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Profitably Introduction for Accountants
 

Profitably Introduction for Accountants

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We've heard lots of feedback from managed accounting services that they are afraid to give their clients access to the QB file but end up running lots of reports when the client wants some piece of ...

We've heard lots of feedback from managed accounting services that they are afraid to give their clients access to the QB file but end up running lots of reports when the client wants some piece of information.

At Profitably, we're actually building a hosted analytics solution that sits on top of QuickBooks so that the CPA maintains the QB file but reports/recommendations are available via the web in real time.

For more info, check out http://Profitably.com

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    Profitably Introduction for Accountants Profitably Introduction for Accountants Presentation Transcript

    • Adam Neary | CEO “Find the next couple things you can do to grow profits for your small business”
    • 6M small businesses in North America 4M of them use QuickBooks $2.8B1 to cope with 3 searing pain points: 1 I want to grow, but where should I to focus my efforts? 2 I need to get a better handle on expenses. 3 I need to understand where I’m making and losing money. Notes: $1.6B subscription fee+ $1.2B affiliate revenue Source: Forrester, Gartner, Intuit, Profitably Analysis Target Market and Pain Points
    • Profitably delivers recommendations for profit growth based on a company’s data Our Product
    • Partnerships are already being forged to drive value for our customer base Our Initial Partnerships in Progress
    • 4-person boat rental and repair shop Revenue baseline1 $269,897 Profit baseline1 $33,911 Reduce fees and service charges $1,239 Renegotiate direct materials $1,077 Hire a bookkeeper to drive contract compliance $1,077 Drive down the cost of finance charges $926 Drive down the cost of payroll administration $683 Refinance notes to lower interest expense $463 Other recommendations (5) $767 Profit impact opportunity2 $6,232 $6k opportunity on a $34k profit baseline 18% profit improvement Notes: 1) Based on rolling 6 quarter history 2) To be realized over coming 6 quarters Case Study
    • Stratus Prep Opportunities identified (% of net income) Grow through increased leverage 5% Invest in growth through social media 3% Drive sales improvements with sales training 3% Address unprofitable customer segments 2% Drive down the cost of payroll admin 1% Push out payables to drive cash availability 1% Other recommendations (4) 1% Profit impact opportunity1 16% “The platform that Adam is developing will be a quantum leap forward for thousands of small businesses, including my own...” 16% profit improvement -Shawn O’Connor President and Founder Notes: 1) Preliminary Case Study
    • Adam Neary Vice President at AlixPartners Head of BI at Concentra Manager at A.T. Kearney CEO Francis Hwang Lead Engineer at Diversion Media Director of Technology at Rhizome Founder of Gotham Ruby CTO Conference and NYC.rb Chad Pugh UX & Visual Design at Hot Potato UX & Visual Design at Knowmore Illustration and UX at Vimeo User Experience Visual Design Our Team
    • Our product roadmap allows for iteration and adaptation as we integrate customer feedback Customer discovery & alpha testing: Began 2010-Q1 (self-funded) Funding status: Customer validation & beta testing: Beginning 2010-Q3 (Seed-funded) • Self-funded Funding status: Customer creation: Beginning 2011-Q2 (Series A-funded) Customer milestones: • Seed-funded Company building: 2012-Q2 • State and test hypotheses Funding status: • Test alpha with group of 12 Customer milestones: • Series A funded • Develop and refine sales Customer milestones: Product milestones: roadmap and positioning Customer milestones: • “Cross the Chasm” to • Build out core functionality • Sell to 500 “earlyvangelist” • Manage formal launch mainstream customer base • Launch to live small business owners • Drive to 20k customers • Establish BI infrastructure Product milestones: and test-and-learn process Product milestones: Product milestones: • Deepen integrations with • Build out analytics library • Launch API program enabling technologies Management milestones: • Extend partnerships • Launch advanced analytics • Establish business plan Management milestones: • Establish organization and Management milestones: Management milestones: • Complete transition to initial governance • Hire first non-executive • Fill out management team process-oriented • Secure initial partnerships team members • Drive to $75M run rate rev. organization • Secure seed funding • Drive to $100k run rate rev. • Drive to cash positive • Build out functional depts • Secure Series A funding • Identify potential acquirer or proceed to public offering Our Roadmap