Slide 1: billfaster.com
The iPod of Accounting Presentation to Small Business Association Liam Birkett CEO
Slide 2: billfaster.com…the ipod of accounting
Design and ease of use as competitive advantages…
Slide 3: Billfaster.com Overview
• • Easy-to-use entry-level invoicing and accounting system for small business. 3 modules • Instant Invoicing • Basic Accounting • Basic CRM • • – – – create and send online automated instant access to customer records
Fills the gap between Excel and ERP/Accounting packages like Quickbooks or SAGE Sold as Software as a Service (Saas) • No software to buy or maintain • Clients pay a small monthly fee to access the system • So easy-to-use….there is no instruction manual
• • •
Sold direct online, as a white-label solution for Accountants and through partners Appeals both to business owners and Accountants Entering a hot space with a differentiated customer offering
Slide 4: Market Need: A system to replace Excel or Pen and Paper…
“I use a pen and paper, then transfer to Excel. I just want a simple system that’s easy to use and gives me the basics…Cash management, Suppliers and Bank. I waste my Sundays doing paperwork. Anything that reduces wasted time would be great”
Martin Ansboro – Honest to Goodness Foods
“I tried a PC-based system but it took too long. I want something that does the bare minimum…no bells or whistles. It just does what my Accountant tells me”
Robert Brown - Photographer
“I use Excel, there is no system for a small business like mine. I rely on the Accountant to do my paperwork…its €1000 a month down the drain”
Niamh Barraton – Designer
“Admin is a waste of time, but you have to do it to pay your taxes. I care about cash in and cash out….the rest takes care of itself”
Killian McNurley – The Furniture Store
Slide 5: Targeting 80% of businesses..defined as “small”…
Food Outlets
Owner Operators
Sole Traders
Start-Ups
Slide 6: …they are not well-served by technology….
Use Word to create invoices…
…the post office to send them…
..Excel to manage accounts
…Order book for customers…
…and files of paper to manage suppliers.
Accountant to make sense of it…
Slide 7: Until recently, the market was dominated by traditional solutions…
Functionality
26,000 6,000,000 5,700,000 400,000
Advanced (multi business)
20,000* 8,000
14,000 400,000
50,000
Mid (stock)
400,000
€300 pa
20,000,000+
€600 pa
Price
Summary: Accounts Packages do too much…Excel doesn’t do enough
* MYOB Business acquired by Mamut
Slide 8: …Lets create an invoice using the market leader: Quickbooks….
Slide 9: …the second click takes the user to….the Setup checklist
…with over 60 links to other parts of the system…
Slide 10: Click on “Guests”…then on the Invoice icon….
…ignore the 30 related links on the page….
Slide 11: …nearly there...just 5 more Setup steps….
Slide 12: …then a further 3 steps to describe the transaction….
Slide 13: …to get a professional looking invoice to print or email….
…This process is too complicated for many non-accountants
Slide 14: billfaster: The only easy-to-use business admin software • • • • • 6 months research among small business owners Target “easy-to-use” as key competitive advantage User gets access only to the basic functionality Accountant access the “accounting” elements Low-cost solution coupled with Low-cost business model
• Online Invoicing
• Customer & Supplier Management
• Easy Accounting
Slide 15: An intuitive home screen launches the application
From the homescreen, users access any area of the system within 3 clicks…
Slide 16: Each screen is intuitive and self-explanatory…
Slide 17: With step-by-step instructions…
..the user simply follows the on-screen steps…
Slide 18: ..filling in the highlighted boxes…
..so its difficult to make a mistake…
Slide 19: ..the user has created and sent an invoice
..in just 3 clicks…
Slide 20: The system meets the needs of both Client and Accountant…
Client • • • • • Faster and Easier than paper and pen or Excel Quick to learn and automates repetitive tasks Reduces time wasted on admin Help you stay on top of Debtors and focus on Cash management Streamlines the year-end process
Accountant • Transitions the time-consuming task of completing prime books back to client • Minimises the potential for client error • No complicated system for client to try (and reject as too complicated) • Reduces year-end overworking • Facilitates work-from-home and outsourcing
Slide 21: Accountants also need a solution for their small clients…
“I spend 80% of my time on the little guys….I don’t make any money on them” “You get a shoebox full of bits of paper….it’s often faster to re-key everything” “Clients think they are the only person we have on our books….” “I charge the small guys €700 or €800 a month…I guess I break even on them…”
Conclusions
• • • • Small clients unprofitable Unbillable time spent fixing errors and providing “free” advice Shortage of low-cost, entry level staff to complete basic bookkeeping Accounting systems too complicated for clients… …but practices reluctant to resign accounts
Slide 22: billfaster.com…the ipod of accounting
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