Blue Onion CEO: Financial reporting still involves significant manual work
Lyndsey Bunting, CEO of Blue Onion, told CB Insights that the company's market encompasses all resources retail and e-commerce companies spend on preparing financial statements.
Retail and e-commerce companies dedicate significant resources to preparing their financial statements and answering questions about their finances, according to Lyndsey Bunting, CEO of Blue Onion, in an interview with CB Insights.
Bunting defined the market as encompassing accounting and close software, accountants, and the hours spent on manual work – essentially anything that touches the company's numbers.
Blue Onion aims to provide tools and approaches that streamline this financial process. Despite the availability of accounting software and outsourced services, a substantial amount of work remains manual. The company seeks to offer solutions that can reduce manual effort and improve the accuracy of financial figures.
While Bunting did not detail the specific technologies Blue Onion employs, her market description suggests a focus on addressing inefficiencies within the financial reporting workflow. This could involve integrating disparate systems or automating repetitive tasks that currently require considerable manual input.
The company's strategy appears to be centered on enabling retail and e-commerce businesses to manage and analyze their financial data more effectively by tackling the manual aspects of the process.