At a recent AGM, Sheel spoke with Justin, the Co-Founder of Layer, about his experiences at Square and the inception of Layer. Justin highlighted that his six years at Square involved developing cash flow and banking products. A consistent issue he encountered was small businesses struggling to integrate their financial data into QuickBooks, which led him to identify a significant gap in accounting solutions for small to medium-sized businesses (SMBs). Layer aims to fill that gap as an AI-native accounting and bookkeeping platform. It integrates with vertical SaaS systems like Toast and Shopify, which serve as the central operating systems for small businesses. Justin emphasized that these platforms should ideally be at least Series A stage, focusing on businesses with annual revenues from hundreds of thousands to a few million dollars. Layer's goal is to replace QuickBooks in this space, providing businesses with a more intuitive and integrated financial management experience. Justin outlined two main benefits for partners using Layer. First, by offering accounting services, platforms see a significant reduction in customer churn—by 25% to 30%. Second, they can monetize these services, adding $1,000 to $5,000 per year per SMB, which can potentially double the average customer value. He also discussed the evolution of bookkeeping, noting that 40% of small businesses hire bookkeepers due to the workload involved in managing their finances. Layer not only provides software but also the option for businesses to outsource their bookkeeping, ensuring they receive complete financials monthly. The conversation touched on the role of AI in accounting and bookkeeping, highlighting potential automation of tasks traditionally handled by humans. Justin explained that a significant part of this involves converting unstructured data—like receipts or loan statements—into organized financial information. By streamlining this process, Layer aims to alleviate the burdens of bookkeeping for small business owners.