Accounting firms are having a tough time keeping up with new technology. A recent survey by Rightsworks revealed that while 88% of these firms believe that technology has improved their efficiency, 60% are facing problems like disjointed systems, inconsistent procedures, and a lack of standardized processes. This means that even though they see the benefits of tech, many firms still struggle to implement it effectively.
To help solve this issue, new companies like Aiwyn are stepping in. Founded in 2020 and based in Charlotte, North Carolina, Aiwyn offers software specifically designed to help Certified Public Accountants (CPAs) manage their revenue cycle, which includes handling payments and invoices. Aiwyn’s platform automates these processes, making it easier for both CPAs and their clients to keep track of money flow.
The company was co-founded by Pat Morell and Justin Adams. Adams had a frustrating experience with a CPA firm while working on his previous startup, a healthcare company called Digitize.AI. After selling Digitize.AI, he received an invoice from the CPA firm two months later, asking him to mail a check to a P.O. box in Pennsylvania. This experience left him wondering why a well-known accounting firm would make it so difficult for clients to pay their bills. He felt that the process was unnecessarily complicated and frustrating.
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Even though Adams was feeling exhausted after his previous venture, he reached out to Morell, and together they began to brainstorm ideas that eventually led to the creation of Aiwyn.
Today, Aiwyn employs about 80 people and reported $8 million in revenue in 2023. The company serves around 130 of the top 500 accounting firms in the country, putting it in a strong position within a growing market.
The market for accounting practice management software is booming, valued at $1.29 billion in 2024, and expected to grow to $2.36 billion by 2031, according to Verified Market Research. A survey found that 93% of accountants believe that firms that use more technology are more likely to survive tough economic times, like periods of high inflation and rising interest rates.
Aiwyn is working on creating a comprehensive platform for accounting practice management, as well as a specialized application focused on tax-related tasks. To support these initiatives, the company recently raised $113 million in funding from investors including KKR and Bessemer Venture Partners. This brings Aiwyn’s total funding to $127 million.
Adams stated that Aiwyn is dedicated to helping CPA firms improve their operations and client relationships. With the new investment, they aim to transform how these firms manage everything from customer relationship management (CRM) to their financial records, while also enhancing the overall experience for their clients.
