This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
Learn more about the SMART 100 >>
1. THE BEGINNING
This innovation initially came to life when…
An accountant wanted to solve a massive pain and problem for the accounting industry. He was focused on his ability to engage and sign new clients into his practice with a focus on scaling his practice.He met a product developer and together they’ve been on a journey that has allowed them to transform how accountants around the world are now engaging with clients, getting paid and as a result eliminating their debtors.
Their innovative as solution whilst on the surface may seem like another in the crowd, has a distinctive key feature that set’s them apart from the rest.
2. WHAT & HOW
The purpose of this innovation is to…
…to improve the relationship between a professional and their client. In a way that the work that is being carried out is not focused on the contract, billing arrangement and accounting fundamentals that need to be carried out post service.
It does this by…
…combining 3 key elements of an accountant’s process into one simple transaction that allows the client to sign the automatically built contract, sign off on their direct debit authority and accept their proposal all within the same key stroke.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
…. it would take an accountant so much time (days, weeks even) to engage a new client. It would then take them even longer to get paid for their work because the old business model was based on billing in arrears, based on hourly billing, relying on the client to pay the bill when they felt like it.
Its various benefits to the customer/end-user include…
Practice Ignition benefits both the client and the professional. It allows the firm to create a digital contract, proposal and direct debit authority in minutes, allowing the client to sign and agree to all three elements in one transaction.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
Docusign, solve’s a portion of this problem. Ezidebit the other portion, then there’s a big disconnect between all the payment’s and invoice’s that need to connect to a ledger.
Practice Ignition combines docusign, ezidebit and a robust integration to Xero and QuickBooks Online which allows firm’s to automate their account’s receivables. This combination does not exist well in any proposal platform.
5. TARGET MARKET
It is made for…
Service based professionals who need to have their client’s sign a contract, accept their proposal and then pay for the service’s upfront, on completion or for recurring services.
The solution can also extract data to present in an analytics dashboard that give’s the firm an idea of key financial metric’s not found easily within your cloud accounting ledger. Thing’s like your sale’s conversion rates, monthly recurring revenue, project revenue forecast for the year and many more.
It is available for sale through…
The practice ignition website. All sales are made directly through the app on a monthly subscription plan plus the payment fee’s which are based on Visa / Mastercard interchange rates.
Our marketing strategy is to…
Own our niche of the accounting industry before moving into other verticals and using our accounting channel as our partner channel.
Encouraging the network to bring their clients onto the platform.
FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
Maven Judge Vote: Practice Ignition – Smart 100 2018
(Please note – The form below is for judging purposes only and is restricted to the public)