What is the cloud › PPT › freshbooks_cloudsc… · SOURCE: FreshBooks survey of accountants,...

1 2015-07-15Do not reproduce or redistribute without the

explicit written permission of FreshBooks

Cloud

AccountingA custom solution for your

Schedule C filers & small

businesses

I’m Dustin.

Thank you for joining

us.

2015-07-152 Do not reproduce or redistribute without the explicit written permission of FreshBooks

Questions welcome!


You and today’s session

Schedule C filers

• Traditional Accounting Software was not designed for schedule C

• Cloud Technology provides new options to solve Accounting needs



You and today’s sessionHow FreshBooks can help you

2015-07-155

Get cleaner data Make tax time easy Grow your business

Do not reproduce or redistribute without the explicit written permission of FreshBooks

You and today’s sessionFreshBooks Accountant Network



Agenda

2015-07-15

The forgotten masses

Meet a Schedule C filer

Accounting for the masses

Getting comfortable with the cloud

FreshBooks product demo

FreshBooks Accountant Network

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7 Do not reproduce or redistribute without the explicit written permission of FreshBooks

Agenda

2015-07-15







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The forgotten masses – who are they?Schedule C, small S Corp. and others * Sole

proprietors,

Partnerships

,

co-mingle

funds



The forgotten masses – the challenges

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



Market stats for N. America only. Source: Intuit Investors’ Day - Sept 21, 2011

The masses - small in size, massive in

number

2015-07-1511

100+ employees

1 million

3%

0-10 employees

27.9 million

91%

11-100 employees

1.7 million

6%

SOURCE: US Census bureau http://www.census.gov/econ/smallbus.html

67% Service Based

Businesses


… 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%



Market stats for N. America only. Source: Intuit Investors’ Day - Sept 21, 2011

…and so, who’s using accounting

software?

2015-07-1513

100+ employees

1 million

3%

0-10 employees

27.9 million

91%

11-100 employees

1.7 million

6%

Small service based

business not well

served

Traditional

accounting

software

serves well

~33%


Market stats for N. America only. Source: Intuit Investors’ Day - Sept 21, 20112015-07-1514

100+ employees

1 million

3%

0-10 employees

27.9 million

91%

11-100 employees

1.7 million

6%

Small service based

business not well

served

Traditional

accounting

solutions

…and, who’s been serving them?

~33%


Lack of

choice for

Schedule

C

Lack of choice impacts small business

survival

2015-07-1515

~630,000 new starts each year

49% fail within first 5 years

Majority won’t “graduate”

SOURCE: http://www.getbusymedia.com/small-business-stats/


The right advice and toolsfor Schedule C’ers

Professional advice

SOURCE:

http://www.accountingweb.com/article/what-small-

business-owners-dont-understand-could-be-

holding-them-back/221600

Ideal 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

A more organized

client is a more

profitable client

Improved success for your clients



Agenda

2015-07-1517







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FreshBooks has many Schedule C

Filer usersHere is a list of our top 10 industry users…



Marketing & Advertising

Graphic Design

Trades

Information Technology

Programming

Web Design

Management Consultant

Photography

Legal

Writing & Publishing




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



Basic Jobs

• Expense capture

• Time tracking

• Estimates

• Invoicing


Supporting Emma is straightforward

but…it’s hard to make money from Schedule C Filers

SOURCE: FreshBooks survey of accountants, November 2012

Client66% of

accounting pros

spend >50% of

their time on:

1. data entry

2. fixing errors



2015-07-1524

Poll Questions #1 & #2


Emma is like most Schedule C’ers…but a little different

Same as most Schedule C’s

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



FreshBooks captures transactional

informationSo Emma collects data in one safe place

2015-07-1526

Increasing her confidence

Improving her financial insights

Making better decisions

Team saving 8 hours per month

Getting paid 14 days faster


Hold on … a matter of perspectiveProducts 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




