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

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101–110 of 118 posts

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

#101

Have you ever thought of adding a feature like automatically analyzing invoices to show owners “This supplier raised the price of 2x4 Joists by 22%” and other such insights?

yes, we have something in the pipeline that would address that :) feel free to email me at gregory at modernbanc dot com if you want to have a deeper convo on that.

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

#102
post #93

This would be super interesting as an open-core company. In particular, we would want direct access to the underlying SQL database and the ability to customize the code directly.

hey - we'll think about this. In the meanwhile it is still powered by the same high-performance customizable ledger from our earlier ledger api pivots - it is 100% accessible via API.

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

#104

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…

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

#106

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…

I can't help but recommend an accounting software called Manager (https://www.manager.io/). You install it on your computer and its free. It's probably the most beautifully designed accounting software i have come across. They also have a cloud version.

I first came across Manager about 5 years ago and wanted my accountants to use it. However they chose Xero because they were 'used to Xero'.

I still have Manager installed and play around with it whenever i need inspiration.

The downloadable version is single user. All data is stored in an SQLITE file which you can just copy-paste if you have to move computers. You can decide where you want to store the SQLITE file. I ended up choosing a shared dropbox folder. Guess what, now i have a multi-user version. Although, i'm not sure if the Manager team would recommend this approach.

I'm not affiliated with Manager.

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

#107

Earlier quoted context omitted.

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 p…

This is the correct takeaway from my comment. While kind of you, I wasn't fishing for a longer trial offer or even in the market for this solution. I was pointing out how a short trial preemptively narrows your top of funnel in terms of signup conversion. If you believe in your software/company, you should be prioritizing signups because you believe you will be able to convert them eventually.

If you give the user time to get through all of the integrations/setup steps, you should be even more confident in your ability to convert them as they're invested at that point.

If you're worried about the 'load' of a user on your SaaS, then you have bigger issues to solve because the unit economics of having a low usage/free tier user should be essentially free. If a user does require a lot of human touch/support during their trial, then I feel like you handle that manually on a case by case basis. It's likely going to be rare and you can decide how to handle (eg. talk to them about paying for support / moving to a paid plan / etc). I tend to believe you're missing out on the learning and feedback loop from these types of users even if you perceive them as unprofitable or what have you.

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

#108

Earlier quoted context omitted.

> 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).

It's not about the ability to migrate to other products. If I switch to your product, I need guarantees that you will not screw me over pricing 5 years down the road when you need to increase your revenue figures and that if you go out of business I can still run your software, which I've spent time learning and migrating, on my own.

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

#109
post #58

Congrats on the launch. As a startup in Europe would love to see this expanding. There are nice open banking api's.

Thanks :) Europe is definitely on the roadmap.

Also check out Moss. They are doing some things right in budgeting and transaction linking!

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

#110

Just a heads up in case you were thinking of selling into the same demo as Linear: I pay a small amount for outsourced accounting and never need to touch quickbooks. I think this is pretty standard for VC backed startups. The accountant sends us reports in Excel with everything I need to know. Also, devs really appreciate the craft of Linear. Accountant / CFO is a lot less likely to care. They'd probably rather use s…

can you intro me to your accountant? I've yet to find one who can keep my books clean. aakash at wyndly.com
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