s they are primarily a direct to consumer product and how well this would fit with Xero’s culture, managements team and core approach is unknown.
Summary
I need to reinforce that the acquisition suggestion was simply a hunch by someone who, while well au fait with the industry, has no specific inside knowledge. However, even if the hunch is unfounded, it does raise the question about how Xero is going to achieve the growth to justify the share price rapidly enough to keep shareholders happy. Given that many shareholders bought stock at $1 per share, the return in only a little over six years is incredible. There’s not a shareholder who purchased at IPO who shouldn’t be extremely happy right now. But the markets being what they are, everyone is looking for continued growth, given that analysts are fairly adamant that current pricing takes into account expected growth and you have a situation where the company has to do even better than expected to deliver results. That’s a difficult situation to be in and one that calls for significant action beyond “business as usual”.
It’s certainly an interesting ride and it will be fascinating to see how the next few months pan out for the company. I reached out to Xero to comment on these suggestions but at publication time had no response to my email. Watch this space.
Posted on 6:11 AM | Categories:

Top Android Apps for Accounting

Topapps writes: These days, with the growth in technology and mobile app development, people don’t like to waste their time by manually performing functions which can be done in seconds by using mobile applications.


These mobile applications have become a way of life and come with a host of benefits and advantages. If you are into accounting and finance, then the good news for you is that there are many accounting apps that can make work easy for you.
We have shortlisted some of the best available Android mobile apps for accounting and the list is as follows:

Xero for Android

This is an Android based accounting app which is perfect for accountants and business owners. It helps in tracking finances, managing cash flow, checking invoice, checking bank balances and even uploading receipts etc.  The best part about it is that it is available for free!
Xero for Android

Expensify for Android

This Android app is often rated as one of the best apps for business travelers who wish to log expenses, capture receipt pictures and manage reports, all on the go! This app is also available for free.
Expensify for Android

Yendo Accounting

This is an app which is perfect for finance accountants who work for small businesses. It is a very easy to use app which does everything for you in no time. It has the ability to do invoicing, include payments and note down expenses.  This app is available for free on Android.
Yendo Accounting

Receipt Catcher

This is a perfect app for all  those accountants who wish to log expenses without doing any manual work and keeps a track of personal accounts and finances as well. Download it on your Android now to reduce workload.
Receipt Catcher

Mint

This is a personal accountant for all those who wish to track their expenses, savings and create budgets, all at the same place! This app is compatible with Android and comes with a host of features like tracking cash spending; viewing finances offline, categorize transactions and many more.
Mint

Check

This is another Android based app which lets you track your accounts very conveniently and notifies you whenever you are running out of money.  It monitors bank accounts and is an award winning accounting app.
Check

EasyMoney

This is a lovely money manager app which does all your accounting work in no time. It is not only a manager, but also a bill reminder, a budget planner and an expense manager as well.  It comes with comprehensive graphs, reports and charts to analyze income and expenses.
EasyMoney

Google Wallet

Google Wallet is a very useful and easy to use money manager app which keeps debits cards, credit cards and reward cards etc at the same place and helps in making safe transactions with extreme convenience.
Google Wallet

PSA Timecards for Salesforce

This is another Android based app for accounting which comes with a slew of tools and comprehensive features. This app is pre integrated with Sales force.
PSA Timecards for Salesforce

Posted on 6:11 AM | Categories:

Xero, the cloud and bubbles

Peter Griffin for Sciblogs writes:  Radio New Zealand’s business editor called me up last night and asked me what I thought of the company Xero, which has seen its share price soar over 500 per cent in the last year. 
The accounting software company today became the second most valuable listed company by market capitalisation behind Fletcher Building ($6.6B) before dropping back to third place behind Auckland International Airport ($4.7 billion). After hitting $41 today, Xero’s share price closed at $34.00, which actually saw it drop 9 per cent for the day. That sort of volatility comes with relatively low liquidity. Still, the company is worth $4.3 billion. That is a staggering endorsement of the business.
Xero is yet to turn a profit and it could be years before it does. It is growing quickly and expects 80+ per cent growth next year.
I’m not a financial expert, I’ve just covered the tech sector for a long time, including the last time New Zealand tech stocks saw massive increases in value and – the depressing aftermath. Here are some of the points I made to RNZ – I’m interested to know what the Sciblogs community thinks as many of you are involved in fast-growing science and technology businesses:

What’s driving the growth?

