In the early 1980s, the world of accounting was fraught with inefficiencies, delays, and frustrations, primarily due to the limitations of traditional modular-based accounting systems. These systems, though widely used, often proved inadequate when it came to postings, reconciliations, and month-end closings. The complex nature of managing multiple database silos was akin to tracking information with outdated classification methods, leading to significant delays and errors in reporting. It was within this challenging environment that Tim Mattingly and Tom Friedman, also known as T&T, saw an opportunity for change.
In 1982, in Houston, Texas, the duo founded Plus & Minus Software Corporation with a clear vision: to develop a unified, efficient accounting system that would eliminate the frustrations they had encountered. One evening, while waiting for a report, Tim and Tom conceived the idea of a special way of linking the general account with the sub-account. This innovative concept laid the groundwork for the creation of a unified file within a single-format database, marking the birth of Plus & Minus Software. This breakthrough would not only solve their immediate issues but would also set the stage for a revolution in accounting software.
Adapting to Modern Trends
In today’s fast-paced business environment, adaptability and flexibility are key. Plus & Minus Software has positioned itself at the forefront of these trends by offering versatile hosting options, including cloud, private server, and local hosting. The software is compatible with both Microsoft and Apple platforms, making it accessible and convenient for a wide range of users.
One of the most significant features of Plus & Minus Software is its transaction-based design, which links PDF documents to all transactions. This technology enables a truly paperless office, facilitating remote work and reducing the need for physical document storage. By eliminating the need for multiple reconciliations and ensuring that all data is readily accessible, Plus & Minus allows businesses to operate more efficiently and with greater accuracy.
Technological Advancements
Traditional modular-based systems rely on separate databases for each module, necessitating constant maintenance and reconciliation. These systems are prone to errors, delays, and data inconsistencies, which can disrupt business operations. Plus & Minus Software addresses these issues head-on with its innovative design, eliminating the need for financial reconciliations and streamlining the entire accounting process.
The company’s commitment to staying ahead of technological advancements is evident in its continuous development and integration of cutting-edge features. For example, in 2023, Plus & Minus incorporated its first AI routine, aptly named “Show me the money.” This AI-generated routine allows users to query the system by simply speaking the words, “Show me the money,” and the AI instantly provides the amount of cash available in all accounts. This development underscores Plus & Minus’s goal of making accounting accessible even to non-accountants, thereby broadening the software’s appeal and usability.
Plus & Minus Software’s XaaS Model
Plus & Minus Software offers a straightforward and cost-effective pricing structure that distinguishes it from other accounting solutions on the market. The company charges a one-time fee of $1,000 per company for startup and conversion, with all other services provided on a monthly subscription basis. These services include hosting, support, and accounting, all delivered by US-based support staff and accountants.
This XaaS (Everything-as-a-Service) model makes it easy for businesses to access and benefit from Plus & Minus’s advanced accounting solutions without the burden of high upfront costs or complex fee structures. By providing comprehensive support and services on a subscription basis, Plus & Minus ensures that its clients receive consistent, reliable service that meets their evolving needs.
Why Choose Plus & Minus
What sets Plus & Minus Software apart from its competitors is its commitment to simplicity and efficiency. Tim Mattingly and Tom Friedman’s decision to implement a transaction-based design has proven to be a game-changer, eliminating the need for postings, financial reconciliations, and month-end closings. This approach not only streamlines the accounting process but also reduces the risk of data errors and application freezes.
Real-World Impact
Plus & Minus Software has a proven track record of delivering reliable, efficient solutions across a variety of industries. Customers consistently praise the software for its forgiving nature, ease of use, versatility, and affordability. The software’s ability to run efficiently throughout the day, ensuring no data loss and providing true real-time insights, has made it a valuable tool for businesses involved in mergers, acquisitions, and expansions.
For instance, a recent case involved a customer who was sold to a national company. Plus & Minus Software played a crucial role in this transaction by generating all the due diligence reports needed by the buying company. The software’s ability to manage subsidiary companies from the headquarters (TOP) company and move assets or liabilities between or among companies with just a click made the process smooth and efficient.
Future Plans: Expanding Horizons
Looking ahead, Plus & Minus Software is committed to further enhancing its offerings with features like foreign currency translation and exchange capabilities. The company is also developing a “Mover” feature that will allow users to modify account structures to accommodate emerging financial instruments, such as cryptocurrencies.
These planned enhancements underscore Plus & Minus’s commitment to staying at the forefront of the accounting software industry, providing its clients with the tools they need to navigate an increasingly complex financial landscape.
Conclusion
Plus & Minus Software has revolutionized the accounting software industry with its innovative, transaction-based design that eliminates postings, financial reconciliations, and month-end closings. By focusing on simplicity, efficiency, and customer-centric development, the company has created a solution that is both powerful and easy to use.
As Plus & Minus continues to evolve and expand its offerings, it remains committed to its core principle: one database, one format. This commitment to simplicity is what sets Plus & Minus apart and ensures that it will continue to be a leader in the accounting software industry for years to come.
