John, what is this new data automation platform that you guys created and why should bookkeepers care about it?
A couple of years ago, I was talking to an accountant who does national speaking tours across Canada. And there is an interest from bookkeepers and accountants around data automation.
Cloud computing had come out so you have Xero, Quickbooks Online, and Sage One. And they have a lot of these cool functions that allow bookkeepers to do their jobs much more quickly than in a traditional desktop application. And so, you have digital bankfeeds, auto-categorization of transactions based on vendor.
But none of these features are available to the desktop version. So what we wanted to do is create a product that brought all of the best components of cloud computing and all the advantages and brought it down to the desktop.
And so, the Data Automation platform is the result of that. It’s about a year and a half worth of work. It’s fairly sophisticated and we give all the advantages to the bookkeepers and accountants that want to use the desktop version of the accounting platform but have the advantages of cloud computing.
So, we have receipts and data extraction from receipts, data extraction from bank and credit card pdfs. And the database does not even need to be at the bookkeeper or accountant’s location. We all do it through a web interface and we can do all the coding in our cloud SAAS platform and then you simply hit the synchronization button to pull all those transactions in the bookkeeper’s database.
It allows bookkeepers to be much more efficient when they’re doing bookkeeping for clients that are using the desktop application.