United States | 2021

Lockstep Creates World's First Connected Accounting Cloud

Entrant Company

Pipit Communications

Category

Information Technology

Client's Name

Lockstep

Sub-Category

Startup IT Company of the Year

Lockstep was founded in March 2019 with the mission to connect the world’s accounting departments to help them work better together. Every business does business with other businesses, which means the books of trading partners are intertwined. The accounts receivable invoices of a vendor have to match the accounts payable bills of the customer. And when a payment is made on one of those invoices, the vendor has to make sure the records are updated to match the customer’s. Today, the state of the art way of doing this is to manually send emails back and forth with PDF attachments. More than ninety percent of accounting inboxes have no automation to help accounts receivable and accounts payable to collaborate with trading partners and coordinate payments. At Lockstep, we believe there is a better way. Lockstep automates the sharing of accounting data between B2B trading partners to keep their books in sync and accelerate payments. Lockstep shares data through automated workflows, online access, and via API. We call this automation "connected accounting", which optimizes working capital and departmental efficiency. Our flagship product is Lockstep Collect which provides email automation, a customer self-service portal, and team activity management for accounts receivable. With more than 200 customers on the solution, Lockstep processes over one million invoices monthly, between more than four million companies. The solution allows cash to be collected faster and easier to increase the bank balance of companies. Cash flow is the number one reason companies fail. The pandemic has made this more apparent, and has increased the need for accounts receivable to contact more customers to secure promises, establish payment plans, and resolve disputes. The automation of the solution gives accounts receivable the power to reach out to each and every customer with less work. Lockstep Collect increases cash flow and liquidity helping many companies secure up their receivables and deliver a 20-50x ROI.

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