Outmin is recruiting finance and accounting talent to back up its AI-powered software so its customers don’t have to.
“We want to make it easier than ever to start and run a small business anywhere in the world,” said min output co-founder David Kelleher.
Founded in 2020, this Irish start-up provides accounting, bookkeeping, finance and tax services to small businesses in Ireland and the UK. These services are provided as a combination of software and a team of finance professionals.
“We see the future of the accounting industry focusing on ‘human-in-the-loop’ AI, where strong finance professionals are supported by new software to serve more businesses at a higher level. higher than before,” Kelleher explained.
“To this end, we apply data science principles to financial data and agile methodologies to human processes around data. Ultimately, this allows us to produce financial data faster and at a lower price than any vendor, while ensuring that our customers don’t have to worry about business data, compliance or of taxation. »
“It is very difficult for Irish start-ups to raise the capital they need to grow, especially at angel or pre-seed investor level”
Perhaps the most important result for Outmin’s clients is that, according to Kelleher, “they no longer need to hire finance or administrative staff.”
Outmin, however, needs that talent in place to deliver on his promise. The start-up hired its first full-time employee in February 2021, the very month of its commercial launch. “We now have 20 full-time staff across accounting, product, engineering, operations and sales with over 120 customers in Ireland and the UK,” Kelleher said.
He noted that hiring in today’s market is a challenge in itself for growing start-ups in Ireland, which “compete for talent with multinationals”.
“I think more could be done to help Irish start-ups attract talent because if they can’t do that they will struggle to grow,” he said.
Outmin has found support from the Irish start-up scene in the form of Dogpatch Labs, where the company is headquartered. But with “no shortage of innovation in the Irish start-up scene”, according to Kelleher, there is increased competition for available funding. “I think it’s very difficult for young Irish companies to raise the capital they need to grow, especially at angel or pre-seed investor level,” he said.
Luckily for Outmin, things are “going great,” Kelleher said. “We have exceeded just about all of our projections to date,” he said.
“In Toronto, I learned how to sell and got a lot of exposure to fast-growing tech companies”
Late last year, Outmin secured investment from Enterprise Ireland as well as some experienced angels and VCs who believe in the vision of Kelleher and co-founder Ross Hunt.
Hunt is himself a qualified accountant and previously founded Cainthus, an agtech startup applying computer vision and AI to food production. But the inspiration for Outmin came from another role.
While working as finance manager for agricultural supply company Comex McKinnon, Hunt built a financial operating system that Kelleher says “still runs the business today,” providing data and real-time financial reports.
It was Hunt’s understanding of the typical accountant-client relationship as well as an awareness of what was technically possible that led him to the idea and vision for Outmin.
Kelleher’s background, meanwhile, is on the business side of tech start-ups and scale-ups. He spent the first few years of his career in Toronto working in a sales and marketing consulting firm. “That’s where I learned how to sell and got a lot of exposure to fast-growing tech companies and seeing how they worked from the inside out,” he said.
He joined Hunt to start their own business after four years as revenue manager at Jobbio. He takes on the role of CRO at Outmin while Hunt leads as CEO.
Later this year will mark a return to familiar territory for Kelleher, as Outmin plans to launch in Canada. Kelleher also promised “exciting news” to come on the investment front. Watch this place.
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