Don’t take our word for it


There are tasks that Emma will not do She leaves that for her Accounting Professional

Your tasks



• Corporate taxes

• Personal taxes

• Payroll

• Ad hoc services




FreshBooks facilitating collaborationTransaction capture

2015-07-15Do not reproduce or redistribute without the

explicit written permission of FreshBooks31

Emma’s Job’s

• Expense capture

• Time tracking

• Invoicing

• Estimates

• Basic reporting

CPA’s Jobs



• Corporate taxes

• Personal taxes

• Payroll

• Ad hoc services

Data flow

FreshBooksG/L Export

Transaction Capture

Value Add

Re-capture your valuable timeEmma collects all her data


2015-07-1533

Poll Questions #3 & #4


Meet JodyA real life FreshBooks Certified Accountant

2015-07-1534

CPA

Top 100

Influencer


Jody markets herself online via theFreshBooks Accountant Network



2015-07-1536

Because Jody recommends

FreshBooksHer Schedule C filers are profitable clients

Jody’s Jobs



• Corporate taxes

• Personal taxes

• Payroll

• Ad hoc services

Client’s Jobs

• Expense capture

• Time tracking

• Estimates

• Invoicing


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?

2015-07-1537

breakingthetimebarrier.freshbooks.com


Poll Question #5



Agenda

2015-07-1539







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Accounting for the massesA paradigm shift


Why have software vendors not been able to solve

for the masses?

Schedule C &

small S Corps

Vendors



Competing forces at workThe design struggle

2015-07-15

Features &

Controls

Ease of Use

It’s hard

to solve

for both


Most small businesses reside here …

2015-07-1543

Features &

Controls

Ease of Use

Most small

businesses live

here


… vendors reside elsewhere

2015-07-1544

Features &

Controls

Ease of Use

Most small

businesses live

here

Traditional

accounting

solutions



100+ employees

1 million

3%

0-10 employees

27.9 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

them?

~33%


Lack of

choice for

Schedule

C

Fear not, help is on the way for the forgotten

masses

2015-07-1546

The cries for help are

being heard and …


Cloud technology, changing the accounting

landscape… and bringing choice to Schedule C


100+ employees

1 million

3%

0-10 employees

27.9 million

91%

11-100 employees

1.7 million

6%

Cloud accounting

specifically built for

Schedule C

Traditional

accounting

solutions

YesterdayToday ~33%

~67%


… choice has arrived for the forgotten

masses

2015-07-1548

Features &

Controls

Ease of Use

Traditional

accounting

solutions

Most businesses

live here


The masses now have FreshBooksNot for everyone, just most people

2015-07-1549

Features &

Controls

Ease of Use

Traditional

accounting

solutions


Is history repeating itself?Owners are making their own choices once again

2015-07-1550

FreshBooksNo balance sheet

No ledger

Professionals say: “not accounting!”

Result:#2 in online paying customers

IntuitSingle entry

Change prior period entries

Professionals say: “not accounting!”

Result:#1 in America for accounting




Maybe history is repeating itselfSchedule C’ers are choosing …

Established 2003

# 2

How did FreshBooks solve for the

masses?

Schedule C &

small S Corps



FreshBooksAccounting for Schedule C, transaction capture

for you

Our Mission

Become the NEW standard for small business owners



Our Vision

A world where small business owners can successfully run

their businesses without having to learn accounting.

Passionate People Executing Extraordinary

Experiences Everyday

Our strategy

Extraordinary



Consider recommending FreshBooks

Your Schedule C & small S Corps will thank you

Cloud accounting

Time

Single entry

Double ledger accounting

Fra Luca Pacioli

1494 1991-Today Future

Companies using

accounting software

0%

~20%

?



