Team of experts using LLM-powered tools unlocks savings, better financial insight for solopreneurs
SAN FRANCISCO, March 19, 2024 — Collective today unveiled Collective Accounting, an AI-powered accounting suite that offers solopreneurs a superapp for all their back office operations. Collective Accounting completes Collective’s all-in-one dashboard, providing the continuous visibility and control that the next generation of solopreneurs expect from modern finance apps, while a team of trained accounting and tax professionals does the heavy lifting.
America is becoming a freelance nation driven by young solopreneurs: 82% of American small businesses are now Businesses-of-One and 64% of US adults under 35 are self-employed or expect to freelance in the future. As freelancers delve into the administration needed to properly pay their taxes and keep their books up to date, they’ve been shocked by their choices: pay expensive local accountants and bookkeepers that often leave them in the dark, or spend hours on DIY finance. With today’s release, Collective has solidified itself as a third option, one that fuses human expertise with the efficiency of AI technology.
“The previous generation of small business finance software was invented for the twentieth century. It has been slow to evolve, become increasingly fragmented, and has largely ignored the solopreneur,” said Collective CEO, Hooman Radfar. “We believe AI-enhanced platforms will arm innovators with all the enterprise-level capabilities they need to operate the first billion-dollar Businesses-of-One. Collective is focused on giving solopreneurs financial superpowers, and new ones with every update to our platform.”
On the front end, Collective Accounting provides a suite of accounting tools that makes it easy to do business from a single platform. Collective members can send and track online invoices directly from the platform, deploy automated payment reminders, and collect payments via credit card or ACH. Collective Accounting’s all-in-one dashboard populates with interactive snapshots of cash flow and profit and loss that help solopreneurs make informed decisions.
On the back end, Collective Accounting uses Large Language Models (LLMs) to automate expense categorization, ensuring accounting and bookkeeping are error-free and deductions are properly captured to optimize tax savings. Accounting experts are empowered to deliver financial insights to members faster while devoting more of their time to enhancing the support experience. By combining AI technology with expert support, solopreneurs can access a team of financial professionals at a significantly lower cost than traditional accounting firms.
“Solopreneurs, especially the growing number of Gen Z and Millennial freelancers, don’t want their financial data scattered across five different tools and still be stressed that they might have missed something. They’re frankly tired of trying to make QuickBooks work,” added Radfar. “They shouldn’t have to choose between becoming accounting experts or overpaying CPAs. We’re at the threshold of a new era in financial management for solopreneurs. Soon, financial management will not just be a requirement to do business, but an essential engine that drives growth.”
About Collective
Collective is the first online back office platform designed for businesses-of-one. Collective’s AI technology and team of trusted advisors gives its members the freedom to focus on what matters by taking care of everything from business incorporation to accounting, bookkeeping, tax services and access to a thriving community – all in one platform. Collective wants running your own business to be as seamless as taking a full-time job. The company is run by a group of serial entrepreneurs and businesses-of-one who believe in empowering self-employed people to enjoy the same tax savings that big companies get. It’s a San Francisco-based startup backed by General Catalyst, QED, Google’s Gradient Ventures, Expa, and prominent investors who have financed and built iconic companies like YouTube, Substack, Twitch, Box, Instacart, Lyft, and more.
Website: https://www.collective.com/
Contact
Kristina Leal
Firebrand Communications for Collective
[email protected]
415-848-9175
(GLOBE NEWSWIRE)