- This isn’t being driven by New Zealand investors, but by interest in the US and Asia where investors are used to having stocks like Xero as a part of the high-risk component of their portfolios. So it isn’t really out of the ordinary, its just unusual for the NZX, unprecedented for a tech stock here, in fact. New Zealand day traders may make money (or get burnt) going along for the ride, but this is primarily trading among companies scouring the world for the next big thing.
- The share value increase has really been driven by the repeated investments led by Silicon Valley investor and Paypal founder Peter Thiel, who led the latest $180 million investment round after previously injecting money in 2010 and 2012. Thiel is known for only investing in technologies and businesses he thinks can change the game – Paypal, LinkedIn, Facebook and Palantir among them. Someone with that track record investing a third round of funding in a company is going to generate a lot of interest and therefore investment from people following the thought leader.
- Thiel is a big believer in investing in people – as he has said, companies and technologies change, but people don’t – investing in good people is a smart move. Xero founder and CEO Rod Drury is a visionary leader who has mobilised a team to develop, design and market a great product. Thiel’s repeated efforts to top up Xero’s funding suggests he continues to think Xero has something special – and can scale up to deliver the type of returns he expects from an investment when it gains serious traction in the US.

Can Xero meet expectations?

- The big question is whether Xero can take significant market share off arch rival Intuit in the US. Less important but still relevant is how long it takes to get there. It now has money to pad out that journey slightly. Drury has said that if you conquer the US with a cloud service, you conquer the world. That is what he seeks and it is a huge uphill battle. But he knows that if he can convert customers the way he has in New Zealand, the UK and Australia, they’ll never go back to their old software. He has talked before about his goal of reaching one million customers on Xero – it doesn’t seem unrealistic given the growth Xero has experienced today and the fact that these types of services benefit greatly from the network effect as more people come onboard as users.
- Intuit isn’t standing still – it realises it has millions of customers on its creaking desktop platform and needs to take them to the cloud. It needs to do better in building the ecosystem that allows other applications to plug into its core products such as Quickbooks, making them more useful and valuable as a result. Intuit is aware of this, making acquisitions and doing deals to catch up, but it is behind Xero technically, which means the nimble competitor has a window to exploit and a simpler message to sell without the baggage of having to support legacy systems.
- Xero has done a really good job at innovating and treating its accounting software as a platform that others can plug into to provide important components it doesn’t specialise in, such as payroll and receipts. Recently it added document storage to Xero so a user can place all the important files managers and accountants need to see, in one convenient place.

