Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

Hacker News Discussion ↗

Product Positioning and Target Users

  • Framed as “modern, fast accounting” aimed at small US/Canadian businesses and startups, not mid‑market/enterprise.
  • Founders say they partner with accounting firms rather than compete with them.
  • Several commenters note this positions the product differently from QuickBooks/Xero’s long-tail SMB base and from SaaS-focused tools like Rillet.

Core Features and UX Reception

  • Strong positive reaction to:
    • Real-time bank integration (seen as a killer feature).
    • Integrated spreadsheet with custom formula language and AI-backed reporting.
  • Some see the built-in sheet as a potential future pivot; others argue it’s a powerful complement to Excel rather than a replacement.
  • Requests for: standardized workpaper templates (amortization, accruals, depreciation), invoice/price-change analytics, payroll/HR and e-commerce integrations, AI that goes beyond bookkeeping, and quarterly tax calculations.

Trials, Pricing, and Onboarding Friction

  • 14-day trial heavily criticized as too short for accounting cycles and complex setup; argued to shrink top-of-funnel.
  • In response, founders extended the trial to 30 days and acknowledged the need for better pricing transparency, especially for “growth” tiers.
  • Some friction around requiring a credit card for non-demo trials.
  • Multiple comments label pricing as “expensive” compared to incumbents like Xero.

QuickBooks/Xero, Accountants, and Excel Moat

  • Many express frustration with QuickBooks/Xero pricing and UX, but several emphasize their entrenched position:
    • Banks, payroll, tax systems, grants, auditors, and accountants often assume one of the major systems.
    • One detailed comment explains how accountants’ mastery of QuickBooks’ quirks acts as a moat, and why Intuit optimizes for them.
  • Strong consensus that Excel (or Excel + add-ins) remains the real competitor for reporting and analysis; exporting to Excel and possibly an Excel add-in are seen as crucial.

Trust, Longevity, and Data Portability

  • Multiple commenters worry about adopting accounting software from a startup that has already pivoted several times.
  • They want:
    • Clear, durable pricing and business continuity.
    • Strong export capabilities, ideally to CSV and directly into QuickBooks/Xero.
    • Some advocate for open-source or self-hostable options as the only truly credible exit strategy.

International and Feature Gaps

  • Interest from UK and European users (with open banking APIs) and from Canada/US customers needing multi-currency; multi-currency is on the short-term roadmap.
  • Some ask about personal-finance or smaller “personal plan” use cases, which are not yet a primary focus.