Kurt Rathmann CEO, ScaleFactor
Kurt is a born and raised entrepreneur. He brings a diverse background measuring and growing businesses and functions as the Chief Everything Officer. He has a keen focus for growing revenue, refining operations and developing people. He is a news junkie, technological optimist, and has inherited the travel bug with a passion for exploring the world with his awesome wife.
1. Tell us about your role at ScaleFactor?
I am the founder and CEO of ScaleFactor.
I started my career thinking I wanted to be an accountant at a large firm, and my career has always centered around accounting in one way or another. Yet, as a software accounting company, ScaleFactor is able to help many more business owners than I was able to do on my own. My role as the CEO has changed to meet those growing demands, hiring software developers in addition to accountants now, taking investor meetings, and steering a much bigger ship of employees.
2. Can you tell us about your journey into this market?
I attended the McCombs School of Business at the University of Texas at Austin where my experience in the Professional Accounting program led to a passion for financial technology. After working as a Senior Audit Professional at KPMG, I became the fractional CFO of KNS Communications Consultants. During my time in this role, I turned my attention toward financial technology innovations and cloud applications. It was then that I developed my passion to create ScaleFactor. I saw firsthand how often small and medium-sized businesses were faced with financial operations inefficiencies that created a major disconnect between stand-alone actions and their impact on the business’ bottom line. I knew there had to be a better way. I created ScaleFactor to help SMBs by automating accounting tasks and translating financial data into useful insights, enabling business owners, managers, and entrepreneurs to be proactive and focus on what they love—running and growing their business.
3. How do you think technology is developing the Finance Sector?
The finance sector has been slow to automation due to the strict regulations placed on them—rightfully so. There has been a fear to create technology here that is finally being broken down by Fintech companies willing to take on more of the regulation.
4. How has the use of technology eased accounting functions?
The use of financial technology has eased the tedious and mundane process of bookkeeping that often gets pushed to the bottom of the to-do list. By completing these tasks for you and providing actionable insights, technology frees up time so business owners can focus on what they love.
5. How AI has transformed method of book keeping and made it more efficient?
The financial services industry has historically moved at a glacial pace. Artificial Intelligence (AI) is advancing the work that can take entire financials departments months at a time. Bookkeepers often take weeks to close and review the books at the end of the month, leaving them no choice but to ask the business owner for clarification on expenses from twenty days ago—with little context to jog their memory. With AI helping to classify expenses on a daily basis bookkeeping has become more streamlined. Important financial information that business owners rely on can now be accessed from any location at any time.
6. Can you explain how does your software help in better tax planning & expense management?
ScaleFactor Tax Compliance keeps business owners up-to-date on all deadlines, and our Tax Return and Preparation ensures that they are filed correctly. With confusing instructions and heavy regulations surrounding business taxes, tackling them can be time-consuming, and costly if mistakes are made.
7. What advice would you like to give to the Startups?
Be sure that the vision of your startup is clear and find people to join your team who are as passionate about your solution as you are.
8. How do you prepare for a Technology-centric world?
Companies are no longer left with the choice of whether or not to innovate, as they must embrace and implement new technologies in order to grow and succeed. Digital transformation in today’s technology-centric world can start simply by backing up information to the cloud and learning how to keep your company cyber secure.
9. Can you tell us about your team and how it supports you?
At ScaleFactor, we have created a company centered around inspiring and empowering the team to perform their best. Creating a productive work environment that boosts team morale should be the top priority for leadership. When a business provides supportive infrastructure, it galvanizes a workplace that fosters employee appreciation and encourages every team member to succeed professionally.