Originally posted on 7/21/2022 on ScaleVC Medium
💡 Clearing is a banking solution for Short Term Rental operators to put bookkeeping on autopilot and access real time unit-level cash flow.
Today, operators and bookkeepers spend countless hours every month categorizing revenue and expenses to their respective units. This manual process is time-consuming, repetitive & error-prone. Yet, keeping accurate books is critical to visualize granular cash flow by unit, which allows informed decision making and, most importantly, filing accurate taxes and avoiding late fees.
In an ideal world, businesses should be able to easily open and manage unlimited bank accounts and assign a unique account number by unit, similarly to opening unlimited virtual credit and debit cards.
However, opening and managing numerous bank accounts quickly becomes chaotic in today’s banking ecosystem: hours to reconcile each account every month, minimum balances to maintain to avoid banking fees, back and forth between banks, and poor UX. Clearing leverages the latest Banking as a Service technologies to offer unlimited bank accounts and sub-bank accounts in seconds to put bookkeeping on autopilot. Clearing is synchronized with accounting softwares to help operators keep consistent records using external ledgers. The platform will also offer bill payment features, credit lines & seamless access to loans.
Real estate is just a wedge to tackling the founders’ long-term vision to make expense & revenue management simple for all businesses. With innovations, digital banking users will increase by 54% between 2020 and 2024.
The two co-founders are solving their own pains of managing 100+ short-term rental properties. With backgrounds in tech, data science, and management from McKinsey, they are on fire to build the future of business banking.
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