What’s up everyone?!
Connor Gillivan here. Your friendly Owner and CMO from EcomBalance.
I’ve got some extremely exciting news for you. You’re going to love this.
AccountsBalance is starting as a sister brand to EcomBalance that caters directly to agencies, SAAS companies, coaches, consultants, course creators, and service providers.
After running EcomBalance for almost a full year and speaking with 1,000+ companies, we noticed there was a major hole in the market…
Just like the eCommerce industry, there are agencies, SAAS companies, coaches, service providers, and other online businesses that need better bookkeeping.
We’ve had hundreds of online businesses, outside of eCommerce, come to us in the past year looking for a better bookkeeping service. So, we decided to start a new sister brand that caters directly to this group of business owners and offers them a service unlike any other.
We’re extremely optimistic about this new opportunity and we plan to bring the same A+ level service to the experience so that all of our customers are blown away.
If you know me and Nathan Hirsch, you know we’re all about a high level of service within all of our companies. If our customers aren’t happy, we’re not happy.
In this article, Nathan and I are going to answer questions about AccountsBalance that you may be wondering.
What was your inspiration for starting AccountsBalance?
Connor: So, as you may know, we decided to start EcomBalance after interviewing 100+ eCommerce business owners about their current bookkeeping and accounting setups. We quickly noticed that the majority of business owners (a) don’t enjoy handling their books and (b) weren’t happy with their current solution. They felt like they didn’t know their numbers each month and it impacted their ability to grow and make decisions.
Similarly, over the past year, we’ve talked to 1,000+ business owners, many of which were agency owners, SAAS founders, coaches, consultants, and other service providers. Believe it or not…we were hearing the same frustrations from them. With bookkeeping being such a massive industry, we couldn’t believe no one had catered specifically to this group yet.
That’s when the light bulb went on and we started talking about starting our own sister brand so that we could answer yet another bubbling problem in the bookkeeping industry. Hence, AccountsBalance was born!
What’s your vision for AccountsBalance?
Nathan: Become the go to name for digital businesses for reliable monthly bookkeeping that helps them make smarter decisions while they’re scaling.
Connor: I want to help 1,000+ digital businesses in the next 3 years. With the online landscape continuing to develop and more and more smart professionals flocking to run their own online business, there’s endless opportunity for growth. I want AccountsBalance to be an integral partner to businesses as they start up, go through massive growth, and eventually exit. The more financially savvy we can help entrepreneurs get, the better for everyone.
Where do you see the online bookkeeping industry going in the next 3 years?
Nathan: I see the industry putting more focus on automation and tools. I also think that a lot of companies are losing focus on the customer service element of it, which shouldn’t be overlooked and will be a big part of our focus.
Connor: I agree with Nate on both of his points and think that we’re going to continue to see more and more companies looking for bookkeepers online in the next 3 years further expanding the total addressable market. I see other online bookkeeping companies popping up and the smaller, local mom and pop bookkeeping shops decreasing in size and prevalence. As the world becomes more digital (which there’s no denying it is), I think we’ll see the majority of bookkeeping and accounting services migrate online. Not in the next 3 years entirely, but it will get there. We’re in a prime spot to be a leader within the online bookkeeping market and it’s exciting.
Will the pricing be different for AccountsBalance?
Nathan: For our first AccountsBalance clients, our monthly minimum pricing will still be $249. For 7 and 8 figure businesses, we might slightly tweak those minimums for simpler businesses, but the ballparks are the same.
Connor: Right. We’ve seen from running EcomBalance that bookkeeping work can greatly depend on the client and their business. The more sales channels, payment processors, and complexities that you have, the more time it takes to perfect the books. The less of those factors and the easier it is for us to get the books out each month. Our goal is to create a pricing model that benefits all parties: our clients, us as a business, and our internal Bookkeepers.
What will AccountsBalance clients get with their monthly bookkeeping services?
Nathan: Clients get all bookkeeping taken off their plate and their monthly financial reports by the 15th of each month. We can deliver them earlier too based on what each client needs for their business. We aim to provide a level of customer service better than anyone else in the bookkeeping industry. You can email, text, or call us and we’ll reply quickly. You’ll also receive regular updates as we work through your books and any Catch Up or Clean Up work.
Connor: In a less literal sense, their time back. Our clients will free up their time from having to worry about their books so they can focus on growing their business. They’ll also gain knowledge they didn’t have before. They’ll know how to read their P and L and Balance Sheet so they can make smarter decisions for growing their business. That’s the real value add we give to our clients. Time and knowledge.
Will AccountsBalance have its own Affiliate Program and Partner Program as well?
Connor: Yes. Within the first 6 months of running AccountsBalance, we’ll roll out its own Affiliate Program and Partner Program. As we get it all set up on the backend, we can still pay out affiliate earnings to anyone that refers customers…it will just be through the EcomBalance Affiliate system. If you know someone that could be a good fit for AccountsBalance, please make the introduction and we’ll be sure to take care of them.
How will you compete with the likes of Bench and Xendoo?
Nathan: We are entrepreneurs first and are focused on building the best entrepreneur experience for clients when it comes to their bookkeeping. A lot of firms like Bench and Xendoo speak bookkeeping and are not in tune with what the customer really needs on a month to month basis. They also lack the level of service that we bring to the bookkeeping experience. We don’t want to just give you the books each month, we want you to learn to use them to grow your business smarter.
Connor: There will always be competition. For us, it’s a good thing. It shows that there is room in the space for multiple companies to thrive. We plan to stand out by providing the highest level experience out of all companies in the industry. We want to develop close relationships with all of our clients, cater to their specific needs, and build a bookkeeping system that perfectly fits their business. We’re here to be a more hands-on and customizable service than the Bench’s and Xendoo’s of the space.
What are you most excited about right now?
Nathan: The internal tools we are building along to make our bookkeeping processes even more efficient. And the team that we’re building is continuing to grow and get better every single week.
Connor: Helping business owners really get a firm grip on their books. I know from personal experience that it can be scary running a business without fully understanding your numbers each month. But when it clicks, it’s a game changer and you look at your business in a new light. It’s a factor that played into us being able to scale and sell FreeUp. I want to bring that knowledge to thousands of other entrepreneurs.
Genuinely, thank you for reading this interview and for your interest in the launch of AccountsBalance.
As I’ve said, we couldn’t be more excited to work with more amazing online companies doing killer things and it’s because of our partners and network that we can make that happen.
If you know anyone that is running an online business that hates handling their bookkeeping (aka 99% of people), let them know about AccountsBalance next time they’re asking for a recommendation.
All my best!
CMO, EcomBalance & AccountsBalance