Maybe a sector bubble but not a tech bubble

The NZX has seen a number of technology companies list this year – Wynyard Group (forensic and data analysis software), SLI Systems (search engine software) and Snakk Media (mobile advertising) among them. Most recently was GeoOP, a job scheduling and management tool that was founded by a former Xero executive Leanne Graham, and which is one of those apps that plugs into Xero, therefore making both of them more useful.
GeoOP listed less than two weeks ago and shares priced at $1 on listing quickly surged 138 per cent on day one. It’s share price closed at $3.17 today down 12 per cent for the day.
Apart from GeoOP, the new listings have made fairly conservative progress – not out of line with new companies in other sectors. They each have their own set of opportunities and challenges and it will take some time to determine their longterm potential. But enthusiasm for GeoOP is something else – it appears in part to have come from the buzz around Xero. These are both pure software as a service (SaaS) players pursuing the same type of business model and appealing to the same type of investors. Both have relatively low revenue and high valuations based on their share price.
How sustainable that share price is depends on whether investors believe Xero and GeoOP can get customers to adopt their disruptive technology in large numbers.
If there is any bubble here, it is in the specific New Zealand SaaS sector, which currently isn’t a crowded field on the NZX, but which could grow as others eye up the value gains Xero and GeoOP have experienced. Then we may seriously have a bubble – and some of these companies will fail, denting confidence and valuations. But we are not there yet – and with a healthy war chest of funds, it will be two – three years before we really know whether Xero’s North American adventure pays off.
In terms of whether there is a tech bubble in the US right now, there has been a lot of commentary on this, stoked further by the IPO of Twitter, which has been valued at US$18 billion. Not bad for a company that has racked up US$300 million in losses. But again, like Xero this is a company with disruptive technology, huge future growth potential and with cash to see it through for a while as it develops revenue models. Facebook’s revival of fortunes on the share market has given renewed confidence to investors eyeing up social network companies like Twitter.
I think that consumers will grow increasingly disillusioned with advertising – this is what has happened in the media space, where online advertising is failing to make up for the decline in print advertising as the media moves to the web. I’d rather be betting on Xero than Twitter.
The Business to business sector that Xero inhabits seems more sustainable revenue-wise because their customers are willing to shell out several hundred dollars a year for their services. The freemium consumer world is a different story altogether, where advertising can be the main source of revenue.
So, a bubble? I don’t think so here in New Zealand. The Xero story has  invigorated interest in the New Zealand tech scene which is a very good thing. There is more capital available than ever before and entrepreneurs taking inspiration from Rod Drury. Xero is a sort of special case because of the international interest, which wouldn’t be that out of the ordinary if Xero was a Nasdaq company. But the future of other fledgling SaaS companies that chose to list on the NZX will determine the success of this high-growth sector and whether some high profile failures will take the gloss of it.
Posted on 6:11 AM | Categories:

9 Documents That Help You Reap Real Estate Tax Breaks

Technically speaking, April 15th is tax day. But for Americans who expect a refund - including many homeowners who want to cash in on real estate-related tax perks - filing sooner holds the promise of getting that check in hand, stat.

If you count yourself in that number, here’s a handy guide for 9 pieces of paper you should be sure to round up as you prepare to file, in order to reap every penny of the tax rewards you’ve earned by virtue of owning a home.

  1. Mortgage Interest Statement - IRS Form 1098. The meatiest real estate tax deduction on the books is the one that allows you to deduct 100 percent of the mortgage interest you paid in a year - including prepaid interest or points you might have paid at close of escrow, if you bought a home last year. By now, you should have received in the mail a Form 1098 from your mortgage lender that reports how much that interest totaled up to in 2011.  If you itemize your taxes and claim a mortgage interest deduction, you must include this form with your tax form when you file.
(If you haven’t received yours yet, most lenders that have online account management services also post the form digitally in your secure account on the web. Just login like you would to make your monthly payment, and look for a notice that says you can now download your 2011 Form 1098.)


  1. Property Tax Statements.  In addition to deducting your mortgage interest, if you own a home you are eligible to deduct the property taxes you pay to your local city, county and/or state.  You are not allowed to deduct some of the other miscellaneous expenses that some localities bundle up with the taxes they collect, like waste management and local assessments for things like street lighting, libraries and sidewalk construction.  To get this deduction right, the best practice is to have your property tax statements at hand and make sure you’re only deducting what’s allowed.
If you bought your home this year, it’s highly possible that you might not even have received a property tax statement yet - if that’s the case, look to #3, below.
  1. Uniform Settlement Statement (HUD-1).  If you bought or sold a home last year, right after closing you should have received a form called the HUD-1 Settlement Statement (hint: it’s usually on legal-sized paper and contains an accounting of credits and debits for you and your home’s buyer or seller). That form documents a number of line items which might help you out at tax time, including prepaid interest, the prorated property taxes you paid at closing, and closing costs like original fees and discount points. Some states offer tax credits for buying a foreclosure; check with your tax pro to find out if any such credits apply to you. If so, this statement might be your ticket to lower taxes.
And here’s another handy hint - if you can’t find your copy, you might have gotten it on a disk - and you can always email your real estate or escrow agent for a copy, as well.
  1. Moving Expense Receipts.  Moving expenses are tax deductible, if your move is closely related, both in time and in place, to the start of work at a new or changed job location and you meet the IRS’ time and distance tests. Long story short, your new home must be at least 50 miles farther from your new workplace than your old home was from your prior place of work, and you must work essentially full-time. So, if you bought or sold a home and moved in 2011, you’ll need to include receipts from expenses you incurred making the move (meals not included) in your tax prep paperwork.

