CrewPay Whatupdate No. 8
Hello, crew.
Short week in the US with July 4th but we’re making good progress! Thanks to everyone for their hard work.
Team Accomplishments & News
- Quiet this week
Product Accomplishments & News
- Rolled out the admin dashboard
- Fixed a bug that sent out onboarding emails out to existing users.
Sales, Marketing & Customer Success Accomplishments & News
- Had a good demo and meeting with a Yoga studio
- Met with an outsourced CFO, accounting firm
Revenue & New Clients
- 61 active contractors
- 27 transactions ($13 earned)
- $114,968 sent
- 5 new companies, 0 new contractors added
Totals:
- MRR: TBD
- ARR: TBD
- RPC: TBD
(not charging right now but it’s est. $305 based on 61 active x $5/mo)
Closing Thoughts
This week I had two great meetings. One was with a yoga studio. One was with the owner of a bookkeeping/cfo business.
The yoga studio meeting was great because it helped us better define who our customer isn’t. That’s right. Isn’t. In this case, the studio only pays people once a month and they have a bookkeeper who handles all the 1099’s through Quickbooks. After learning about about how they pay their contractors and demoing CrewPay, it was clear their pain wasn’t strong enough yet for an alternative. I leave these meetings so excited knowing we’re finding our smallest viable audience.
The second meeting, with Michael from Reconciledit, was also exciting. He runs an outsourced bookkeeping/cfo business and focuses a lot on professional services businesses. He had a few great things to share about the need for this service for many SMBs. He also shared that Quickbooks is seeking to be a platform or operating system for accounting/bookkeeping. They have a conference coming up focused on app developers for their marketplace.
Businesses like his use QBO as a financial hub where other apps feed into it because no one likes using it. He encouraged us to stay the course, focus on payments (scheduling, next-day, etc.) and look into getting into Quickbooks’ App Store (integration). His colleagues go there to recommend services to their clients. He also shared insights pertaining to the 1099 service. There are a lot of complexities to sort out there and suggested we may partner with a company that focuses on that part. Could be a way for us to JV something.
As we move into future sprints, I’m going to work with Matt to tighten up the QBO integration piece. As we look to build partner channels, checking that box seems to be climbing in priority.
Ever,
David