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This is, Vonnell, your captain speaking!
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Questions welcome!
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Nice to meet you!
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You and today’s session
You will learn Schedule C filers
• Are not well served by accounting software
• Finally have choice with cloud accounting
At the 100 minute mark you will have fulfilled your CPE credit
requirements
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You and today’s session How FreshBooks can help you
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Get cleaner data Make tax time easy Grow your business
You and today’s session FreshBooks Accountant Network
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Agenda
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The forgotten masses
Meet a Schedule C filer
Accounting for the masses
Getting comfortable with the cloud
FreshBooks product
Benefits of FreshBooks certification
1
1
3
4
5
6
2
8
Agenda
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The forgotten masses
Meet a Schedule C filer
Accounting for the masses
Getting comfortable with the cloud
FreshBooks product
Benefits of FreshBooks certification
1
1
3
4
5
6
2
9
The forgotten masses – who are they? Schedule C, small S Corp* * Sole
proprietors, Partnerships,
co-mingle funds
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The forgotten masses – the problem
Not well-served by accounting software
Revert to less than ideal tools
(Word, Excel, Pen & paper)
Minimal financial insight limits their
potential
What that means for you
They are often disorganized
Data is missing or incorrect
It’s hard to make them a profitable client
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Market stats for N. America only. Source: Intuit Investors’ Day - Sept 21, 2011
The masses - small in size, massive in number
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100+ employees
1 million 3%
0-10 employees
27 million 91%
11-100 employees
1.7 million 6%
SOURCE: US Census bureau h1p://www.census.gov/econ/smallbus.html
… and they don’t use accounting software
Time
Single entry
Double ledger accounting
Fra Luca Pacioli
1494 1991-Today Future
Companies using
accounting software
0%
~20%
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Market stats for N. America only. Source: Intuit Investors’ Day - Sept 21, 2011
…so, who’s using accounting software?
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100+ employees
1 million 3%
0-10 employees
27 million 91%
11-100 employees
1.7 million 6%
Small service based business not well
served
Traditional accounting software
serves well
~20%
Market stats for N. America only. Source: Intuit Investors’ Day - Sept 21, 2011 2013-07-30 15
100+ employees
1 million 3%
0-10 employees
27 million 91%
11-100 employees
1.7 million 6%
…and, who’s been serving them?
Small service based business not well
served
Traditional accounting software
serves well
~20%
Lack of choice impacts small business survival
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~630,000 new starts each year
49% fail within first 5 years
Majority won’t “graduate”
SOURCE: h1p://www.getbusymedia.com/small-‐business-‐stats/
Let’s work together to increase their odds
Professional advice
SOURCE: http://www.accountingweb.com/article/what-small-business-owners-dont-understand-could-be-holding-them-back/221600
Accounting software
SOURCE: http://www.accountingweb.com/article/what-small-business-owners-dont-understand-could-be-holding-them-back/221600
Improves visibility Increases confidence
Better decisions 71% seek out advice
More organized client More profitable client
Improved success for your clients
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Agenda
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The forgotten masses
Meet a Schedule C filer
Accounting for the masses
Getting comfortable with the cloud
FreshBooks product
Benefits of FreshBooks certification
1
1
3
4
5
6
2
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Emma’s accounting needs are simple
Basic Jobs
• Expense capture • Time tracking • Estimates • Invoicing • Simple reporting
Advanced Jobs • Cash reconciliation • Financial statements • Corporate taxes • Personal taxes • Payroll
• Ad hoc expertise
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Supporting Emma is straightforward but … it’s hard to make money from Schedule C Filers!
cc5 10
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Basic Jobs
• Expense capture • Time tracking • Estimates • Invoicing • Simple reporting
Why? Many reasons but data is the biggest culprit
SOURCE: FreshBooks survey of accountants, November 2012
Client
66% of accounting
pros spend >50% on:
• data entry and,
• fixing errors
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Poll Questions #1 & #2
Emma, like most Schedule C’ers but different
Same as most Schedule C’ers
Likes being in charge
Passionate about her craft
Not interested in learning accounting
Wants it simple and now
Part of the early majority
Using cloud accounting to run her
business
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With cloud accounting Emma is …
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• Increasing her confidence • Improving her financial insights • Making better decisions
Plus Emma is regaining valuable time Saving 8 hours per month that she can charge out
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SOURCE: FreshBooks
… and Emma is getting paid 14 days faster Improving cash flow, a huge plus for Schedule C
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SOURCE: http://www.accountingweb.com/article/what-small-business-owners-dont-understand-could-be-holding-them-back/221600
Emma is capturing her transactional information … for you
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• Increasing her confidence • Improving her financial insights • Making better decisions
Hold on … a matter of perspective Products like FreshBooks are “not accounting”
Client says,
“This is Accounting”
CPA says,
“This is a Transaction
Capture (data) Tool”
Basic Jobs
• Expense capture • Time tracking • Estimates
• Invoicing • Simple reporting
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Don’t take our word for it
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But there are some jobs that Emma will not do She’s comfortable working with a financial pro
CPA’s Jobs
• Cash reconciliation • Financial
statements • Corporate taxes • Personal taxes • Payroll
• Ad hoc services
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FreshBooks & cloud accounting Transaction capture - facilitating collaboration
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CPA’s Jobs
• Cash reconciliation
• Financial statements
• Corporate taxes • Personal taxes
• Payroll
• Ad hoc services
Emma’s Job’s
• Expense capture • Time tracking • Invoicing • Estimates • Basic reporting
Collaborate &
share data
Owners get the data in (50%+ of the job)
Pros manipulate the data & add
value
Data flow
Re-capture your valuable time Emma gets the data in
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Poll Questions #3 & #4
Meet Jody A real life FreshBooks Certified Accountant
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CPA
40 Under 40
Jody markets herself online via the FreshBooks Accountant Network
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Because Jody recommends FreshBooks Her Schedule C filers are profitable clients
Jody’s Jobs • Cash reconciliation
• Financial statements
• Corporate taxes
• Personal taxes • Payroll
• Ad hoc services
Client’s Jobs • Expense capture
• Time tracking
• Estimates • Invoicing
• Simple reporting
Owners get the data in (50%+ of Jody’s job)
Jody has time to add value and she charges for it!
