Happy 1st Birthday SmartBooks!

Twelve months ago today Rowan and I had a a vision of disrupting the bookkeeping arena by offering automated, timely and subscription priced bookkeeping solutions to small business owners and accountants.

We were sick and tired of the cost inefficiencies faced by both small business owners and accountants due to inconsistencies and errors in record keeping, miscommunication and replication of processes.

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How are accountants – the business advisors – expected to advise their clients when the data they are receiving is poor quality and can’t be trusted?

heard of the term?

“SHIT IN = SHIT OUT”

How are accountants supposed to leverage cloud technology and be up-to-date with the financial position of their clients at any point in time if the bank statements haven’t been reconciled for three months?

Why should business owners pay hourly rates for bookkeeping, which range from $40 to over $100 per hour, and have no correlation to the bookkeeper’s skill set, efficiency or quality of work?

Why do business owners spend so much time doing data entry and administration work when they could be doing what they love – developing and growing their business?

OUR GOAL IS TO FIX THAT

We’re proud to say that we have validated our concept of running a lean, mean (and green) virtual bookkeeping practice with SmartBooks Online.

Of course, it hasn’t been easy. It has been challenging for both business owners and accountants to grasp the concept of ‘virtual bookkeeping,’ as we are first movers in this space. However we’ve all reached the point of accepting that our process IS THE FUTURE.

Here are some of our achievements over the last 12 months:

  • Our model has pivoted countless times (yes, that’s a good thing!)
  • We leverage about nine pieces of technology to keep our back office tight (most talk to each other – some don’t – but we’re fixing that)
  • We employ an army of five super hard working dudes in India, and of course Anne – our locally based Supervisor
  • We have achieved Silver Partner Status with Xero
  • We have been cashflow positive from day one.

There’s a ‘BIG 4’ in every profession – Accounting, Law, Banking.

Why isn’t there a Big 4 in bookkeeping?

We’re striving to be the BIG 1. Watch this space…