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Running a business

How QuickBooks Online powers this revolutionary nanotech startup

Kismet Technologies was founded with a vision to be a leader in delivering innovative material technologies that help people achieve healthier, safer lives worldwide with minimal impact to the planet. 

Here, Chief Financial Officer at Kismet Technologies Spence Lloyd speaks about his experience working with QuickBooks OnlineSyft Analytics, and other technology companies to run and grow the business.

Leveraging QuickBooks Online

Operating a company like Kismet could have necessitated an entire finance team. However, thanks to modern technology, Kismet has been able to defer adding headcount to a finance team. Lloyd currently is the sole finance person. As he explains, “We're still a startup with 18 employees. Ten years ago, if I had been in the same position with a similar company, I would have needed at least another person to handle accounts payable, payroll, and financial reporting.”

The company’s accounting software is QuickBooks Online, which he describes as “a SaaS-based accounting system with a lot of power.” Kismet started using QuickBooks Online on the recommendation of its CPAs. They've been using QuickBooks Online from day one and have found it to be the best accounting solution for the company. They then chose the rest of their tech stack and software suite, enabling QuickBooks Online to reach its full potential. 

Kismet’s tech stack

Kismet uses various solutions to meet different needs to ensure they get the best value from the QuickBooks Online app ecosystem. Their tech stack includes:

  • Quickbooks Online as their base accounting software
  • Syft Analytics for reporting and analytics
  • Rippling for payroll and other Human Resources (HR) requirements 
  • Ramp to control spending and optimize finance operations
  • Rhythm to manage the team’s internal goals and KPIs, hold people accountable, and monitor what staff are working on 

These tools enable Lloyd to do the work of multiple people. As he puts it, “In terms of cost-effectiveness, it's tremendous.”

Finding a top-quality reporting application

When building the powerful tech stack outlined above, Lloyd had to do his homework–finding a reporting tool. QuickBooks Online is a robust tool, but it didn’t meet all of Kismet’s needs. The company required more advanced reporting, so Lloyd went searching for a complementary tool. “Reporting is fundamental to running a successful business,” Spence says. 

So, he began the search for reporting software on the QuickBooks App Marketplace and the software review site G2. His investigation surfaced “nothing but positive reviews for Syft.” 

Syft provides more functionality than the other solutions Lloyd found online, and it does exactly what he wants at a fair price. As a startup company, Kismet can’t invest in a “big fancy accounting system.” They need tools that are good value for money, and he finds that “QuickBooks Online and Syft are a great combination.” These two robust, affordable solutions enable him to provide excellent reporting to the team at Kismet and its investors.

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The level of functionality, ease of use, and the power of the reporting package blew me away. The combination of QuickBooks and Syft is a panacea. It's the best of all possible worlds.
Spence Lloyd, Chief Financial Officer at Kismet Technologies

Rather than hire more staff to fulfill various accounting functions, Kismet can focus its resources on developing its cutting-edge technology. Meanwhile, Spence uses technology to help with vital accounting functions such as reporting and analytics. His description of QuickBooks and Syft combining to create a panacea—a remedy for all difficulties or diseases—perfectly exemplifies the power of integrated software. 

Learn more about Syft Analytics and how it integrates with QuickBooks to visualize, analyze, and forecast your financial data.

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