329 - Engineering a Solution: How One Developer is Fixing Accounting with Code
From Engineering to Entrepreneurship: Edward Kellman’s Journey and the Birth of Trakker Apps
In this episode of Listening with Leaders, Doug Noll interviews Edward Kellman, Founder and CEO of Trakker Apps, to discuss his inspiring entrepreneurial journey. Edward’s story of transitioning from civil engineering to software development and entrepreneurship offers valuable insights into innovation, persistence, and identifying market opportunities. This episode highlights the evolution of his career and the groundbreaking work he’s doing with Trakker Apps, making it an essential listen for aspiring entrepreneurs and tech enthusiasts.
Edward’s Entrepreneurial Evolution: From Engineer to Innovator
Edward Kellman’s career began with a strong foundation in civil engineering. After earning his degree from the University of Michigan and becoming a Professional Engineer (PE), he spent over 30 years as a general contractor. During this time, Edward developed critical problem-solving skills and cultivated an entrepreneurial mindset, which would later fuel his transition into business.
Edward’s entrepreneurial journey took off when he identified a gap in the food service industry. As a general contractor, he recognized a recurring issue with drains in restaurants and food service establishments. To address this, he launched a service business that injected engineered bacteria into the drains, providing an innovative solution to a common problem. This service now serves around 200 customers every month, showcasing his ability to recognize market needs and turn them into successful business ventures.
Building on his entrepreneurial spirit, Edward also launched an Amazon business focused on providing repair parts for three-tier sinks in American kitchens. The venture grew into a six-figure revenue stream, further proving Edward’s knack for identifying opportunities and creating profitable solutions.
The Birth of Trakker Apps: Revolutionizing Accounting Software
After finding success with his Amazon business, Edward set his sights on creating a product that could further elevate his entrepreneurial portfolio. He envisioned developing a mobile app to simplify the accounting process for small businesses and financial institutions. This vision led to the creation of Trakker Apps, an innovative platform designed to streamline financial management with minimal user effort.
Trakker Apps is built on double-entry accounting, a globally recognized system that provides businesses with essential financial insights. Edward enhanced this traditional system by incorporating extrinsic variables, enabling the software to generate unique analytical metrics and reports that offer deeper insights into a company’s financial health. The app is designed with the user in mind, focusing on simplicity and functionality while automating key tasks like invoicing and payment processing.
Trakker Apps also integrates seamlessly with financial institutions, allowing users to easily create invoices and process payments directly within the app. With its user-friendly design, primarily functioning on smartphones, Trakker Apps provides a real-time, comprehensive view of a business’s financial status.
Overcoming Challenges and Building a Sustainable Business
Despite the innovative features of Trakker Apps, Edward shares the challenges he faces in reaching decision-makers within the banking and financial sector. Gaining traction in this competitive space has proven difficult, but Edward’s persistence and strategic networking have kept him focused on building the software into a widely adopted tool.
Edward plans to offer financial institutions a year of free service, after which they would charge their customers a monthly fee, similar to the model used by QuickBooks. This approach will help create a sustainable revenue model for Trakker Apps while benefiting both financial institutions and their clients. Edward’s commitment to building a long-term, sustainable business highlights the importance of persistence and strategic thinking in entrepreneurship.
Edward’s dedication to revolutionizing the accounting software industry is driven by his belief that Trakker Apps has the potential to significantly improve how businesses manage their finances. His passion for the product and his vision for its widespread adoption reflect the entrepreneurial spirit that has fueled his success across multiple industries.
About Edward Kellman
Edward Kellman is the Founder and CEO of Trakker Apps, a mobile app that simplifies accounting processes for small businesses and financial institutions. With a background in civil engineering and over three decades of entrepreneurial experience, Edward has applied his problem-solving expertise to create innovative software solutions that address real business challenges.
About Trakker Apps
Trakker Apps is an innovative accounting platform designed to simplify financial management for small businesses. Built on the foundation of double-entry accounting, the app integrates with financial institutions to automate invoicing, payment processing, and financial reporting. Trakker Apps provides businesses with a user-friendly tool to manage their finances in real-time and gain deeper insights into their financial performance.
Links Mentioned in This Episode
Key Episode Highlights:
Edward’s journey from civil engineering to launching multiple successful businesses.
The creation of Trakker Apps and its innovative approach to accounting software.
Edward’s strategy to market Trakker Apps to financial institutions and create a sustainable revenue model.
Insights into the challenges of building a business in the tech industry and overcoming barriers to growth.
The importance of perseverance, networking, and innovation in entrepreneurship.
Conclusion
Edward Kellman’s entrepreneurial journey is a powerful reminder of the value of innovation, adaptability, and persistence. From his early days as a general contractor to the creation of Trakker Apps, Edward’s story illustrates how embracing new technologies and market opportunities can lead to significant business success. As Trakker Apps continues to evolve, Edward’s passion for transforming the accounting software industry is inspiring, offering a new path for small businesses and financial institutions alike.
Ready to explore more leadership insights? Visit Doug Noll’s website for more resources, and if you’re a leader with valuable experience, apply to be a guest on Listening with Leaders here.
