Xero s add o - pi
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Georgie presents Practice Ignition, a software that helps accounting and bookkeeping practices streamline operations. It automates proposal creation, deployment of workflows to connected software, and invoice sending. This reduces high administrative costs and improves the client experience through online proposal acceptance and client collaboration tools. Practice Ignition aims to remove roadblocks inhibiting practice growth while providing clients with visibility, easy communication and a great experience.
Xero s add o - pi
- 1. Good morning everyone and welcome! Thank you very much to Xero for having us – it's a great opportunity for all of us I think, to all be collaborating on our businesses. Theres a world of opportunities out there to build beautiful businesses and Xero is helping all of us in providing this platform And thank you to everyone who is listening in to this webinar with Practice Ignition, its great to see so many people online. My name is Georgie and I’m an ignitioneer here at Practice Ignition. If you have any questions after the webinar is over, please feel free to send me an email to Georgie@practiceignition.com Just in case you’re about to start writing everything down, don’t worry too much as I’ll be providing a link to this presentation at the end.
- 2. • Who are we • What do we do • Who is Practice Ignition for • How and why Practice Ignition can work in your practice I’m really excited to be presenting Practice Ignition today, I haven’t been with the business for a long time but the feedback we’ve been getting is awesome and I can really see why our accounting and bookkeeping clients love the product. I’m sure you all want to know what we do, who our product is for and how and why Practice Ignition can work in your business. I like to think of Practice Ignition as the rocket fuel for building a business known for its awesome customer experience.
- 3. It all started with...
- 4. The problem. Heading here • Dot point • Dot point • Dot point With something along these lines? Feeling threatened to be weighed down by administration. 3 years ago, our CEO and Founder Guy Pearson owned an accounting firm and was tired of all the things that were inhibiting growth; extremely high admin costs, disconnected tools that just weren't talking to each other, scope creep and highly expensive and time consuming client on-boarding. I bet this looks or even feels familiar .. you’ve even lost visibility over your relationship and any agreement you had in place, you’re chasing invoices, manually reconciling payments to invoices and just feeling like its endless. So the question is - How to build an accounting firm that can scale while still providing a great customer experience?
- 5. ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! ! One in five are in admin We did some research a little while ago now and as it turns out - on average, the typical accounting or bookkeeping practice, has 1 in 5 of its staff working in admin. What that means is something that looks a bit like this…
- 6. !$100k !$150k !$200k !$250k !$300k !$350k LoLsto rsevt enue revenue At a conservative 50K per head, the lost revenue quickly adds up. So this is made up of two things: 1. The opportunity cost for preparing and filing engagements, and dealing with run of the mill questions; and 2. What would happen if the admin were turned into chargeable assets?
- 7. “It costs us $1,000 to get a first draft proposal out the door” – Mid tier accounting firm (NZ) “We spend $1,200 just setting up a client’s job and workflows for the year...even for renewals.” – Big 4 (AU) “We miss out on work purely due to the inability to turnaround engagements.” – Small firm (AU) This is some feedback Guy got from approaching other practices to find out whether they were experiencing the same frustrations as he was
- 8. The industry started talking… “The firm of the future will offer fixed prices, upfront for every service it provides, just like every other business” – Ron Baker, Verasage then the industry started talking .. why were accountants and bookkeepers not charging out their services at a fixed fees like other industries had been doing for a long time? I guess people started asking the question was the accounting industry really any different?
- 9. Accountants Have % High admin costs $ Disconnected tools # Expensive client acquisition " Compliance requirements 3 years ago, our CEO and Founder Guy Pearson owned an accounting firm and was tired of all the things that were inhibiting growth, namely; extremely high admin costs, disconnected tools that just weren't talking to each other, scope creep and highly expensive and time consuming client on-boarding. On top of all of this they’re trying to scale and grow their business.
- 10. Agreed fees % Visibility ( Easy communication ' A great experience & Clients Want But these issues weren’t just issues for Guy and other accounting and bookkeeping practices. The clients were wanting something else also - clients are demanding to see visibility around pricing, be it through fixed fees or transparent value based pricing. They want to be able to communicate, collaborate and interact with their accountant online. Most of all they want a low touch, hassle free experience. These are the problems that were being / are being faced by accounting firms and their clients everywhere.
