Knox Financial Gets Ahead of Back-Office Complexity with Early Emphasis on Accounting

Knox Financial turns rental property ownership into a simple financial product, making it easier and more profitable for people to build wealth through investment properties. The Knox Frictionless Ownership Platform is for people who either are about to move out of their homes and want to keep their home as an investment instead of selling it, as well as for landlords who are looking to reduce their workload and minimise risk while maximising their financial returns.

Co-founders David Friedman and Spencer Taylor got the idea for Knox when they sold their homes, only to see the homes’ values continue to increase significantly. They formed the company in 2018 and launched the Knox Platform in Boston in the spring of 2019.


COMPANY

Knox Financial

LOCATION

Boston, Mass.

INDUSTRY

Financial Services

EMPLOYEES

1-50

OTHER SOLUTION CONSIDERED

Intacct

NETSUITE PRODUCT IMPLEMENTED

NetSuite
SuiteSuccess Starter Module

IMPLEMENTATION PARTNER

NetSuite Professional Services

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“The malleability and strength of the data in NetSuite is the foundation we’re building our business on. We have all the capacity we need for the foreseeable future, which gives us a lot of comfort.” David Friedman, CEO and Co-Founder, Knox Financial

Startup Makes Investment Property Ownership Easier and More Profitable

Prior accounting knowledge provides a leg up
Friedman brought a major asset to the table when he co-founded Knox Financial: vast experience starting and growing businesses. During his tenure at previous companies, he observed that many of them launch with simple financial software that is inexpensive but also holds the company back. As companies scale, they realise that migrating to a more robust package requires a huge investment of time and money.
Driving early accounting rigor and automation
To qualify for outside funding, businesses must understand their financial metrics and be able to report on them seamlessly—both of which increase investor confidence. Also, implementing a robust, flexible accounting system early on can reduce integration headaches and allow for automation (rather than adding headcount).
Accelerated launch enables quick development
Knox Financial launched NetSuite in February 2019 in less than 100 days via the SuiteSuccess Starter Edition. Using NetSuite’s API, the company was able to use custom objects and custom records to quickly build out a data management system that met its requirements.
Scaling the business with customisation
During the launch, Knox created conditional rules that would make a purchase on behalf of clients once a client’s payment arrived. They also developed a workflow that tied marketing leads to cash, and the inflow of property information to calculate per-unit profitability. In the future, they plan to build in custom property valuation and rate or return accounting for customers.

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