Aynsley Damery spent the bulk of his career working in award-winning small practices. With Clarity, he’s taking that service to the world.
Aynsley Damery is the co-founder of Clarity – an online platform that aims to connect small businesses around the world with accountants that can then provide detailed, data-led advisory services.
Scaling up advisory services
It’s about empowering small accountants to scale up their advisory services, he says, as much as it is helping small enterprises. The platform uses numerous, much talked about technologies such as big data, blockchain and machine learning so that small businesses and accountants can review financial information based on a set of criteria.
How does the online platform work?
Clarity links in with both Xero and QuickBooks online, so accountants can help clients gain a clear understanding of their numbers and how to make them better. They can develop step-by-step action and business development plans to build a better business, and, through the use of our structured online data room, small businesses can access the cash, funding and investment they need to grow and scale profitably.
Is there a particular framework that you’ve used?
We have built the “data room” around seven business assets: Brand and Culture, Finance, Tangible Fixed Assets, Legal & Governance, Product/Service, Systems, and Team.
By using this framework, advisors can work through a structured process, encouraging their small business clients to put in place all the elements a successful business needs to have, not only to get access to cash and funding but also to grow and become a more profitable business.
How has the business grown?
We are utilising the most up-to-date technologies to drive the platform forward and leverage the power of big data, which enables us to provide better insights to accountants and small business owners. Blockchain is just one element of that, together with artificial intelligence and machine learning.
How do you use blockchain?
Clearly blockchain has a big part to play in the future of technology. It can add, and does add, a lot of value and efficiency to multiple industries worldwide, not just accounting and finance. We have only just started to discover the use cases for blockchain technology, and are nowhere near full understanding of its transformation possibilities.
We use blockchain to provide a clear audit trail for the documentation stored within the “data room”. While the data is kept secure and private on AWS, we have created smart contracts around the signature process, so that Clarity holds the single source of truth for our small business owner’s data.
When they start looking for funding, the cost of due diligence should be reduced significantly, because their data has already been verified within our “data room”.
What is next for Clarity?
We want Clarity to become the global platform for small business owners. We want to make sure that an accounting firm can give every single business owner some level of business advisory, that is appropriate for both their size and the fee involved, making business advisory accessible.
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- AAT award winner: Growing your accountancy practice
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