Published on February 1, 2014
Manage your accounts quickly and easily, whenever you make a sale or purchase, wherever you happen to be, for $12 a month. Michael Mehmet – CEO and Founder, MEHMETECH pty ltd
For most Small Businesses, managing their accounts can be a chore...
For most Small Businesses, managing their accounts can be a chore... ● Time consuming ● Confusing ● Inefficient ● Expensive ● Inaccessible ● Neglected
For most Small Businesses, managing their accounts can be a chore... ● Time consuming → frustratingly slow and tedious ● Confusing → difficult to find what you need ● Inefficient → lots of manual entry/double-handling ● Expensive → pay an accountant to use it! ● Inaccessible → must run on Windows ● Neglected → no invoice = no payment
Biggest problem: having to use tools designed for ACCOUNTANTS
Biggest problem: having to use tools designed for ACCOUNTANTS Source: ABS Cat. No. 8165.0, Counts of Australian Businesses
Biggest problem: having to use tools designed for ACCOUNTANTS 100% USE/NEED ACCOUNTING SOFTWARE Source: ABS Cat. No. 8165.0, Counts of Australian Businesses
Biggest problem: having to use tools designed for ACCOUNTANTS 100% USE/NEED ACCOUNTING SOFTWARE 3% ARE ACTUALLY ACCOUNTANTS Source: ABS Cat. No. 8165.0, Counts of Australian Businesses
was designed from the ground up as a tool for SMALL BUSINESSES
was designed from the ground up as a tool for SMALL BUSINESSES ● Easy to use ● Accessible ● Secure ● Cheap
was designed from the ground up as a tool for SMALL BUSINESSES ● Easy to use the system automatically LEARNS your business – the more you use it, the easier it gets ● Accessible requires only a web browser – even on your phone ● Secure your data is automatically protected AND backed up 24/7 ● Cheap $12 a month (first month free)
was designed from the ground up as a tool for SMALL BUSINESSES ✔ Enables management anywhere, any time, on any device ✔ Reduces time wasted ✔ Provides insights into business ✔ Saves you money
Marketing Strategy What customers are saying: ● eLEDGER is easy to navigate, with a superior layout to other products ● It's nice having everything altogether ● This is basically the cost of a few cups of coffee, every month ● The most important aspect is my workflow – don't make me think! What still needs to happen: ● Disrupt the existing dependence on accountants for the ordinary day-today stuff by breaking it out of the “too-hard-basket” ● Educate sole-traders/SMEs on these fundamentals, emphasising that “workflow” aspect ● Build some brand recognition and a presence in the marketplace ● Match competitors' Direct Bank Feeds automation feature
Business Model MONTHLY SUBSCRIPTION Executive Associate Partner $12 per user $8 per user $10 per partner COST STRUCTURE Server/Domain Account Fees $132 per year $528 per year + 3% credit card processing fee People $220,000 per year Tax/Superannuation $58,000 per year Marketing $120,000 per year Other $54,000 per year ● Sales are recurring – most customers in any given month will be the same customers from the previous month ● First month free means payments basically in arrears, each month
Capital Requirements What has already happened: What still needs to happen: ●Server/domain ●Sales created, setup and paid and Marketing staff hired ●Front page professionally designed and implemented ●Development ●Main back-end developed, configured, tested and maintained ●Direct Bank Feeds setup ●Automated ●Move offices out of home office and into real security and backups setup ●SEO and Customer Support teams expanded and social networking campaigns created and in motion ●Promotional ●Customer ●Automated ●Bank service/support options setup account and Stripe account for making and receiving payments created and P/R campaigns developed, executed billing system developed and tested and receiving payments
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