Question

Topic: Taglines/Names

New Business Semi Automated Bookkeeping

Posted by Anonymous on 6/30/2010 at 5:25 AM ET 250 Points
I am starting a new Revolutionary Bookkeeping Business.

The way the system operates is a client signs up to our service and then each month their banking data gets downloaded to us. We have completely no access to their banking details.

After that the first couple of months we setup rules in conjunction with the client to auto assign Income and Expenses to the correct Income or Expense account.

With the balance of the transactions we then communicate with the client. I then offer them different options to complete the coding as well as add in any Cash transactions that didn't go through their Bank Accounts.

At the end of each quarter the system can produce their Business Activity Statement, for reporting to the Government, their GST Liabilities so it drastically cuts down their time doing the books.

The target market is Small business, Franchises, Tradesman & Professionals that don't need a Creditors/Debtors module. Although I can provide them with this solution as well, it is not really my target market.

Therefore I would appreciate any suggestions that come up with a great Business Name and Tag line for this new venture. I am trying to provide a cost effective service but want to be able to convey the simplicity and time saving features of this revolutionary system.
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RESPONSES

  • Posted on 6/30/2010 at 2:32 PM Accepted
    I'm having a problem with the basic business concept. I don't understand what's in it for your clients. What is the benefit for them? How is this better/easier than using, say, QuickBooks?

    I also don't understand why this is so revolutionary, but maybe that's because I don't understand the benefit yet.

    I have run and consulted for several small businesses, and I'm familiar with a number of systems and procedures for basic bookkeeping. Instead of getting into the "how you do it" details, can you start by giving us the headline idea? Why would a small business want to use your service?

    Once we get the big idea, it will be a lot easier for us to help you with a name and tagline for your business. And without that information it's almost impossible for us to really help you.

    P.S. While you're at it, you might give us a bit more information about your target audience: Where are they? What are they doing today for their bookkeeping needs? What do THEY think about your business concept? What do they like about it? What questions or concerns do they have? (Pay special attention to the exact words they use; that will help us develop the name and tagline.)
  • Posted on 7/1/2010 at 4:46 AM Author
    Thanks for the feedback

    The reason they would choose me is Major “Time savings” Minimal “Data Entry” and” Cost Savings”.
    Each month all of their Banking data is automatically downloaded into my program straight from their bank. The program then goes through a list of rules that have been setup specifically for that client and then automatically codes the transactions that have excellent bank descriptions to the correct General Ledger Account. Any transactions that can’t be automatically coded can then be sent either a paper Coding statement or an electronic file that will allow them to describe what those transactions were for.

    If they go to a standard bookkeeper instead of spending say 5 – 10 hours per week keying in their own data into QuickBooks, then they just end up paying someone else to key in that same data. Bank Reconciliations still have to be done. Data Entry mistakes may still be made. It ends up costing them large amounts of money.
    If they decide to do it themselves they need to purchase a program such as QuickBooks, MYOB etc and then generally have to either learn how to use it or alternatively attend a training course and spend more money. They generally then have to continue pay to have it upgraded each year.
    The benefit for the client is therefore , No Upfront costs, minimal data entry, reasonable charges, Accurate Data Entry, Monthly Management Reports and Graphs. The only data entry they need to do would be cash expenses that haven't gone through a bank account. They also only need to advise what the transactions were they wrote out cheques for.

    They can now not spend more time in their business, with their family or playing golf.

    My Target Audience is clients who either don’t use a system at all at the moment, use a spreadsheet to categorise all their expenses, are poor users or Electronic Computerised Systems, operate cash business's and who generally don't need a Debtors or Creditors module. I am aiming at Franchises that operate as Takeaway Food Shops, Coffee Shops, Medical Professionals, Chiropractors, Podiatrists, Micro businesses. They are located in Shopping Malls, Light Industrial Estates, work from Home Businesses, Internet Businesses.

    Their main concerns are security of the data. Do I have access to their Bank Accounts. They love the fact they have to do minimal data entry

    I am not really interested in clients who need a fully Integrated Debtors, Creditors, Payroll, Inventory system.

    You can see a demo of this system at
    https://banklink.com.au/demo/BankLink.html

    Thanks for your help.
  • Posted on 7/3/2010 at 6:10 PM Author
    We've decided to go with the name Smarter Bookkeeping. Any suggestions now for a great Tag Line?

    Thanks in anticiptaion.
  • Posted on 7/9/2010 at 3:15 AM Author
    Well we didn't get the name Smarter Bookkeeping so have succesfully registerd Innovative Bookkeeping.

    Still waiting for a successful Tag Line.
  • Posted on 7/15/2010 at 7:48 AM Author
    No happy Jan!!!!

    I have only had one response and replied to one of your Senior Advisors. Very Poor Customer Service!!!
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