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

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.

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 He explains that while competing with these giants is ambitious, the sheer complexity and outdated practices in accounting present a ripe opportunity for disruption.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.

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.

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.

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.