billfaster.com

The iPod of Accounting

Presentation to Small Business Association

Liam Birkett CEO

billfaster.com…the ipod of accounting

Design and ease of use as competitive advantages…

Billfaster.com Overview

• Easy-to-use entry-level invoicing and accounting system for small business.

• 3 modules

• Instant Invoicing – create and send online• Basic Accounting – automated • Basic CRM – 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

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

Food Outlets Owner Operators

Sole Traders Start-Ups

Targeting 80% of businesses..defined as “small”…

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…

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

6,000,000400,000

20,000*

* MYOB Business acquired by Mamut

Summary: Accounts Packages do too much…Excel doesn’t do enough

400,000

50,000

…Lets create an invoice using the market leader: Quickbooks….

…the second click takes the user to….the Setup checklist

…with over 60 links to other parts of the system…

Click on “Guests”…then on the Invoice icon….

…ignore the 30 related links on the page….

…nearly there...just 5 more Setup steps….

…then a further 3 steps to describe the transaction….

…to get a professional looking invoice to print or email….

…This process is too complicated for many non-accountants

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 • Easy Accounting • Customer & Supplier Management

From the homescreen, users access any area of the system within 3 clicks…

An intuitive home screen launches the application

Each screen is intuitive and self-explanatory…

With step-by-step instructions…

..the user simply follows the on-screen steps…

..filling in the highlighted boxes…

..so its difficult to make a mistake…

..the user has created and sent an invoice

..in just 3 clicks…

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

Accountants also need a solution for their small clients…

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

“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…”

billfaster.com…the ipod of accounting

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