Reach Accounting (http://www.reachaccounting.com.au) is an online accounting service for small businesses. We require a new logo to reflect our new brand identity. This is NOT reflected in our current logo or website.
NB: Please don't use 'online accounting software' as a tagline, which has been a problem with early submissions. You are welcome to come up with a tagline, but this isn't it!
Reach Accounting currently provides an online service that allows small businesses to login to the website and invoice customers, record expenses, manage payroll and produce statutory returns. The service is currently far too technical, dry and more visually suitable for accounting professionals. It is undergoing a process of becoming much more suited to small business owners. This includes a redesign of the logo, the website and the usability of the application itself.
Currently many of the users are typically early technology adopters. Over 50% of them are I.T. businesses.
They have dropped out of managing their accounting using spreadsheets to record transactions, Word documents to produce invoices, and collecting a shoebox of receipts and giving it to a bookkeeper at the end of each quarter. Let’s call these “shoebox businesses”. Their only other option to get more organized is to buy a desktop copy of an accounting application like MYOB.
Accountancy firms will invariably recommend their customers use a desktop application like MYOB, because they use that software and it makes it easy for them to import their customer records. However, it is very heavily featured, not friendly in design and therefore complicated to use. It’s also very expensive, an upfront cost and lacks many of the benefits of hosted accounting.
We want to intercept customers who are ready to move to a professional accounting product and get them to use Reach Accounting instead of MYOB or a competitor hosted accounting product. Whilst we do attract churn from MYOB users, it’s the shoebox business we’re targeting primarily.
We’re looking for businesses whose turnover is >$150k, which means they probably have more than one employee and are ‘over the hump’ of setting up their business.
Shoebox businesses see advantages in the low monthly cost of hosted accounting, they like the fact multiple employees can access the application anywhere, from any device. They are concerned about data security. They find invoicing hard. They find producing their quarterly financial returns hard.
The perception about Reach Accounting is that ;
1. It is easy. It takes all the hard work out of invoicing clients, managing expenses and producing returns.
2. You become much more organized. This generates an emotionally more relaxed state. It creates an emotion response of reward every time to enter a transaction, and accounting becomes more fun. You have less anxiety about doing your accounts.
3. You’re more in control of your business. You have moved up a gear. You’re a winner.
4. Mobile access to your invoicing and accounting system from any device, anywhere, by any employee is cool, more flexible. You can empower your employees to do their own accounting tasks.
5. You feel cleverer than the ole school MYOB users. You’re not an accountant, you’re the new generation of cloud application users who get a better service, better usability and better access and have more fun managing their accounting needs.
6. Security is government grade. It might be more fun, but we’re still serious about looking after your data.
External acquisition will be via multiple channels; Google Adwords, direct mail, EDMs, editorial, print advertising. Most of this acquisition will be to a trial. Internal acquisition and upgrade will be by EDM and sales teams.
The key messages will be
1. Easy invoicing, easy BAS returns & easy payroll
2. Low monthly fee
3. You and all your employees can access the service from any computer, laptop or mobile
4. Government grade security
For your information, ‘BAS’ is an Australianism for Business Activity Statement and a statutory tax return to government.
The main competitors are:
1. Shoebox accounting; managing your accounts using spreadsheets to record transactions, Word documents to produce invoices, and collecting a shoebox of receipts and giving it to a bookkeeper at the end of each quarter
2. Desktop MYOB; accepting the advice of your accountant and running a desktop version of MYOB on a computer
3. Other hosted accounting providers
The closest competitor that we would relate to creatively and in a brand sense would be Freshbooks.
Advantages over the competitors:
a. Disorganisation is the eventual death of all businesses
b. You tend to invoice periodically, because it’s a pain, which is bad for your customer who is more inclined to be happy about an invoice 1 day after they bought a service, rather than being hit 7 days later. You also delay cashflow.
c. You have no system for systematically chasing people who owe you money. You collect money slower, if at all.
d. You pay much more for your professional bookkeeping expenses
Desktop MYOB users:
a. It costs a fortune upfront. $849 for the option including payroll.
b. It’s hard to use and really designed for an inhouse bookkeeper rather than a small business owner
c. No mobile access
d. Only 1 user licence
Competitor hosted accounting providers (Xero, Saasu, MYOB Live accounts):
a. We’re cheaper ($15/mo, as opposed to $49/mo Xero, $29/mo Saasu, $25/mo MYOB Live)
b. We’re (going to be) easier to use
c. Have the same features
What one word would best describe our logo?
The outcome of moving to hosted accounting from shoebox accounting is one of finding life a lot easier as a small business owner. You’re doing everything smarter than before and it’s a better option than desktop MYOB. You feel smarter. You’re more of a winner.
You are 'clever'.