Published on March 3, 2014
CLOUD-BASED ACCOUNTS FOR SMALL BUSINESS Keep track of your business finances online quickly and easily. No software to install or knowledge about accounting required.
PROBLEM: it's a CHORE to do your own accounts
CAUSE: tools designed for ACCOUNTANTS
doing your accounts should be SIMPLE not “beautiful” X
Companies like Xero count their customers in thousands while literally millions of small businesses don't have a solution which works for them (and now they are abandoning Australia, without having solved this problem, to sell their wares to accountants in the US)
SMALL BUSINESS: 2 million (100%) SOLE TRADER: 1.3 million (65%) 80,000 (3%) → ACCOUNTANT
SOLUTION: easy to use ● easy to access designed for the rest of us ●
think universal remotes... ● pretty to look at but more expensive ● basic design at a low price ● too complex for most people ● you don't need any expertise ● lots of features you never use ● ONLY the features you need
you can go from ORDER
to INVOICE in literally 3 clicks
What customers are saying: ● eLEDGER is “much easier to navigate” ● “I like the way it's laid out for you” ● “This is basically the cost of a few cups of coffee, every month” The most important aspect identified is “work-flow” ●
Product Development based on ● degree in Mathematics ● 20 years in Web Development ● 5 years SMB experience
FOCUS IS SHIFTING PRODUCT DEVELOPMENT MARKETING & PROMOTION
MONTHLY SUBSCRIPTION INCOME PROJECTIONS Executive $12 per user YEAR 1: 1,077 subscriptions ($25,698) Associate $8 per user YEAR 2: 20,660 subscriptions ($1,087,601) Partner $10 per partner YEAR 3: 89,584 subscriptions ($7,055,271) ● Sales are recurring – most customers in any given month will be the same customers from the previous month ● First month free means payments are in arrears, every month
eLEDGER Revenue Cost of Goods Sold EBIT Year 1 % Revenue $25,698 $0 eLEDGER 0.00% Cost of Goods Sold EBIT Year 2 % $1,087,601 $0 Revenue 0.00% $7,055,271 $0 Gross Profit Administrative Costs $33,148 128.99% Administrative Costs $38,026 3.50% Administrative Costs $38,088 0.54% $4,850 18.87% Marketing $12,100 1.11% Marketing $70,000 0.99% Professional Fees $48,112 187.22% Professional Fees $56,440 5.19% Professional Fees $56,440 0.80% Employment Costs $61,875 240.78% Employment Costs $82,500 7.59% Employment Costs $82,500 1.17% $6,200 24.13% Non-recurring Costs $1,200 0.11% Non-recurring Costs $3,800 0.05% TOTAL OPERATING COSTS: $154,185 600.00% TOTAL OPERATING COSTS: $190,266 17.49% TOTAL OPERATING COSTS: $250,828 3.56% -$128,487 -500.00% EBIT $897,335 82.51% EBIT $7,055,271 0.00% 100.00% EBIT Gross Profit % $25,698 Non-recurring Costs 100.00% Cost of Goods Sold EBIT Year 3 Gross Profit Marketing $1,087,601 eLEDGER $6,804,443 100.00% 96.440%
No Assembly Required Michael Mehmet – CEO and Founder, MEHMETECH pty ltd
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