In the era of digital transformation and emerging tech, major accounting firms have enjoyed a nearly unchallenged dominance over the accounting industry. Their vast resources and well-established foothold have made them the go-to choice for large corporations in need of specialized accounting services.
However, in an industry riddled with high costs and often lengthy processes, a new player has emerged to challenge the status quo and join the expansive market. Meet Bean, the company that is redefining specialized accounting with an innovative, cost-effective approach.
A Fresh Approach to Specialized Accounting
Located in Palo Alto, Bean recently launched from stealth with the mission to democratize the global market for accounting services. For far too long, the Big Four firms controlled this $585-billion industry, setting the rules and often the price. Bean’s founders, Anees Pretorius and Cono Onorato, understood the pain points and saw an opportunity to disrupt the traditional model.
Unlike many larger firms, Bean does not require an extended period to start a project. Through a SaaS-enabled market network, the company can begin projects within 48 hours of initial conversations. More importantly, they offer services that have saved clients as much as 50% compared to traditional firms. How have they achieved this?
Bean’s Disruptive Technology and Talent Acquisition
Bean’s dynamic technology pairs client projects with the best expertise in just a matter of hours. The accountants, or “Beans,” as they are referred to within the company, are carefully selected through a stringent vetting process, admitting only the top 4% of all applicants. The expectations for the beans?
- Top-level positions
The strict selection process ensures that Bean’s clients have access to premier accounting professionals. But the Beans are given benefits as well, including the freedom to choose which projects they wish to work on, allowing them to be their own boss while working remotely.
Transparency and Quality Without the Premium
For many CFOs, dealing with major firms often means navigating surprise bills and opaque processes. Bean approaches things differently, with timesheets, billing, and invoicing being managed with clarity. It gives companies access to quality talent without the immense costs that might otherwise be involved.
Democratizing Access and Fueling Growth
Since its launch, Bean has completed tens of thousands of project hours for a client base comprised mostly of high-growth technology companies with revenues between $50 million and $1 billion. These numbers reflect a growing demand for a more agile, responsive, and affordable approach to specialized accounting.
Bean’s emergence is a testament to the power of innovation and the readiness of the market for a fresh approach to specialized accounting. By providing a compelling alternative to the traditional model, Bean is not only saving costs but also reshaping the way companies engage with accounting professionals.
As Bean continues to grow and disrupt the industry, its impact on the global economy will be worth watching. In a world where access to specialized services should not be restricted by barriers, Bean’s model may very well be the blueprint for a more democratized and accessible future in professional services.