Modular Finance That Works for Multi-Entity CFOs with Michael Wood

Episode notes

The Founder Who Learned the Hard Way Wood built Receipt Bank from a startup to a £500 million exit to IRIS Software Group in 2024. During that journey, Receipt Bank eventually migrated to NetSuite as they scaled. Wood now says if today's technology had been available then, they would have stayed on their modular stack rather than making that expensive, complex transition. As someone who's lived through a painful ERP transition, Wood sees the opportunity to help businesses avoid this pain. The idea for Translucent centres around the fact that the general ledger is essentially an API layer, and works well for many businesses. There is a constantly evolving app ecosystem marketplace that enables businesses to plug in ones to fit their unique use cases. By providing this multi-entity system, businesses can have multiple Xero entities in the UK and Australia, a QuickBooks setup in the US, and a Pennylane in France. Businesses can use the tools that they know, yet create reports in one place, avoiding or delaying the ERP migration until a much more significant scale than would have been possible before.