Lil Roberts, founder and CEO of Xendoo, said that working with Gusto was an obvious decision, as both companies share the same market: small business owners looking to streamline their bookkeeping, payroll or benefits needs. The next step will be a long-term, deeper tech partnership between the South Florida-based Xendoo and Gusto, which is headquartered in San Francisco.
“We have been working with Gusto for years and trust them as a partner through and through,” Roberts said in a news release. “Integrating Gusto’s embedded payroll into our new Xendoo Payroll solution will allow us to better serve our customers and expand our offering to create an all-in-one-place solution for the SMB community.”
Xendoo calls Xendoo Payroll a “major milestone” that comes at a time when the company is also enjoying a 777 percent two-year revenue growth and a place on the 2021 Inc. 5000 Regionals list, which places that company among the top 10 in Florida.
In an interview with PYMNTS in 2019, Roberts spoke of the challenges facing small businesses trying to do their own accounting work. “Accounting has been a problem for small businesses throughout time,” Roberts said. “Why? Because there is a big disconnect between the accounting industry and the small business owner.”
For example, CPAs and accounting firms often keep traditional nine-to-five hours, shutting down in the evenings and on weekends. And they request monthly bank statements and other financial documents from SMB clients to gain information and offer feedback. A small business owner, meanwhile, might find themselves working all hours and needing financial analysis in real time.
Read PYMNTS’ interview for more of Roberts’ thoughts on this disconnect, and to find out how open banking technology can help SMBs.