Designing a revenue model
As things progressed, the scope of the project began to grow. After seeing that Thinkship had been instrumental in building a previous fintech business, the founder of Tie Accounting felt confident the company could provide some guidance with her business strategy.
Thinkship created a revenue model for Tie Accounting, and defined a strategic plan that outlined diverse sources of revenue. The model even included a fundraising option, something that the founder did not envision at the beginning of the journey, but embraced as a viable option.
To access crucial financial data, which was vital to the functionality of the app, Tie Accounting aligned itself with the International Bank of Chicago. This step proved to be a challenge, as the bank had existing tech infrastructure with which Thinkship had to integrate its own software.
Thinkship also needed to consider integrating the system with an Automated Clearing House (ACH), which is an electronic network for financial transactions in the United States. ACH is heavily regulated, and knowledge of the federal regulations surrounding this network was necessary for the project to move forward.
After becoming well-versed in ACH regulations, Thinkship was able to integrate the accounting tool with the bank’s existing tech infrastructure. Tie Accounting was one step closer to becoming the multi-platform tool that its creator had envisioned.
Revolutionizing the accounting industry
Tie Accounting Version 1.0 will be available soon on iOS, Android, and the web.
Thinkship will continue to work on Version 2.0 of the tool, which includes more user roles, comprehensive reporting, and more core features, such as multilingual capabilities.