359: Connor Turland: Pioneering the Future of Bookkeeping with Ceedar.ai

Dec 4, 2024 47m

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Episode Description

Connor Turland (@Entrecurious) is the prototypical software entrepreneur. He found a niche from a "prior life" and is now building an AI bookkeeping SaaS.

Now, many founders struggle with bookkeeping, so this is your opportunity to learn more about the pitfalls and opportunities of that field from someone who speaks both "developer" and "bookkeeper."

Here's Connor and how he is employing cutting-edge AI in an industry that is usually very resistant to change.

Learn more about Connor at https://connorturland.com/You'll find Ceedar at https://ceedar.ai/

This episode is sponsored by Paddle.com — if you're looking for a payment platform that works for you so you can focus on what matters, check them out.

The blog post: https://thebootstrappedfounder.com/connor-turland-pioneering-the-future-of-bookkeeping-with-ceedar-ai/

The podcast episode: https://tbf.fm/episodes/359-connor-turland

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AI-Generated Summary

Transforming Bookkeeping with Cedar

In this episode, Connor Turland shares his journey of creating Cedar, a SaaS platform designed to automate bookkeeping tasks typically handled by human bookkeepers. He highlights the need for a solution that caters specifically to founders and startups by eliminating unnecessary complexities in accounting. Connor reveals how his own experiences as an agency owner inspired him to build a tool that simplifies bookkeeping while ensuring compliance with complex tax regulations.

The Opportunity in the Accounting Industry

Connor discusses the challenges of entering a slow-moving industry like accounting, dominated by established players like QuickBooks and Intuit. He explains that while competing with these giants is ambitious, the sheer complexity and outdated practices in accounting present a ripe opportunity for disruption. By applying first principles thinking, Cedar aims to strip away unnecessary complexities to deliver a more intuitive bookkeeping experience.

AI and Automation in Financial Management

One of the core innovations of Cedar is its use of AI to automate bookkeeping processes. Connor explains how leveraging AI enables quicker, real-time financial classifications and reduces the reliance on cumbersome back-and-forth communication between founders and bookkeepers. This automation aims not only to save time but also to empower founders with greater control and oversight of their financial data.

Challenges and Growth in Canada versus the US Market

Connor talks about the advantages and challenges of starting Cedar in Canada. He acknowledges that while the Canadian market is traditionally more conservative regarding financial innovations, it also presents a unique opportunity to target founders looking for modern solutions. Connor expresses his vision of expanding to the US market in the future but emphasizes the importance of solidifying Cedar’s foundation in Canada first.

Understanding the Basics of Financials

The episode also touches on the importance of demystifying accounting and bookkeeping for founders. Connor shares his transformative experience of learning how to prepare financial statements, emphasizing that accounting is not as complex as it seems and that understanding key connections like retained earnings can unlock greater financial awareness. He encourages founders to reframe their mindset toward financials and embrace the learning process.