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Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

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61–70 of 118 posts

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#61

Wow, nice start. Integrated spreadsheets are a killer feature. Do any other accounting systems offer that? I think MS Dynamics does.

Appreciate it, yeah to our knowledge Dynamics is the only one, they've got the 'we're Microsoft' advantage in that regard, but we're proud of our sheet and hope to grow it into something that's more learnable/usable/helpful than excel itself

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#62

Awesome . Congratulations on the launch. Would you say Modernbanc is more personal finance focused or geared toward small business? Does it support federal quarterly tax estimates for a business?

Thanks! We're focused on small businesses/startups. Out of the box no it doesn't support automatically calculating federal quarterly tax estimates. You could have a live sheet with a formula for this that updates as your income changes though

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#63
post #61

Wow, nice start. Integrated spreadsheets are a killer feature. Do any other accounting systems offer that? I think MS Dynamics does.

Appreciate it, yeah to our knowledge Dynamics is the only one, they've got the 'we're Microsoft' advantage in that regard, but we're proud of our sheet and hope to grow it into something that's more learnable/usable/helpful than excel itself

[dead]

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#64
Just a heads up in case you were thinking of selling into the same demo as Linear:

I pay a small amount for outsourced accounting and never need to touch quickbooks. I think this is pretty standard for VC backed startups. The accountant sends us reports in Excel with everything I need to know.

Also, devs really appreciate the craft of Linear. Accountant / CFO is a lot less likely to care. They'd probably rather use something they already know then something that is 10x better on UX.

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#65

Awesome . Congratulations on the launch. Would you say Modernbanc is more personal finance focused or geared toward small business? Does it support federal quarterly tax estimates for a business?

Thanks! We're focused on small businesses/startups. Out of the box no it doesn't support automatically calculating federal quarterly tax estimates. You could have a live sheet with a formula for this that updates as your income changes though

Ok, thanks. Handling calculation and payment of quarterly federal taxes is a big deal and reason a lot of small businesses use Quick Books Self Employed. Perhaps look into it, I know I would consider switching.

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#66
post #61

Wow, nice start. Integrated spreadsheets are a killer feature. Do any other accounting systems offer that? I think MS Dynamics does.

Appreciate it, yeah to our knowledge Dynamics is the only one, they've got the 'we're Microsoft' advantage in that regard, but we're proud of our sheet and hope to grow it into something that's more learnable/usable/helpful than excel itself

I believe client accounting firms, and probably companies themselves, would appreciate standardized accounting workpapers such as a loan amortization schedule, salary accrual schedule (to accrue salaries daily based on historical rates), depreciation schedule, and more. If you think of categorizing transactions as not only putting them in their final resting place (an account) but also as tagging them with special attributes (e.g. the attribute of needing to be accounted for in an aforementioned schedule), you'll have a killer innovation IMO. Many will tell you the dream of standardization is unrealistic but accounting methods are finite and a majority are well defined. You don't have to cover all use cases to win the hearts and minds of most who will see the value in prebuilt, integrated worksheets. Just an opinion from a client accounting manager who loves tools and applied theory.

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#67

Just a heads up in case you were thinking of selling into the same demo as Linear: I pay a small amount for outsourced accounting and never need to touch quickbooks. I think this is pretty standard for VC backed startups. The accountant sends us reports in Excel with everything I need to know. Also, devs really appreciate the craft of Linear. Accountant / CFO is a lot less likely to care. They'd probably rather use s…

This is something we've been thinking about and in our conversations there are many SME/Founders that want to be more hands on in the day to day of their finances, being able to generate reports instantly instead of playing phone tag.

I don't know if it's the case that Accountant's or CFOs wouldn't care about a 10x user experience improvement, our bet is that the majority of folks are looking for a better UX, devs just know that they could build it if they really wanted to. One thing we're focused on is the learnability of the tool, building a system that allows folks to reach a level of knowledge to feel comfortable quickly, and we're trying to pair that with flexibility, so people feel empowered to build the systems/flows that feel the more viable for them and their businesses/accounting practice.

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#68

Cant trial without credit card details?

There is a demo environment you can view once you've signed up, no credit card needed! To trial with your own bank details you need to input a card

sorry I couldnt find it. It takes me to stripe payment page.

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#69

Earlier quoted context omitted.

1 is supported 2 it's a fair point, I think something for us to keep in the back of our mind as we grow.

2 isn't a "fair point". It's... basically just correct. With respect, you just don't want to hear it.

Fair point, Excel is the standard, and we’re not trying to replace it. But an embedded sheet lets us do things that an add-in just can’t, like asking AI a question and having it generate a full sheet with supporting data instantly. The experience won't be the same if you have to open that sheet in excel instead of seeing it embedded in the app.

We think that’s a powerful complement to Excel, not a replacement. And of course, exporting to Excel/Google Sheets is always an option.

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#70

Earlier quoted context omitted.

Thanks! We're focused on small businesses/startups. Out of the box no it doesn't support automatically calculating federal quarterly tax estimates. You could have a live sheet with a formula for this that updates as your income changes though

Ok, thanks. Handling calculation and payment of quarterly federal taxes is a big deal and reason a lot of small businesses use Quick Books Self Employed. Perhaps look into it, I know I would consider switching.

Thanks for the heads up, I'll definitely look into this!
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