ProcurementExpress.com Logo
Start Free Trial
ProcurementExpress.com Logo
Book a Demo
December 19, 2024

Cloud Accounting: Revolutionizing Finance

How did a £1 acquisition turn into a global software phenomenon? 💰 Michael Wood, co-founder of Dext and founder of Translucent, shares his entrepreneurial journey – from a bookkeeping headache to a multi-million dollar exit. Get inspired by his insights on leadership, innovation, and building a lasting business legacy.
The Gross Profit Podcast
The Gross Profit Podcast
Cloud Accounting: Revolutionizing Finance
Loading
/
Download File
Play in new window
  • 45 mins
  • 2024-12-19 22:48:45
Subscribe on

Show Notes

Show Notes: Cloud Accounting: Revolutionizing Finance

This week James Kennedy sits down with Michael Wood, the visionary entrepreneur behind Dext (formerly Receipt Bank) and Translucent, to discuss how cloud accounting is transforming the finance industry.

From turning a £1 acquisition into a global software phenomenon to spearheading innovations for multi-entity finance teams, Michael shares his inspiring journey of entrepreneurship, leadership, and legacy-building. Learn how his groundbreaking ideas revolutionized bookkeeping and how his latest venture, Translucent, is addressing the everyday challenges of CFOs and accountants.

What You’ll Learn:

  • The Journey of Dext: How Michael co-founded Dext, disrupted the bookkeeping space, and achieved a multi-million-dollar exit.
  • Innovations in Cloud Accounting: How tools like Translucent are empowering finance teams with real-time insights and automation.
  • Building a Lasting Legacy: Lessons in leadership, innovation, and staying ahead in a competitive industry.
  • Solving Multi-Entity Finance Problems: How Translucent’s CFO super-app simplifies accounting workflows across multiple entities.

Episode Highlights:

  • “Michael, your journey from Dext to Translucent is remarkable. What inspired you to tackle multi-entity finance problems with your new venture?”
  • “You’ve scaled a business from a small acquisition to a global player. What were the key factors that fueled Dext’s growth?”
  • “Cloud accounting has revolutionized bookkeeping. Where do you see the next big opportunities in the finance technology space?”
  • “For aspiring entrepreneurs, what advice would you give on building solutions that truly transform an industry?”

About Michael Wood:

Michael Wood is the founder of Translucent, the CFO super-app designed to streamline multi-entity finance workflows. He previously co-founded Dext (Receipt Bank), a pioneering tool in receipt and invoice scanning used by over 10,000 accounting firms and 1 million SMBs globally.

Michael’s entrepreneurial journey includes leading Dext to a multi-million-pound acquisition by Hg Capital in 2021. Today, he’s revolutionizing cloud accounting once again with Translucent, providing finance teams with a single system of record for real-time insights and automation.

This podcast is tagged under:

The Gross Profit Podcast

More Episodes

Merushka Chetty

Patrick McCarthy – How This Fractional CFO Navigated a $111M Acquisition

In this episode, James Kennedy sits down with Patrick McCarthy, founder of My Startup Consulting, to explore what it really takes to be a fractional CFO for early-stage startups – where chaos is constant and clarity is priceless. Patrick shares how his love of metal music and the “rules of the mosh pit” mirror startup leadership, why he left M&A for the unpredictable world of startups, and what founders must do to operationalize budgets so forecasts become reality. They also dig into fundraising realities, making tough cost-cutting decisions, EOS Rocks alignment, and Patrick’s firsthand experience helping guide a major acquisition exit.

Listen Now »
Merushka Chetty

Vincent Biscaye – Why Food Startups Fail (Finance Secrets)

In this episode, James Kennedy sits down with Vincent Biscaye, founder of Two Step Advisors and former commodities trader who walked away from a high-flying career to help entrepreneurs build real, sustainable businesses in CPG (especially food & beverage). Vincent shares how growing up across multiple countries shaped his leadership style, why finance in CPG is uniquely brutal (and why so many brands get blindsided), and what founders must understand about working capital, distributor deductions, promotions, and inventory accounting. They also unpack the fundraising reality for beverage brands, the pivot Vincent made from building a cold-pressed juice brand to launching his advisory firm, and the exact stage where fractional finance support becomes a game-changer.

Listen Now »
Merushka Chetty

Rachel Phillips – Lawyer Turns CEO: Building a 52-Person Accounting Firm

In this episode, James Kennedy sits down with Rachel Phillips of Fully Accountable – a trained M&A attorney who now helps lead a 52-person outsourced accounting and CFO services firm. Rachel shares how a background in competitive Irish dancing shaped her endurance and consistency as an operator, why she chose entrepreneurship over a traditional law career, and how Fully Accountable evolved into a metrics-driven, values-led team built for modern businesses. They also dig into 13-week cash-flow forecasting, budget discipline (without rigidity), purchase orders as a control mechanism, and what founders should know when preparing to sell a business.

Listen Now »