Automating the accounting process for accountants and their clients

How Thinkship helped Tie Accounting refine their vision, create a revenue model and integrate software on an Automated Clearing House (ACH) Network.

 
  • Mobile applications

  • Venture strategy

  • Financial technology

  • User experience design

  • Strategic guidance

  • Business analysis

  • Responsive design

  • Cloud-based application

  • Systems integration

  • Multilingual support

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The challenge

The founder of Tie Accounting approached Thinkship with the idea to create a comprehensive tool that would increase efficiency for accountants and business owners by bringing together disparate sources of data and automating vendor payments. To gain access to data and payment processing, Tie Accounting partnered with the International Bank of Chicago. Thinkship had to integrate technology infrastructure with the bank and ensure that all federal regulations were met within the Automated Clearing House (ACH) Network.

About Tie AccountinG

Tie Accounting is a multi-platform tool that automates the accounting process for both accountants and their business clients. Its alignment with the International Bank of Chicago streamlines banking processes such as bill payments and financial record keeping — a  benefit to businesses and accountants.

 
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Background

The idea for Tie Accounting developed when a career accountant saw an opportunity to optimize financial record keeping by digitizing the accounting process. After years of manually processing and categorizing data, she knew there had to be a more efficient method than sorting through and poring over multiple stacks of papers.

Having worked in the accounting industry for many years, she recognized that manual categorization was commonplace, and the existing tools lacked automation features and account integration software. She sought to revolutionize the accounting industry by creating a tool that would allow businesses to download bank statements, schedule invoices, and pay bills online while providing a digital record of these transactions for accountants.

By automating these processes, Tie Accounting hoped to simplify the financial side for businesses, while disburdening the upcoming generation of accountants.

Designing the tool

When the founder of Tie Accounting approached Thinkship, she was looking for a reliable partner that could bring her vision to life by designing a next-generation accounting tool.

She was also looking for a partner with strong communication skills, capable of maintaining timeline goals. Having seen Thinkship's work on a previous project, she chose the company to bring her idea to fruition.

Thinkship began by working directly with the founder of Tie Accounting to analyze existing workflows in the accounting industry and gain a better understanding of the market this tool would serve. Thinkship also examined tools already present in the financial tech space to see where improvements could be made.

Next, Thinkship organized strategic brainstorming sessions to analyze the client’s pain points. Through these exercises, Thinkship was able to design a solution by creating a minimum viable product, which would focus on payment and categorization — a solution that would benefit both accountants and the businesses they serve. 

 
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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 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.

Integrating ACH

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.

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