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Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

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Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#91

Post by christoff12 »

This is oddly relevant to me as someone who has HN bookmarked and is also pursuing a Master of Accounting so that I can sit for the CPA exam this year.

I'm mildly annoyed that I'm met with a "Book a Call" CTA when I click the Accountants tab, but I get it.

I think the feedback re: Excel preeminence/stickiness and outsourced workflows is pretty indicative. Similarly, I, too, am curious about the long-term commitment you're willing to make, considering the prior pivots.

That said, this looks clean, and I plan to check it out. I'm doing some work with a fractional CFO firm and I'll recommend they explore as well. Working within a built-in spreadsheet could very well provide the right level of flexibility -- especially if I can access them via the API for downstream manipulation (I haven't looked at the docs yet).

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#92

Post by keizo »

I really hope someone displaces quickbooks -- I was hoping someone would build one on top of Rocicorp Zero Sync!

This looks like a great start. More pricing transparency would be good. A lot of smb, mine included, might not fit in starter, but also can't/won't spend more than we're spending with qb.

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#94

Post by pcthrowaway »

danielvanacker wrote: post #77
conductr wrote: post #76

Earlier quoted context omitted.

Trying to be constructive here but also This is just a common gripe of mine regarding insanely short trial periods for important/key software. What exactly do you expect a user to accomplish in 14 days that would leave them wanting to start paying you? An accounting period is typically a month, minimally. I stumbled on your post and wasn’t seeking it out, so how I have to find time over next 2 weeks to see if I’m int…

That's a good point! Happy to offer extended trial. Email me (daniel(at)modernbanc(dot)com) and we'll get something set up for you (if you're interested).

I think you're missing the point. They're not necessarily sold on signing up, because the choice of 14 days for the trial period is off-putting.

It's nice that you're offering a longer trial period for people who specially request it, but what they're saying (which I 100% agree with, and am also not in the market for accounting software, to be clear) is that you're likely to lose out significantly with such a short period. My guess is if you offered a 3-month trial period you'd get over 10 times as many signups.

Just my 2 cents.

The only way the 14-day period seems like a good idea to me from a (short-sighted) business standpoint is if there are significant problems with your software that don't reveal themselves until books for the month are done. That way you can get some conversions (followed by cancellations when they run into those shortcomings) from people who wouldn't convert if you offered a longer period.

If you're worried about large customers taking advantage and becoming difficult to service for such a long period, another model is to offer a free tier with up to X data, Y records, etc. That way you'll be appealing to smaller businesses for whom this is roughly 3 months of accounting services, and perhaps less so to larger businesses who usually take much longer to convert anyway.

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#95

Post by danielvanacker »

hn_throwaway_99 wrote: post #87
pierotofy wrote: post #86

Here's what I'd want from accounting software; a credible exit strategy that if you go bankrupt or decide that you need to tweak your pricing too much, I can take my data and run it on my own infrastructure. Have you thought about an open source business model? Even just offer the basic platform as open source (e.g. keep the AI stuff proprietary). Also, your pricing is too high; Xero offers a more generous starter pl…

> Here's what I'd want from accounting software; a credible exit strategy that if you go bankrupt or decide that you need to tweak your pricing too much, I can take my data and run it on my own infrastructure. This is so, so critical, that I hope the founders consider it their number one priority. When you look at tools like Figma or Linear, they are often brought into a company by an individual designer or product m…

Both these comments raise a great point on longevity of the product/support for migrating to other products. Everything can be exported to csv (and in an easily readable format that can be ingested by other accounting software -> QBO, Xero, etc...).

We still support customers from past pivots (albeit on maintenance mode).

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#96

Post by danielvanacker »

keizo wrote: post #92

I really hope someone displaces quickbooks -- I was hoping someone would build one on top of Rocicorp Zero Sync! This looks like a great start. More pricing transparency would be good. A lot of smb, mine included, might not fit in starter, but also can't/won't spend more than we're spending with qb.

Thanks for the feedback! Pricing has come up here and that's on us for not making that page more transparent. (1) We're not here to gouge small businesses/startups (2) we're a startup and flexible on pricing.

We'll update that page to be more clear. What are you paying for QBO currently?

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#97

Post by danielvanacker »

christoff12 wrote: post #91

This is oddly relevant to me as someone who has HN bookmarked and is also pursuing a Master of Accounting so that I can sit for the CPA exam this year. I'm mildly annoyed that I'm met with a "Book a Call" CTA when I click the Accountants tab, but I get it. I think the feedback re: Excel preeminence/stickiness and outsourced workflows is pretty indicative. Similarly, I, too, am curious about the long-term commitment y…

Really appreciate this, and thanks for checking us out! Fair point on the ‘Book a Call’ CTA, we've got a demo environment setup to explore so might be better to switch the accountant CTA over to that.

On Excel’s dominance, we hear that loud and clear. We’re not trying to fight it, but we do think a built-in spreadsheet unlocks some powerful automation and AI-driven workflows that wouldn’t be possible otherwise. And yes, accessing sheets via the API is possible!

On the long-term commitment, good question. We did pivot in the past, but this is the problem we’re committed to solving. SMB accounting is broken, and we’re in it for the long haul.

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#98

Post by tompccs »

Congratulations on launching!

I have some experience with accounting software and its use in various types of business (not just startups).

Xero (rather than Quickbooks) is dominant in the UK and it has a lot of problems. However, I think you are addressing a fundamentally different market. Quickbooks and Xero are both targeted at the long-tail of small businesses - think tradesmen, cafes, hairdressers, etc. The main thing they accomplish for those customers is basic book keeping and business functions (like invoicing, payroll, etc)

Your software seems much more aimed at small companies which want sophisticated tools to generate financial insight. This is not a criticism, just a comment that this is a different and potentially smaller market.

However, one way you could capture the "long tail" of small businesses is by winning over the high-street accountant. If you could let them prepare annual accounts with 10x less work - even if the customer book keeping is a mess - then every accountant will recommend your software to their clients.

Anyway - great to see something new in this space. Feel free to reach out if you'd like to discuss further.

Re: Launch HN: Modernbanc (YC W20) – Modern and fast accounting software

#100

Post by gregorygev »

tompccs wrote: post #98

Congratulations on launching! I have some experience with accounting software and its use in various types of business (not just startups). Xero (rather than Quickbooks) is dominant in the UK and it has a lot of problems. However, I think you are addressing a fundamentally different market. Quickbooks and Xero are both targeted at the long-tail of small businesses - think tradesmen, cafes, hairdressers, etc. The main…

thanks - we are indeed working with high-street accountants. I also think there is a driver as you said from founders and smaller business owners who want financial insights. Those same businesses have budgets for reporting/budgeting and planning software, so having it as close to accounting data as possible in one product we can increase the value prop.
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