"First, Kill All The Bookeepers"
"First, Kill All The Bookeepers" is how a recent article about OneCore.com began. Backed by over $10 million in venture capital, www.OneCore.com, a privately-held company based in Woburn, MA, is attempting to revolutionize how small businesses deal with their finances. This new Internet company is eager to take a bite out of the banking and accounting services market by offering a one-stop suite of services that caters to the unique needs of entrepreneurs and small businesses.
The concept for the company started after small business owner Barry Star was charged $0.85 by his bank to deposit $100,000 in his own account. That made him mad. And gave him an idea . . .
The company's suite of services, called Electronic Financial Officer or EFO for short, includes bill paying, check writing, payroll processing, accounting records management, 401(k) account set up, and banking. All of this can be delivered to the entrepreneur over the Internet with one single, secure account.
Not only are these services easy to access, but they are cost competitive, too. Small business owners can get an interest-bearing operating account, cash flow reports, and access to an accounting program where data can be downloaded for as little as $25 a month.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.