Accounting software sucks

I love using 38 year old software! Don’t you?

Traditional accounting software, “SlowBooks” as Sasha Orloff the CEO & Cofounder of Puzzle refers to the incumbent, is out-of-date and just plain bad.

I remember those grueling hours spent on Quickbooks when I ran my own video production business. Oh, how I despised it. The only reason I stuck around with it was the sheer persistence of my accountant. The system is lethargic, prone to glitches, and so overrun by its feature-bloating project managers that it’s had lost touch with its foundational purpose. There are endless add-ons, side features, and gimmicky tools that not only dragged its speed down but also detracted from its primary function. And the worst part? It runs on a technology framework that’s nearly four decades old. No traces of AI, minimal online collaboration features, and an almost dismissive approach to harnessing the vast capabilities of the internet.

However, if you're feeling the same frustration I did, hold on tight because Puzzle will knock your socks off. But before that let me tell you a bit about Sasha’s background before setting out to revolutionize accounting with Puzzle.

A founder’s perspective on financial software

Sasha's entrepreneurial journey isn't just about founding companies; it's about addressing genuine financial challenges and fostering inclusivity. At LendUp, Sasha led a mission-driven initiative aimed at challenging predatory payday loans, turning them from debt traps into opportunities to build credit. LendUp innovated with technologies, like instant loan decisions via mobile phones, emphasizing financial health in underserved communities.

Later, with Mission Lane, Sasha pushed the boundaries further by launching the first-ever venture-backed credit card, designed specifically to empower consumers with financial education and tools to enhance their credit score. This card even boasted of innovative features like the ability to turn on/off with just a mobile click. These ventures were not just businesses; they were solutions to pressing financial issues.

Having walked the tightrope of financial entrepreneurship and understood the nuances from inside out, Sasha recognized a significant gap: the lack of intuitive and intelligent accounting software. This insight, combined with his history of innovative financial solutions, laid the foundation for Puzzle - a platform built not just on codes and algorithms but on real-world entrepreneurial experiences.

A lean team created an amazing product

At the heart of every revolutionary product lies a dedicated team, and Puzzle is no exception. Driven by Sasha's vision, Puzzle’s compact and focused team have created lightning fast software.

Puzzle's keystone is its general ledger, a robust system that goes beyond traditional bookkeeping. But the team didn't stop there. They introduced collaboration tools, AI-driven automation, and real-time reporting, eliminating the outdated and tedious processes that plague most accounting software.

The AI assistant they’ve built in is SO COOL. While filming Sasha demoed it by pulling up a computer purchase and “chatted” with the purchase via an AI prompt saying “this is a computer for an engineering hire.” The software took this information, categorized it properly by product, team, and even made it a capitalized asset! That would have been a 30-60 second process, depending on your internet speed, where you knew exactly the outcome you wanted yet still had to click all of the buttons.

Revolutionary multi-basis accounting

In the world of business finance, the debate between cash and accrual accounting has been long-standing, each with its own merits and limitations. You can’t easily do both and once you commit to one making a switch to the other is hard.

But what if there was a way to harness the strengths of both? Enter Puzzle's latest feature: multi-basis accounting.

For those unfamiliar, cash accounting is straightforward: revenue and expenses are recorded only when cash is received or paid. It's like looking at your bank statements, providing a clear snapshot of cash flow at any given moment. This method is particularly beneficial for startups and small businesses because it gives a clear picture of liquidity.

On the other hand, accrual accounting dives deeper, recognizing revenue and expenses when they're earned or incurred, regardless of when the cash transaction happens. This offers a more comprehensive view of a company's financial health, taking into account outstanding debts and future income. It paints a picture of long-term profitability, making it ideal for businesses with complex operations and transactions. Investors and lenders particularly prefer this type of accounting.

Puzzle’s new multi-basis approach unlocks the ability to have both cash and accrual accounting at the same time! With this, founders get a holistic understanding of their financial standing, from immediate cash flow to long-term profitability projections.

Empowering founders through financial clarity

Being a founder is no easy task. Between building a product, assembling a team, and raising capital, managing finances often takes a backseat. But as Sasha's experience underscores, financial clarity isn't just an added bonus – it's an absolute necessity.

Sasha recognized that most existing financial platforms either oversimplified the process, leaving out crucial details, or were too complex and slow for the everyday founder to navigate. There was a glaring need for a solution that struck the right balance - comprehensive and accurate enough to capture all financial nuances, yet intuitive enough to be used without a finance degree.

With Puzzle, founders are equipped with a powerful tool that demystifies the financial landscape. They can dive deep into the numbers, identify trends, and make data-driven decisions with confidence. The platform acts as a financial compass, guiding founders towards sustainable growth and profitability.

In essence, Puzzle is not just another financial software. It's Sasha's vision brought to life, ensuring that founders, regardless of their background or experience, are empowered with the clarity they need to steer their businesses towards success.

A big thank you to Sasha and team for having me visit their office and tell their story. I can’t wait to start using Puzzle myself!

Thanks for reading.

Keep on building the future,

— Jason