Bookkeeping Solution for Small Businesses
There are sixty-five million small businesses in the U.S. And most owners don’t have the time to master complicated bookkeeping software, or the money to outsource these types of services.
Synkbooks offers a solution. It’s created bookkeeping software designed specifically for small- and medium-sized businesses.
This company is targeting some massive markets, including the $180 billion software-as-a-service (SaaS) market, and the sixty-billion-dollar market for bookkeeping and payroll services.
Within these markets are competitors like Quickbooks and TurboTax. But only Synkbooks makes a businesses’ accounts and information “tax-return ready.”
Its software integrates users’ accounts with Plaid, a financial-technology service used by thousands of businesses (1 in 4 U.S. adults has connected a financial account with Plaid). Then, machine learning and Artificial Intelligence categorizes bank transactions into intuitive groups.
When it’s time to file taxes, those groups directly translate onto necessary forms, creating clean, readable, tax-return ready statements.
Synkbooks generates revenue through sales of its software, but also offers tax compliance and records clean-up services. Ninety percent of its revenues come from services, and the other ten percent comes from software sales.
Synkbooks’ software is used to manage more than fourteen million dollars’ worth of gross receipts from businesses. And the company achieved 590% revenue growth between H1 2021 and H1 2022. Revenue in 2022 was around $400,000.
Isai has nearly two decades of experience in the tax and finance sectors.
He began his career as a tax attorney, working with Bismarck Tax for more than ten years. From there, he became an adjunct professor and supervising attorney at Pepperdine University.
He earned a Bachelor’s degree in Business Administration from California State University, Northridge and Law degrees from Penn State and UCLA.
Lonny has more than twenty-five years of marketing experience and has achieved successful “exits.”
Prior to starting Synkbooks, he was Vice President of Marketing with DNA Diagnostics Center, a DNA-testing company. Before that, he was Director of Marketing with Myriad Genetics, a similar DNA testing business.
He spent three years as a consultant with EgoDynamic, his own business focused on helping small- and medium-sized businesses create marketing and sales strategies. Prior to that, he was an IT project manager with Computer Sciences Corporation, an IT-services company.
Lonny studied at Santa Monica College.