What if An Accounting Firm Was Built Specifically For Young Entrepreneurs?

Finn Kelly

Summary:
In Episode #285 Nathan interviews Finn Kelly, co-founder and CEO of We Love Numbers, a smart bookkeeping and financial advice site that’s turning financial services into SaaS. Finn’s been named three times as one of Australia’s top 30 entrepreneurs under 30, and is about to launch his first fundraising round. Listen as Finn and Nathan talk going from service to SaaS, the ins and outs of investment partnerships, and why you are what you think.

Subscribe_Buttons_iPhone

Subscribe_Button_Android

iTunes, Google Play, Stitcher, Soundcloud, How to Subscribe

  • Favorite Book? – True North
  • What CEO do you follow? — Warren Rustand
  • Favourite online tool? — Slack
  • Do you get 8 hours of sleep?— No, but pretty close
  • If you could let your 20 year old self know one thing, what would it be?— Look after your body, and focus on your thoughts. You are what you think.

Time Stamped Show Notes:

  • 01:31 – Nathan’s introduction
  • 02:00 – Welcoming Finn to the show
  • 02:20 – We Love Numbers – smart bookkeeping and advice for entrepreneurs
  • 02:40 – Revenue is generated by a subscription model to 1 of 4 different packages
  • 02:49 – Packages cost $395 to $1695 per month
  • 03:10 – Recent client was a wine importer – We Love Numbers helped them to look at different back-end processes and interpret the numbers they needed to focus on
  • 05:14 – What, strategically, can We Love Numbers help with?
  • 05:35 – Answer questions to help optimise pricing models, salaries etc.
  • 06:20 – They work with multiple clients so have a sense of what is industry standard
  • 06:30 – Currently work with 50 clients; have over 900 in the pipeline
  • 06:57 – Started in March 2015
  • 07:16 – Average customer pays about $1000 per month
  • 07:22 – MRR in February 2016 was around $50,000
  • 07:55 – Started out in wealth management – sold their first company for multiple millions
  • 09:13 – About to raise their first capital round
  • 09:30 – Raising because they want to scale quickly
  • 10:00 – “We see ourselves as a SaaS business”
  • 10:25 – Looking to raise $750k via convertible note
  • 10:40 – Aiming for churn of 2% through month
  • 11:00 – Worst churn rate they’ve experienced was 10%
  • 11:40 – Aiming to pay no more than $1000 per customer acquisition cost
  • 12:20 – Currently 10 people in the team
  • 12:40 – Head count expenses are about $60-70k per month
  • 13:40 – A pre-money valuation of $6 million would make Finn extremely happy
  • 14:20 – Looking for strategic partners, not just VCs
  • 18:58 – Connect with Finn at his website or through Linkedin
  • 16:54 – The Famous Five

3 Key Points:

  1. Look for strategic partners who can add value beyond money.
  2. Find a way to make your business scale. How can a service business become a SaaS business?
  3. Focus on your body and your health. Look after yourself, and you’ll be prepared for anything.

Resources Mentioned:

  • Freshbooks – The site Nathan uses to manage his invoices and accounts.
  • Host Gator – The site Nathan uses to buy his domain names and hosting for cheapest price possible.
  • Leadpages – The drag and drop tool Nathan uses to quickly create his webinar landing pages which convert at 35%+
  • Audible – Nathan uses Audible when he’s driving from Austin to San Antonio (1.5 hour drive) to listen to audio books.