Want to learn more about value billing?
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breakingthetimebarrier.freshbooks.com
Poll Question #5
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Agenda
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The forgotten masses
Meet a Schedule C filer
Accounting for the masses
Getting comfortable with the cloud
FreshBooks product
Benefits of FreshBooks Certification
1
1
3
4
5
6
2
Accounting for the masses A paradigm shift
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Why have vendors not been able to solve for the masses?
Schedule C & small S Corps
Vendors
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Because there are competing forces at work The dilemma
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Features & Controls
Ease of Use
It’s hard to solve for both
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Most small businesses reside here …
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Features & Controls
Ease of Use
Most businesses live here
… and most vendors do not
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Features & Controls
Ease of Use
Most businesses live here
Traditional accounting
solutions
Market stats for N. America only. Source: Intuit Investors’ Day - Sept 21, 2011 2013-07-30 50
100+ employees
1 million 3%
0-10 employees
27 million 91%
11-100 employees
1.7 million 6%
Small service based business not well
served
Traditional accounting
solutions
So, who have the vendors been serving?
~20%
Fear not, help is on the way for the forgotten masses
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The cries for help are being heard and …
… there are new choices enabled by the cloud
Market stats for N. America only. Source: Intuit Investors’ Day - Sept 21, 2011 2013-07-30 52
100+ employees
1 million 3%
0-10 employees
27 million 91%
11-100 employees
1.7 million 6%
Cloud accounting purpose built for
Schedule C
Traditional accounting
solutions
Yesterday Today ~20%
~80%
… choice has arrived for the forgotten masses
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Features & Controls
Ease of Use
Traditional accounting
solutions
Most businesses live here
FreshBooks to the rescue of the masses Not for everyone, just most people J
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Features & Controls
Ease of Use
Traditional accounting
solutions
Owners are choosing … taking control
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FreshBooks No balance sheet
No ledger
Profession says: “not accounting!”
Result: #2 for online paying customers
Intuit Single entry
Change prior period entries
Profession says: “not accounting!”
Result: #1 in America for accounting
Surprised? FreshBooks
#2
Established 2003
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How did FreshBooks solve for the masses?
Schedule C & small S Corps
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12%
10%A world where
entrepreneurs can successfully run their
businesses without having to learn
accounting.
We started by thinking differently about the masses Our vision
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To make business simpler Our mission
Become the NEW standard for small business owners
… so they never have to use Word or Excel – or any other complex, time consuming or painful tool – to run their businesses ever again.
$
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Passionate People Executing Extraordinary Experiences Everyday Our strategy
Extraordinary
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So ... you should consider recommending FreshBooks for your Schedule C & small S Corps
Cloud accounting
Time
Single entry
Double ledger accounting
Fra Luca Pacioli
1494 1991-Today Future
Companies using
accounting software
0%
~20%
?
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Let’s work together to increase their odds Professionals & FreshBooks building a better future
Professional advice
Accounting software
More organized client More profitable client
Improved success for your clients
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Poll Questions #6
Agenda
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The forgotten masses
Meet a Schedule C filer
Accounting for the masses
Getting comfortable with the cloud
FreshBooks product
Benefits of FreshBooks Certification
1
1
3
4
5
6
2
The cloud – massive momentum
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Cloud computing market will hit $150 billion in 2013.
(Merrill Lynch)
Companies moving past the “trial stage” – 7 of 10 will increase applications in the cloud.
(Minecast)
Your customers will all be there
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The number of very small companies using paid cloud services will triple in the next three years.
SOURCE: http://www.microsoft.com/en-us/news/presskits/telecom/docs/SMBCloud.pdf
… and your peers are getting onboard
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70% plan to increase their use of cloud services
SOURCE: 2010 AICPA survey of 1,000+ U.S. based accounting firms
Why the fuss?
2013-07-30 Do not reproduce or redistribute without the explicit written permission of FreshBooks
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Collaboration
Access
Data backup
No upgrades
Security
Is the cloud secure?
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54% of companies cite security as their primary concern.
