Franchise Accountants Increase Average Fees and Reduce Customer Churn by 7% Rolling Out FUTRLI
Posted on 1st June 2017 in Customer Stories
Written by Freya Hughes
EzyAccounts launched in 2009 and signed up to FUTRLI soon after our launch in 2014. The firm operates a franchise model and it has seen rapid growth since becoming a partner. The business currently averages one new franchise per month and they have coverage in every state in Australia. Daily operations are managed by Colin Hunt, with support from his son Oliver, a Digital Marketing Consultant. With FUTRLI, the business has been able to scale rapidly and provide a consistent service (which can be accurately measured). Read their story…
Tell us a bit about EzyAccounts
We provide a bookkeeping and financial management service via a franchise model. But, at our core, we are an advisory business. We conduct analysis and interpretations on behalf of our clients, so we can work with them to grow their business and make it more profitable and efficient. Our franchisees are all accountants who have worked with large enterprises using complex software for budgeting and forecasting. They’ve been amazed at FUTRLI’s flexibility and functionality.
FUTRLI helped improve client loyalty. Our churn rate has decreased from 20% to 13%. Across a big group like ours, that’s really noticeable. It’s a simple formula – FUTRLI allows us to deliver more value.
What’s the commercial impact?
Aside from churn, which means FUTRLI has more than paid for itself, we’ve increased the average fee income per client. Now, we track both of these as KPIs and that’s why we said yes to this case study – we love it!
Are you tracking referrals # as a KPI also?
Yes! Word-of-mouth referrals back to franchisees has also increased. We can make such a difference to our clients’ bottom line, and that’s always been our core mission: deliver a service where we make our clients more profitable. We have clients that might pay us $50k a year but we might be making them $100-200k because of the knowledge we can get to them which allows them to make solid decisions confidently.
What issues has FUTRLI helped you overcome?
One of the issues we had before we started working with FUTRLI was there was quite a big disparity between franchisees, as we didn’t have a cloud solution that they could easily set up and use – everyone was using spreadsheets. Some people were confident with them but some weren’t. So the quality of service our clients would get was dramatically different, it all relied upon the franchisee, which wasn’t good for our reputation. It was also quite difficult for us to jump in and check and see what people were doing – if we needed to enhance services for clients.
With FUTRLI we have quality control and we know exactly where each client is at. We’ve got it all set up so we can review by industry and be confident that all of our clients are getting a high-quality, consistent service.
Has FUTRLI helped you recruit franchisees?
Virtually all of our franchisees were either partner-level in public firms, or they were Financial Controllers/CFO accountants in commercial organisations. We’ve always recruited at this level so they’re confident in what they’re doing. We used to leave introducing FUTRLI until after they’d signed up with us, but now we’ve realised it’s a benefit to show it off during the commercial process. Once we showed them FUTRLI, they’re amazed and even told us we’d undersold what we’re delivering by not sharing it before. Trust us, we don’t do that anymore – now every potential franchise gets an introduction!
How do you manage clients across the group?
We have two tiers of clients: our first level are actually our franchisees – the thing that’s really important to us is to give them the best tools available. And that’s what we’ve done by signing up to FUTRLI.
It’s been heartwarming that the FUTRLI team really listen to our feedback and that of other people. The team there has done such great things to keep the product world-class and leading in this space. We’re typically recruiting people who come out of medium to large corporates and when I show them FUTRLI they are blown away.
They remark that it’s been far better than the very expensive ERP systems they’ve used in the past. What FUTRLI has done to make this affordable for small business is incredible. Seeing the look on their faces when you take them through it makes us know we’re on the right track. They’re Management Accountants and they’ve spent their careers putting the monthly board packs together and the fact we can do this so quickly and easily for small business stuns them. As churn tells us, we know our second tier are very happy too!
Here’s what some of EzyAccounts’ franchisees had to say about FUTRLI…
Philip Hawkins – Bookkeeper, Brisbane
“During my time doing bookkeeping in Brisbane, I have had a lot of exposure to the education sector. This industry typically runs on specialist vertical accounting software, that in all honesty has very poor reporting functions. FUTRLI allows me to provide this clientele with critical information, to help enhance their efficiency and output. Plus it allows me to spend more of my time focused on much more rewarding and enjoyable services.”
Anja Childs – Bookkeeper, Melbourne
“I’ve recently joined EzyAccounts and am already rolling this platform out to all of my clients that I do bookkeeping in Melbourne for. This is a really fun and exciting tool and I can’t wait to see all the improvements to my clients’ businesses that will come as a result of using it.”
Hilary Okolie – Bookkeeper, Perth
“FUTRLI allows me to create reports much more efficiently. This allows me to deliver very valuable business advice to my clients that I do bookkeeping in Perth for. Because producing reports is so efficient, the cost investment to the client is rarely a barrier. This in turn has allowed me to ensure virtually all of my clients are benefiting.”
Karthik Praveen – Bookkeeper, Adelaide
“FUTRLI helps me to expand my services beyond much more than just bookkeeping in Adelaide. The additional information and advice my clients receive means my services is seen as being much more valuable than the other bookkeepers in my city.”
Tim Yendell – Bookkeeper, Sydney
“Before joining EzyAccounts to provide bookkeeping in Sydney, I worked in several senior accounting roles within major organisations. I can honestly say that I’ve been blown away by the power of reporting in FUTRLI. To be honest, it’s capabilities are head and shoulders above that of the reporting suites in many of the very expensive ERP systems I had used in the past.”