  1. Cancellation of Debt Statement - IRS Form 1099. Homeowners who lost a home to foreclosure, or divested of one by negotiating a short sale or deed in lieu of foreclosure with their lender might receive some version of Form 1099 from their lenders, charging them with income in the amount of the mortgage debt that has been cancelled. You see, if you borrow money from someone, then they cancel the debt, that money you originally borrowed becomes income in the eyes of the IRS - and income is, as you know, taxable.

  1. Utility statements for home office.  For the average everyday homeowner who works at their employer’s place of business, utilities are not deductible (sorry!). But if there is a part of your home that is “regularly and exclusively” used for business, you might be able to claim that portion of your home as a home office, and deduct some portion of your home utilities and costs of painting and repairs, as a result.Talk with your tax provider about what expenses are allowable to be claimed under your home office deduction, and whether or not you should take it.
  1. Income and Expense statements from rental properties.  Some of you have elevated the art of home ownership to a business!  If you are a landlord, your tax situation is more complicated than that of the average bear; you’ll need to have complete income and expense statements when you put your tax returns together. It might actually behoove you to consult with a tax professional to make sure you are appropriately depreciating the property over time and not taking deductions that will expose you to the risk of audits, as well as to begin cultivating a long-term tax strategy for your real estate portfolio.
  1. Contractor receipts from energy efficient home improvements.  Under the Nonbusiness Energy Tax Credit, homeowners who have made improvements to their homes that fall within a list of energy efficient upgrades might be eligible to claim tax credits. If, during 2011, you installed energy efficient improvements such as insulation, new dual-paned windows and furnaces, you might be eligible for a tax credit of 10 percent of the cost of these upgrades, up to  $500 - only $200 of which may be used to offset the cost of windows.
  1. Mortgage Credit Certificate (MCC).  If you own a home you bought in the last few years using a Mortgage Credit Certificate issued by a local housing authority, that Certificate may entitle you to a pretty hefty tax credit, based on a percentage of the mortgage interest you paid - on top of your mortgage interest deduction. MCCs apply as long as you live in the home and have a mortgage on it, but they only apply to defray taxes you actually owe - you can’t use them to get a refund.  In any event, your mortgage credit certificate, if you have one, is a must-have document as you start putting your tax prep plan in play.
No matter what your tax situation is, if you own a home, it absolutely cannot hurt to get some professional help and advice to make sure you maximize your deductions, while minimizing your exposure to audit. And you should always consult with a tax attorney or certified public accountant regarding your tax liabilities and implications when you buy, sell, short sell or lose a home to foreclosure.
Posted on 6:10 AM | Categories:

Why an insurance contract plan is more tax-efficient than a 401(k)

Nicholas Paleveda writes: In 1921, MetLife introduced a group annuity contract that was used to fund pension plans. In 1974, this type of plan was codified as an ERISA plan and exempt from the minimum funding standard. The insurance contract plan allows a plan sponsor to purchase annuity contracts and life insurance contracts that are deductible from federal and state income tax, as well as Social Security and Medicare taxes. The insurance contract plan is a pension plan that grows tax-deferred and will pay benefits as a lump sum or lifetime income at retirement. 

But why is a life insurance contract plan more tax-efficient then a 401k?

Follow the money: 401(k) plans are not tax-efficient 

In a 401(k), funds go from the company to the employee as salary. First, 15.3 percent is taken out for Social Security and Medicare taxes, and then the funds go into the plan. In an insurance contract plan, the funds go from the company directly to the plan. No Social Security tax, no Medicare tax, which means no 15.3 percent load. No kidding. 
Posted on 6:10 AM | Categories:

Can a Twitter Freeze Slash Your Client’s Tax Bill?

