Overview
Ownr, led by CEO Shane Murphy, emerged from Founded Technologies, which he co-founded with Derek Hopfner, and Travis Houlette. The company was created to simplify the incorporation process for small businesses via a self-service online platform. Following its acquisition by RBC in 2020, Ownr integrated its services to provide a comprehensive suite of solutions for entrepreneurs.
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Challenges
Managing a surge in transactions made it difficult to maintain timely and accurate revenue recording within the strict two-business-day deadline.
Transitioning to a technology-driven solution posed challenges in gaining credibility among entrepreneurs who were hesitant to trust an online platform for incorporation.
As Ownr prepared to expand its services, the company faced challenges in building flexible financial processes to accommodate evolving market demands and diverse transaction types.
Solutions
Custom Stripe-Xero Integration
ConnectCPA developed a tailored integration between Stripe and Xero that ensured timely and accurate transfer of revenue and invoices into Xero. This custom solution went beyond typical one-to-one mappings, allowing us to take line items from Stripe and subdivide them into multiple general ledger (GL) accounts.
This capability enabled Ownr to accurately split commissions, government fees, and record deferred revenue, improving overall financial accuracy.
Custom Stripe-Xero Integration
ConnectCPA developed a tailored integration between Stripe and Xero that ensured timely and accurate transfer of revenue and invoices into Xero. This custom solution went beyond typical one-to-one mappings, allowing us to take line items from Stripe and subdivide them into multiple general ledger (GL) accounts.
This capability enabled Ownr to accurately split commissions, government fees, and record deferred revenue, improving overall financial accuracy.
To improve cash flow management, ConnectCPA implemented advanced reconciliation methods that ensured incoming funds from Stripe matched the corresponding invoices, enhancing accuracy and reducing the risk of errors.
ConnectCPA’s custom system was designed to directly import data from Stripe, bypassing the typical Stripe feed to avoid timing delays that could impact deliverables. This optimization contributed to the overall efficiency of the financial processes.
As Ownr expanded its offerings with new companies, such as Ownr Insurance, our custom technology and processes were easily adapted to support these new business lines, demonstrating flexibility and scalability in our solutions.
View Our Results
75%
The automation of daily tasks enabled Ownr’s team to shift their focus primarily to reviewing data for accuracy rather than handling manual entry. This change significantly enhanced productivity and allowed for a more streamlined workflow.
200%
The custom integration and processes supported Ownr’s rapid growth, allowing the company to seamlessly manage a two-fold increase in transaction volumes as demand surged.
180,000+
With streamlined financial operations, Ownr successfully incorporated over 180,000 Canadian businesses, solidifying its status as a trusted resource for entrepreneurs.
Key take-aways for Entrepreneurs
Automate for Increased Efficiency
Automating financial processes can significantly improve both efficiency and accuracy, allowing businesses to focus on what really matters - growth. By cutting down on manual tasks, teams can save time and reduce errors, freeing them up to tackle strategic initiatives and drive the company forward.
Adapt to Change with Custom Solutions
Custom solutions can adapt to evolving business needs, ensuring that companies remain agile and responsive to market demands.
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Through tailored solutions and support, ConnectCPA contributed to Ownr’s journey, assisting in the establishment of a strong market presence which ultimately led to their acquisition by RBC. This partnership highlights the importance of leveraging technology to streamline operations and drive sustainable growth.
"Working with ConnectCPA has truly made a difference for us at Ownr. Their team took the time to understand our unique challenges and provided tailored solutions that streamlined our financial processes. This support not only helped us serve our customers better but also built the trust we needed in our technology-driven platform. Ultimately, their partnership played a key role in our journey toward a successful acquisition by RBC, and for that, we are genuinely grateful."
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Shane Murphy, Co-Founder, Ownr
Why ConnectCPA?
ConnectCPA specializes in empowering businesses like Ownr with fully automated accounting solutions that save time, reduce errors, and ensure compliance. Our unique expertise in SaaS and cloud accounting helps businesses scale with confidence while keeping financial operations smooth and stress-free.
If your business is facing challenges with high transaction volumes and complex financial processes like Ownr did, ConnectCPA can provide the support you need.Contact us today to learn how our tailored solutions can help automate your accounting operations and drive your growth.
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