(LinkedIn)
Many companies are still cautious What they won’t put in the cloud
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58% 56%
48% 43%
30% 26%
0%
10%
20%
30%
40%
50%
60%
70%
Confidential company
financial data
Credit card data
Confidential intellectual
property
Employee HR files
Customer contact
information
Data covered by regulations (e.g. HIPAA, PCI, SOX)
Market stats for US only. SOURCE: http://www.cio.com/article/703064/How_Secure_Is_the_Cloud_IT_Pros_Speak_Up
Yet their IT professionals believe … That their data will be safe
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85% of IT professionals are
confident in cloud provider’s
ability to provide a secure
environment
Market stats for US only. SOURCE: http://www.cio.com/article/703064/How_Secure_Is_the_Cloud_IT_Pros_Speak_Up
58% 56%
48% 43%
30% 26%
0%
10%
20%
30%
40%
50%
60%
70%
Con!dential company
!nancial data
Credit card data
Con!dential intellectual
property
Employee HR !les
Customer contact
information
Data covered by regulations (e.g. HIPAA, PCI, SOX)
The U.S. Government invests in the cloud And embraces the Cloud First policy
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“This policy is intended to
accelerate the pace at which the
government will realize the value of cloud computing...”
- U.S. Chief Information Officer
Market stats for US only. SOURCE: http://www.whitehouse.gov/sites/default/files/omb/assets/egov_docs/federal-cloud-computing-strategy.pdf
$80 Billion
$20 Billion
Total IT Spending Potential Spending on Cloud Computing
Estimated portion of Federal IT spend
Precautions you can take
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Market stats for US only. SOURCE: http://www.cloudproviderusa.com/protecting-yourself-mobile-computing-security-threats/
• Avoid unsecured WiFi spots or networks
• Make sure all your devices are password protected
• Keep your desktop applications up to date
Precautions your vendors can take
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Data is secure in transit, 256-bit SSL encryption
Strong AES encryption
Servers regularly scanned for vulnerabilities
Physical security with Rackspace
What to look for from cloud vendors
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So, is the cloud secure?
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YES
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Poll Questions #7
Agenda
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The forgotten masses
Meet a Schedule C filer
Accounting for the masses
Getting comfortable with the cloud
FreshBooks product
Benefits of FreshBooks Certification
1
1
3
4
5
6
2
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Live Demo
Playing nice with others
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Delivering against vision, mission, strategy
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Customer Support
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Free Support 1-866-303-6061
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Poll Questions #8
Agenda
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The forgotten masses
Meet a Schedule C filer
Accounting for the masses
Getting comfortable with the cloud
FreshBooks product
Benefits of FreshBooks certification
1
1
3
4
5
6
2
Agenda
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Benefits of FreshBooks certification
You’ll get a personal Account Manager
Get found with FreshMap
Market your practice with FreshBooks collateral
6
6.2
6.3
1 6.1
Agenda
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You’ll get a personal Account Manager
Benefits of FreshBooks certification
Get found with FreshMap
Market your practice with FreshBooks collateral
6
6.2
6.3
1 6.1
Bonus - free FreshBooks account
A personal “sandbox” to learn about your clients’ preferred solution
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Agenda
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You’ll get a personal Account Manager
Benefits of FreshBooks certification
Get found with FreshMap
Market your practice with FreshBooks collateral
6
6.2
6.3
1 6.1
So … are you getting yourself found online?
% of consumers searching online
SOURCE: http://searchengineland.com/study-72-of-consumers-trust-online-reviews-as-much-as-personal-recommendations-114152
0 5 10 15 20 25 30
Never
Just 1 time
2-5 times
6-10 times
Every month
Every week
Almost every day 2012
2010
Online search frequency
85% of people search for businesses
online
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Get found online with FreshMap
• Access millions via the FreshBooks network
• Everyday, clients come to FreshBooks looking for an accountant
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… and say hello to new clients!
Iryna M Stepanchuk, CPA Hi, Jillian! Thank you very much for reaching out! Working with Freshbooks has been great! I got contacted by 4 small business owners already. One of them signed an engagement letter already and the other two are in negotiations.
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Get started, contact an account manager We will help set up your profile so you can get found
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Agenda
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You’ll get a personal Account Manager
Benefits of FreshBooks certification
Get found with FreshMap
Market your practice with FreshBooks collateral
6
6.2
6.3
1 6.1
You’re now a FreshBooks certified pro
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Make your expertise known with the FreshBooks badge
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Actionable collateral
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• Personalized collateral
• Easily track your referrals
• Help your customers get started and
• Clickable media will …
… land on your own custom page
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With FreshBooks you’ll have great tools to market your practice online
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And it works!
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“Hits from FreshBooks, represents over 15% of the new referrals to my site for the last 30 days with 79% of those hits being new visitors.”
Wray Rives, CPA CGMA, FreshBooks Accountant Network rivescpa.co
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Congratulations, you’re eligible to be certified!
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Thank you for investing your time
BestBoss
s
Not So Good
Great
Awesome!
Pretty Good
NeedsWork
Today’s session
Call toll free 1-877-262-5122 Or email [email protected]
More questions
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