ScaleFactor Reviews & Ratings 2024
Labeled Verified, they’re about genuine experiences.Learn more about other kinds of reviews. ScaleFactor has tightened up our bookkeeping, helped standardize our processing, and improved our reporting. We are very happy to be working with ScaleFactor and look forward to a long and fruitful partnership. Austin-based ScaleFactor provides their small business accounting automation platform designed to combine software and expert assistance to SMBs and remove concern for financial, tax and accounting challenges.
ScaleFactor Raises $100 Million Then Abruptly Shuts Down
Glean Analytics leverages untapped invoice data to surface relevant context, actionable insights, and savings recommendations. We help our clients scale their revenue and profits by implementing our 7 Factors of Scale. On January 21, 2021, TripActions, the cloud-based travel and expense management platform,… Less than a month later, an article was published on Forbes claiming that ScaleFactor’s collapse was due to entirely different reasons than those laid out by Rathmann. Before diving into the nitty gritty of the Forbes article claims, let’s learn more about ScaleFactor—what they were setting out to accomplish and how they managed to raise scalefactor significant funds in such a short amount of time. This addresses a company’s ability to configure the software to fit its specific use case and workflow.
Peace of Mind
Coming from the world of finance, Nathan understands and is familiar with the importance of finance/accounting software, and the complexities, struggles, and nuances that come with them. He has over 15 years of analytical experience in industries ranging from health care and transportation logistics to food service and software. Nathan received his MBA in finance and international business administration from the University of Illinois, Chicago, and his B.S. In production and operations management from California State University, Chico. It was then reported that customers started to cancel, while some of them demanded refunds. According to former customers mentioned in the article, ScaleFactor was overpromising and underdelivering, creating erroneous bookkeeping, and being viewed as more of a bookkeeping service business than a software platform.
Zoho Books Screenshots
One of the standout features of Scalefactor is its responsive and helpful customer service. Customers have praised the support team for their attentiveness and willingness to educate them about accounting principles. The staff goes the extra mile to find answers to customers’ questions and understand their business needs. Furthermore, Scalefactor provides greater visibility and facilitates good communication among teams, making it easier to collaborate on finances. Offering incentives for reviews or asking for them selectively can bias the TrustScore, which goes against our guidelines. ScaleFactor was kickstarted in 2017 when it received $2.5 million in funding from Techstars Austin, and then caught the attention of Canaan Partners, who invested another $10 million in 2018.
Ready To Scale? Here Is How To Get Started
Shortly after this, word spread about this software company that was going to disrupt the accounting world by using AI to solve very big, complex problems for the first time. Bessemer Venture Partners then invested another $30 million, and recently, ScaleFactor raised another $60 million in a Series C round led by Coatue, bringing the total capital raised to over $100 million. This component helps a company minimize the security risks by controlling access to the software and its data, and encouraging best practices among users. I’ll let you decide, but the one thing that’s apparent is that the challenge of interweaving accounting and AI functionalities into one platform that accomplishes tasks that are regularly performed by humans is no easy feat.
- We use dedicated people and clever technology to safeguard our platform.
- Users have found that the software allows CFOs to focus on financial goals rather than getting caught up in daily data entries.
- Users have found Scalefactor easy to use and appreciate how it simplifies tasks such as managing invoices, filing taxes, and importing bank statements.
- He has over 15 years of analytical experience in industries ranging from health care and transportation logistics to food service and software.
- Bessemer Venture Partners then invested another $30 million, and recently, ScaleFactor raised another $60 million in a Series C round led by Coatue, bringing the total capital raised to over $100 million.
- Before diving into the nitty gritty of the Forbes article claims, let’s learn more about ScaleFactor—what they were setting out to accomplish and how they managed to raise significant funds in such a short amount of time.
- Less than a month later, an article was published on Forbes claiming that ScaleFactor’s collapse was due to entirely different reasons than those laid out by Rathmann.
Scalefactor is a valuable tool for small businesses looking to streamline their accounting processes. Users have found that the software allows CFOs to focus on financial goals rather than getting caught up in daily data entries. Despite some glitches in the software, users appreciate the proactive troubleshooting efforts of the staff.
General Ledger and Configurable Accounting
This platform is particularly recommended for early-stage startups aiming to grow and scale. However, some users have felt oversold on the product, experiencing poor execution that resulted in wasted hours https://www.bookstime.com/articles/recurring-billing correcting errors. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active. We use dedicated people and clever technology to safeguard our platform. In summary, Scalefactor serves as an outsourced bookkeeping, tax, and financial department for companies at a fraction of the cost of hiring in-house expertise. Despite some glitches and concerns about overselling, users have found value in this software’s ability to systematize accounting processes, freeing up time for CFOs to focus on strategic financial goals rather than daily data entries.
ScaleFactor Screenshots
Most of these features were supposed to be powered by a combination of artificial intelligence (AI) tools and accounting experts. Users have found Scalefactor easy to use and appreciate how it simplifies tasks such as managing invoices, filing taxes, and importing bank statements. By using this software, small businesses fixed assets can save on the expense of hiring a full-time accountant while maintaining accurate and up-to-date financial records. Onboarding has been efficient and painless for many users, with new features regularly added to enhance functionality. Scalefactor also caters to the needs of businesses by providing advanced accounting knowledge and integrating with various platforms. Nathan is a Senior Research Analyst at G2 focusing on finance and accounting software and their respective markets.
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