Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Billfaster - developing the ipod of accounting applications


Published on

Billfaster presentation to Small Business Association. Developing the Ipod of accounting applications. How to start a software as a service company, win market share with a compelling user offer

Published in: Technology, Business
  • Be the first to comment

  • Be the first to like this

Billfaster - developing the ipod of accounting applications

  1. 1. The iPod of Accounting Presentation to Small Business Association Liam Birkett CEO
  2. 2.…the ipod of accounting Design and ease of use as competitive advantages…
  3. 3. Overview <ul><li>Easy-to-use entry-level invoicing and accounting system for small business. </li></ul><ul><li>3 modules </li></ul><ul><ul><ul><li>Instant Invoicing – create and send online </li></ul></ul></ul><ul><ul><ul><li>Basic Accounting – automated </li></ul></ul></ul><ul><ul><ul><li>Basic CRM – instant access to customer records </li></ul></ul></ul><ul><li>Fills the gap between Excel and ERP/Accounting packages like Quickbooks or SAGE </li></ul><ul><li>Sold as Software as a Service (Saas) </li></ul><ul><ul><ul><li>No software to buy or maintain </li></ul></ul></ul><ul><ul><ul><li>Clients pay a small monthly fee to access the system </li></ul></ul></ul><ul><ul><ul><li>So easy-to-use….there is no instruction manual </li></ul></ul></ul><ul><li>Sold direct online, as a white-label solution for Accountants and through partners </li></ul><ul><li>Appeals both to business owners and Accountants </li></ul><ul><li>Entering a hot space with a differentiated customer offering </li></ul>
  4. 4. Market Need: A system to replace Excel or Pen and Paper… “ 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 “ 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 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
  5. 5. Food Outlets Owner Operators Sole Traders Start-Ups Targeting 80% of businesses..defined as “small”…
  6. 6. Use Word to create invoices… ..Excel to manage accounts … the post office to send them… … Order book for customers… … and files of paper to manage suppliers. … they are not well-served by technology…. Accountant to make sense of it…
  7. 7. Until recently, the market was dominated by traditional solutions… Price Functionality € 300 pa € 600 pa Advanced (multi business) Mid (stock) 26,000 8,000 20,000,000+ 5,700,000 14,000 400,000 6,000,000 400,000 20,000* * MYOB Business acquired by Mamut Summary: Accounts Packages do too much…Excel doesn’t do enough 400,000 50,000
  8. 8. … Lets create an invoice using the market leader: Quickbooks….
  9. 9. … the second click takes the user to….the Setup checklist … with over 60 links to other parts of the system…
  10. 10. Click on “Guests”…then on the Invoice icon…. … ignore the 30 related links on the page….
  11. 11. … nearly there...just 5 more Setup steps….
  12. 12. … then a further 3 steps to describe the transaction….
  13. 13. … to get a professional looking invoice to print or email…. … This process is too complicated for many non-accountants
  14. 14. billfaster: The only easy-to-use business admin software <ul><li>6 months research among small business owners </li></ul><ul><li>Target “easy-to-use” as key competitive advantage </li></ul><ul><li>User gets access only to the basic functionality </li></ul><ul><li>Accountant access the “accounting” elements </li></ul><ul><li>Low-cost solution coupled with Low-cost business model </li></ul><ul><li>Online Invoicing </li></ul><ul><li>Easy Accounting </li></ul><ul><li>Customer & Supplier Management </li></ul>
  15. 15. From the homescreen, users access any area of the system within 3 clicks… An intuitive home screen launches the application
  16. 16. Each screen is intuitive and self-explanatory…
  17. 17. With step-by-step instructions… ..the user simply follows the on-screen steps…
  18. 18. ..filling in the highlighted boxes… its difficult to make a mistake…
  19. 19. ..the user has created and sent an invoice just 3 clicks…
  20. 20. The system meets the needs of both Client and Accountant… <ul><li>Client </li></ul><ul><li>Faster and Easier than paper and pen or Excel </li></ul><ul><li>Quick to learn and automates repetitive tasks </li></ul><ul><li>Reduces time wasted on admin </li></ul><ul><li>Help you stay on top of Debtors and focus on Cash management </li></ul><ul><li>Streamlines the year-end process </li></ul><ul><li>Accountant </li></ul><ul><li>Transitions the time-consuming task of completing prime books back to client </li></ul><ul><li>Minimises the potential for client error </li></ul><ul><li>No complicated system for client to try (and reject as too complicated) </li></ul><ul><li>Reduces year-end overworking </li></ul><ul><li>Facilitates work-from-home and outsourcing </li></ul>
  21. 21. Accountants also need a solution for their small clients… <ul><li>Conclusions </li></ul><ul><li>Small clients unprofitable </li></ul><ul><li>Unbillable time spent fixing errors and providing “free” advice </li></ul><ul><li>Shortage of low-cost, entry level staff to complete basic bookkeeping </li></ul><ul><li>Accounting systems too complicated for clients… </li></ul><ul><li>… but practices reluctant to resign accounts </li></ul>“ 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…”
  22. 22.…the ipod of accounting Sign up today at