William H. Byrnes, Esq., and Robert Bloink, Esq., LL.M. for Think Advisor writes: Although it might seem that your clients have little in common with the inside executives at Twitter, the company’s recently released initial public offering (IPO) documents would indicate otherwise. The Twitter executives have developed a plan to reduce their eventual gift and estate taxes in advance of their IPO, which could, of course, cause the value of the company to skyrocket. A closer look at the planning strategies employed by Twitter shows that your client does not have to be sitting on the next hot silicon valley IPO to benefit from their use. Even if your client does not own pre-IPO shares, the freeze and discounting strategies used can save them from a hefty tax bill.
Twitter’s Trust Strategy
Twitter’s now-public IPO documents indicate that both its chairman and largest shareholder have transferred substantial amounts of their stock holdings into what the documents call “annuity trusts,” which are believed to be grantor retained annuity trusts (GRATs). Further, the company’s chief executive and his spouse transferred shares into an irrevocable gift trust.
The rationale behind these trust strategies is simple—the executives are anticipating the value of their shares to grow substantially following the company’s IPO and logically wish to shelter this appreciation from taxes to the greatest extent possible.
The strategy works—and can work equally well for your clients—because it freezes the value of the shares at their pre-IPO prices for transfer tax purposes.
Mechanics of the Trusts
A GRAT essentially combines a trust that is established for a certain predetermined period of time with an annuity that pays the trust creator (the grantor) a set value each year of the trust’s existence. This annuity payout is the grantor’s retained interest. The remaining value passes to the grantor’s beneficiaries, and, thus, out of the grantor’s estate.
The value of the taxable gift to the GRAT beneficiaries is equal to the fair market value of the property transferred into the GRAT minus the grantor’s retained interest. The grantor’s retained interest is the actuarially calculated value of the annuity stream he will retain over the GRAT’s life based on the Section 7520 rate in effect for the month in which the GRAT is created. In a low interest rate environment, the GRAT strategy can substantially reduce the value of the taxable gift, resulting in lower transfer taxes generally.
The primary downside of the GRAT strategy is that the grantor must outlive the trust term for it to work.  In the case of the Twitter executives, who are all under 50 years old, the odds are good that the strategy will succeed.
The gift trust, similarly, seeks to move any post-IPO appreciation on the shares out of the eventual taxable estate, this time by taking advantage of the high gift-tax exemption levels that are currently in effect. The CEO of Twitter and his wife funded the gift trust with an amount that was about equal to the gift tax exemption—then around $10 million per couple—thereby freezing the value of the assets for tax purposes and keeping any subsequent appreciation out of their taxable estate.
Discounting Shares
The IPO documents also indicate that at least one Twitter executive combined his trust strategy with a strategy designed to discount the value of his shares. This strategy involves transferring ownership of the shares to a privately-held limited liability company (LLC), which essentially reduces their value because they are less marketable than shares owned outright by an individual.
Rather than simply giving an outright ownership interest in the shares, which would cause them to be valued at their fair market value, the Twitter executive can give ownership interests in the LLC that controls those shares, thus reducing the value of the gift.
While this strategy can substantially reduce the transfer taxes on the gift, the downside is that control over the shares becomes more limited.
Conclusion
Your clients do not have to be multimillionaires in order for these strategies to work; any client who has assets that are expected to appreciate in value can benefit from a well-crafted trust strategy.
Posted on 6:10 AM | Categories:

Xero Partners with New Automated AP Company

Seth Fineberg for AccountingTechnology writes: Xero has formed a partnership with Entryless, a new company focused on automatically generating digital general ledger records from bills in any format, physical or electronic, and syncs them into cloud accounting systems.

By using Entryless software to automatically capture and create accounting records based on the supplier bills processed, staff can reconcile, and synchronize expenses with Xero.
Entryless was formed by Mike Galarza, who had headed a team of accountants at a large manufacturing company while one of his advisors was a vice president at Hewlett Packard.

In his view, many companies are still overburdened by the large and wasteful manual processing of supplier bills. He claims the ability to reduce the time spent on a company’s accounts payable activity by up to 95 percent, lowering cost of AP up to 85 percent.

“Previous solutions required some combination of training and behavior change for the supplier and the AP department. We ask little to no change in the supplier relationship, and then consolidate AP for easy data-entry less processing,” said Galarza, who also claims Entryless can manage thousands of bills a month in any format. “We scale with software, not with hardware or data entry personnel.”

Posted on 6:09 AM | Categories: