Gusto teams with ScaleFactor to automate accounting for SMEs
Payroll, benefits, and HR platform Gusto has some benefits of its own up its sleeve, writes Julie Muhn at Finovate. The San Francisco-based company has teamed up with ScaleFactor to deliver a fully integrated accounting experience to Gusto clients.
With ScaleFactor, Gusto business users can sync their payroll and benefits directly with their accounting and financial data. The combination of the two tools offers instant visibility of cash flow and access to Gusto’s payroll and benefits platform. Gusto’s head of partnerships, Mike Triantos, says the company formed the partnership because it knows “how important tools and technology will be in helping the users monitor the financial health of their business”.
“By joining forces with Gusto, we are empowering SMB owners and operators with the ability to seamlessly link accounting automation with HR and payroll,” says Kurt Rathmann, CEO and founder of ScaleFactor. “Having a comprehensive real-time view of a business’ health saves not only time and money, but enables business leaders to make informed decisions that drive growth.”
ScaleFactor was founded in 2013 to do what its name implies – help small businesses scale faster. By automating financial tasks such as accounting, payroll, bill pay, invoicing, cash flow forecasting, and tax compliance, ScaleFactor helps businesses focus on their business and make better business decisions.
With offices in San Francisco and Denver, Gusto processes tens of billions of dollars in payroll for more than 60,000 businesses in the US. The company also offers a painless way for small businesses to offer their employees benefits such as health insurance, 401(k) retirement plans, and 529 college savings plans.
This isn’t the first accounting platform Gusto has aligned with. Earlier this summer, the company teamed up with New Zealand-based cloud accounting firm Xero. The technical integration of the two platforms is still underway and is expected to be complete by early 2019.
Gusto, which launched in 2012 under the name ZenPayroll, landed $140 million in funding this summer, boosting its valuation to $2 billion.