CrewPay Whatupdate No. 26
Hello, crew.
two by 200 Update
(200 active contractors + releasing 1099 services and QBO integration by 12.31 )
- 71 active / 36% of goal
- QBO: live!
- 1099: in development
Team Accomplishments & News
- Not this week
Product Accomplishments & News
- Product Update from Matt: https://docs.google.com/presentation/d/1mtOjZW4nHUU0auWkNEY764AHsouDeLmMpoItBls4Iz4/edit?usp=sharing
Sales, Marketing & Customer Success Accomplishments & News
- Attended Quickbooks Connects
- Piloting “locations” with Storage Scholars
- New website is live: paywithcrew.com
- Will run FB ads again to see if conversions change
Revenue & New Clients
- 15 transactions last week (445 YTD)
- $51,963 sent last week ( $1.24M YTD)
- 0 new companies, 2 new contractors
- 10 companies, 8 active in the last month
- 91 contractors, 71 active in the last month
- Totals:
- MRR: $670.88*
- ARR: $8,050.56 * MRPC: $67.88
Closing Thoughts
I’m still processing much of what I gathered at Connect but here are some top-of-mind thoughts:
First, we need to step up our education game. Bookkeepers and accountants, as well as the businesses and contractors are looking for helpful information. I was surprised how much the trade pros look to the software vendors for education.
The independent contractor space was a common topic. With the “gig” economy pushing the limits of what classifies as an “independent contractor” vs. an employee, CrewPay is in a seemingly volatile space.
In addition to the regulatory chatter, there is a trend towards automation and cough “AI” solutions to intelligently “do accounting” for you.
I think this presents some opportunities for us for specialization within a customer vertical or segment (businesses that aren’t complex enough to use quickbooks).
I also can see CrewPay getting better and more focused on the compliance side. If businesses will be more scrutinized by the IRS on who is a 1099 vs. a W-2 employee, maybe CrewPay can help in that area.
Another potential opportunity is that most of these tools that are competitive focus on businesses and accountants. Could our platform be leveraged by financial institutions that want to offer the tool to their small business customers?
Lastly, and maybe this is due to the nature of the conference, none of the vendors were providing tools for the contractors — it’s possible for CrewPay to work with tools like https://www.track.tax/ or https://catch.co/.
Look forward to our discussions.
Ever,
David