Working together to increase their oddsYou and FreshBooks building a better future

Professional advice

Ideal Accounting

software

A more organized

client is a more

profitable client

Improved success for your clients



2015-07-1557

Poll Questions #6


Agenda

2015-07-1558






Benefits of FreshBooks Certification

1

1

3

4

5

6

2


The Cloud – massive momentum

2015-07-1559

Public cloud market will

reach $191 billion in 2020.

(Forrester)

SaaS market came in at $52

billion, and by 2020, that

number will come to $133

billion

(Forrester)


Your customers will all be there

2015-07-1560

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


Are accounting professionals Future

Ready?

2015-07-1561

• 20% believe disruptive innovations will be a driving

influence by 2025

• 82% need to better understand innovation

• 90% agree that digital future is rapidly approaching

CPA.com Future Study 2015


Your peers are also getting onboard

2015-07-1562

82% intend to use cloud or

SaaS for accounting solutions

in the next year

Cloud Accounting Institute:

2013 survey of US


Why the fuss?



Collaboration

Access

Data backup

No upgrades

Security

Is the Cloud really secure?

2015-07-1564

54% of companies cite security

as their primary concern. (LinkedIn)


Many companies are still cautiousThey won’t put some information in the cloud

2015-07-1565

58%56%

48%

43%

30%26%

0%

10%

20%

30%

40%

50%

60%

70%

Confidentialcompany

financial data

Credit carddata

Confidentialintellectualproperty

Employee HRfiles

Customercontact

information

Data coveredby 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


IT professionals believe in the CloudThey believe the data will be safe

2015-07-1566

85% of IT

professionals

are confident in

cloud providers

can 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


The U.S. Government invests in the CloudEmbracing a Cloud First policy

2015-07-1567

“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 CloudComputing

Estimated portion

of Federal IT

spend


Precautions you can take

2015-07-1568

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

2015-07-1569

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


So, is the Cloud secure?

2015-07-1571

YES


Agenda

2015-07-1572







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2015-07-1573

Live Demo


Set up

Invoices

Expenses

Time Tracking

Reports

Pricing

1

1

3

4

5

6

2

Playing nice with others



Our Commitment Support, core to the value we deliver



Support Dashboard

Our commitments

to you and your clients

Help when there is no

one else

Free, even for free clients

No more tech support for

you

No matter the problem*

A real person will pick up in

less than 2 rings

* Still find it hard to believe, follow this link

http://daveyank.com/terrible-customer-service-and-amazing-customer-service-all-in-the-same-morning/

Support engineered into our DNAHow do we do it?



All staff member including executives must spend 30 days on the phones

Each quarter all staff will rotate back into support for 1 day

Visual cues re-enforce the right behavior

Everyone

including

the CEO will

pickup

during

code red

What you and your client’s have to say



Agenda

2015-07-1578







1

1

3

4

5

6

2


FreshBooks Accountant Network What’s in it for you?



Get cleaner data Make tax time easy Grow your business

Your personal contact

2015-07-1580

Call toll free: 1-877-262-5122

Email: [email protected]


Bonus - free FreshBooks account

A personal “sandbox” to learn about your clients’ preferred solution



Are you being 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



Get found online with the FreshMap

• Access millions via the

FreshBooks network

• Everyday, clients come to

FreshBooks looking for an

accountant



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.



Get started todayAdd your practice to the FreshMap


2015-07-1586

Poll Questions #7


FreshBooks Certified Member



Make your expertise known with the FreshBooks badge


Actionable collateral

2015-07-1589

• Personalized collateral

• Easily track your referrals

• Help your customers get

started and

• Clickable media will …


Personal landing page



Partner with FreshBooks Receive great tools and market your practice online


And it works!

2015-07-15

“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


Create a Free Accountant Center

93 2015-07-15

www.freshbooks.com/accountants

Invite your Clients to Try FreshBooks

94 2015-07-15

www.freshbooks.com/accountants

Congratulations, you are eligible to be

certified with FreshBooks!


2015-07-1596

Poll Questions #8


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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