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Burlington Accounting Firm Named VT Minority-Owned Business of the Year

Advisory Date: 
Tuesday, April 9, 2019

Michael LyMONTPELIER, Vt. –A cloud-based accounting company in Burlington was recently named the 2019 Vermont Minority-Owned Business of the Year.

Reconciled, founded and owned by Michael Ly, provides bookkeeping, accounting & CFO services to small businesses throughout the U.S. “Reconciled provides consistent, accurate remote accounting services while removing the burden of having to manage a part-time bookkeeper. We hire only US-based accounting professionals who possess an accounting certificate from an accredited institution and/or equivalent bookkeeping experience.”

Ly hatched the idea for Reconciled while working as an accounting consultant. Ly noticed many of his clients had poor bookkeeping records. Rather than constantly asking for more financial documentations and making corrections, Ly felt he could serve them more effectively if he did their bookkeeping for them online. 

In 2015, Ly launched Reconciled and in less than four years, the company has experienced substantial success. What began as a two-person outfit now has 20 employees, more than 100 clients, and annual sales in excess of $1 million. Growth has been so significant, Reconciled opened a second office in Charlottesville, N.C. In 2018 the accounting software company Intuit, whose products include TurboTax and Quickbooks, named Reconciled a finalist for its annual Firm of the Future Award. In addition, Reconciled provides discounted services to nonprofit organizations in Vermont.

“I’ve been very intentional in recruiting employees state-wide to work for Reconciled and leveraging technology to allow flexible work from home opportunities as well as employ a demographic that includes working parents, immigrants and young professionals.”

Due to the company offering cloud-based services, several of Ly’s employees do not have to reside in Vermont, though Ly stresses he gives priority to Vermont candidates. Reconciled is planning to hire eight more employees in 2019 and has currently has position openings for two bookkeepers and a supervisor.

Ly is the son of Cambodian immigrants. He says entrepreneurship runs in his family. His parents were entrepreneurs, his brother resells high-end electronics and his sister owns a real estate company.   

Ly and other small business award winners will be presented their awards during the 2019 Vermont Small Business Awards Ceremony cohosted by Vermont Business Magazine in June. The ceremony is open to the public and registration will be available in May.

Since 1963, National Small Business Week has recognized the outstanding achievements of America’s small businesses for their contributions to their local communities, and to our nation’s economy.


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