- 11. Accountants needed a tool to meet their client needs now and in the future. So, we created So this is where Practice Ignition came in …
- 12. Accountants Clients Xero with XPM has offered all of us an incredible tool to automate the work we do with our clients. I bet so many of you have had great revelations in your businesses because of these systems. But there has still been this hugely time consuming, out of date, expensive road block that is crippling practices and preventing growth. • Practice Ignition removes this roadblock. • We cut down administration, we automate your on-boarding process and we put it online. • We provide your clients with an amazing experience.
- 13. Ignition + Create proposal ) Send to client or share on website * Client views & accepts online 3 stages of Ignition: 1. onboarding with our proposal engine 2. connect your existing systems (workflows and invoicing), and then 3. client collaboration - make the relationship stickier and increase your retention rate You can then roll over your clients.
- 14. - Capture additional information during checkout , Workflow is deployed to Practice Management Suite % Invoices are automatically sent to Xero Launch
- 15. 0 Connect and collaborate with client . Share documents, milestones and due dates / Nurture and retain Orbit Where we are going … DEMO time ….
- 16. Provide the ultimate client experience while growing your practice. recap …
- 17. Create - Send - Accept Create them online at the click of a button, send and receive online, correspondence regarding the proposal is all there, .. Receive accepted proposals from your clients ONLINE Practice Ignition works perfectly on tablets, laptops and desktops so you can create a proposal on the spot in the meeting with your client and have them signed up with jobs and invoices already deployed before the meeting is even over.
- 18. Interact and collaborate alongside the engagement.
- 19. Re-engage each year. Automatically. We also know that you want to confirm your engagements, without enlisting an army of admin or cutting down a forest, so, we built auto rollovers in.
- 20. A full audit trail on all clients, engagements, workflows and invoices.
- 21. Collect payments IN LINE with service pricing and billing types defined in your proposal 1. no longer will you need to chase invoices 2. collect your clients payment details and let PI and Xero do the rest for you 3. every payment tied to your proposal 4. auto-reconciliation - enable Xero in your PI account and you’ll get an automatic reconciliation 5. A complete end to end solution Collect your clients’ payment details at the time they accept your proposal and let Practice Ignition do the rest for you. The payments feature allows you to collect either direct debit and credit card payments from your clients, IN LINE with the service pricing and billing types defined in your proposal. This feature goes further – if you’ve enabled Xero in your Practice Ignition account, it will automatically reconcile the payments against your invoices, creating a complete end-to-end solution with your on-boarding process!
- 22. Sales reports
- 23. Finally, leverage your website like you should; have your clients creating their own proposals Use the webconnector. Ultimately your website is not just an information hub of who you are and what you do, it should be one of your great sales tools.
- 24. $1 per entity per month remember how I mentioned it was costing some of our contacts over 1,000 just to create one proposal. Remove the frustrations from your on boarding processes but more importantly remove those unnecessary and exhaustive costs that are only draining resources.
- 25. Knowledge centre - filters to access any data The new filter button. Do you know how many of your clients have tax planning meetings at the click of a button? How many of your clients will you be conducting Xero training for this month? Which clients have outstanding bill on completion amounts? Access these kinds of pieces of information quickly and all from within your Practice Ignition account.
- 26. Invite your staff in, engage your business You’ve got an audit trail .. let your staff in to create, edit and send out proposals to your clients. Its so simple and your clients will be pretty happy knowing the accounting firm they’re using is forward thinking, efficient and now has the time to have a chat .. its no longer just about the boring and exhaustive admin
- 27. Engaging and retaining clients just got a whole lot easier. Everything tied back to your proposals Seriously, proposals can now be fun and easy!! You stay compliant but you do it so efficiently, all stored and accessible to you from PI.
- 28. Login to Ignition App every morning Review your dashboard from your connected apps Ask your advisor the questions you want Get answers in real time A single place for small business owners
- 29. The first place accountants look to move online The client platform to connect accountants and their clients A marketplace to connect advisors, businesses and software Payments made easy for B2B transfers, globally
- 30. Partner program
- 31. Partner program
- 32. Customer love
- 34. Thank You georgie@practiceignition.com link to presentation
- 35. The result.