Ottawa's Fastest Growing Companies: Envolta’s cloud-first accounting approach on the money

Envolta
David DiNardo, founder of Envolta. Photo by Mark Holleron

Each year, OBJ recognizes the region’s rapidly growing firms with its Fastest Growing Companies awards. The aim is to honour the city’s top performers for substantial, sustainable and profitable growth. Recipients are ranked by their three-year revenue growth. They must have had revenues of at least $100,000 in the first of those three years under consideration. Revenues must have risen to at least $500,000 in their most recent fiscal year. The companies will be profiled online in the coming days and recognized at a cocktail reception on May 23 at Kanata co-working space Head Office Ottawa. Click here for info.

For David DiNardo, the sky’s the limit.

The dynamic founder and owner of local cloud accounting company Envolta sees the reach of cloud technology as an ever-expanding frontier and is eager to keep exploring it.

“There’s no limit. Because of the cloud, we can do anything remotely,” DiNardo says. “We are going after businesses in other cities.”

Named to Hubdoc’s Top 50 North American Cloud Accountants list in 2018 in addition to earning a spot on OBJ’s fastest-growing companies list two years in a row, DiNardo’s firm is poised to remain on the forefront of technology-driven accounting, and not just in Ottawa. Envolta’s current focus lies in servicing small to medium-sized businesses across Canada.

“We are building a marketing and social media campaign to reach those markets,” DiNardo says, explaining that the medium of cloud technology allows it to provide accounting services and expertise to any business in Canada ​– services and expertise he believes sets his company apart from its competitors.

“All other accountants work more with CRA compliance, while we focus on that plus the advisory service we provide to help business owners actually understand their numbers,” he explains. “Our main focus is automating, eliminating administrative costs, making everything electronic to streamline the process and be able to provide this advisory work.”

Envolta

Year founded: 2014

Local headcount: 35

Three-year revenue growth: 400%

2019 ranking: #3

DiNardo, who owns the company outright, says staying ahead of the technology curve is key to thriving in a competitive industry.

“This is all very new to the market,” he notes. “We are really the pioneers with this new software, so the main challenge right now is that nobody is doing what we’re doing. As the leaders, we are developing our own processes.”

Envolta, which currently has 35 employees, recently added to its ranks through the acquisition of fellow Ottawa firm Picco Accounting. DiNardo is not putting an upper limit on the firm’s growth potential.

“We value tech-savvy accountants. We’ve been hiring a lot recently, and are looking to hire more all the time.”

DiNardo emphasizes the importance of finding the right people for the job and working with them to build a strong team. He says its team-first culture is one of the pillars of Envolta’s success – an ethic he says was born out of his years playing soccer at St. Bonaventure University, an NCAA Division I school in western New York.

“I always valued leadership, and I knew the importance of building a team,” he says. “Two minds are better than one, and a team is better than an individual.”

OBJ and the Ottawa Board of Trade will host a cocktail celebration for the 2019 Fastest Growing Companies on Thursday, May 23. For more info, please click here.