It was about building a process.
The white label was designed to let businesses get on with their business – while the modern accounting package with its thousand of screaming apps could slow many of them down.
Our accounting business clients involved in the online package process meant that there was always someone dragging a mouse over the accounts to keep up, keep compliant and produce information that was relevant. It felt like after endless reconciliations we struggled to finish anything. A client would touch the file and off we would go with more corrections and adjustments.
Our company has always been growing because of constant media campaign. This has led to an endless stream of new clients to set up on cloud-based accounting programs, teaching, reviewing, reconciling, teaching, asking for information on suspense accounts, teaching again and reviewing again.
With all this effort, we were burning out.
Churning clients and staffs in an endless downward spiral puts pressure on our fees. The clients who we had once helped with their problems believes that all accountants must be the same as we are all using the same cloud-based accounting programs.
A lot of work.
By contrast, the White Label a private brand for accountants, presents a vastly more limited workflow. A client does business, the accountant produces results.
“It may sound simplistic, but after more than 23 years in this business, we’ve never had so many clients engaged in their business finances, mainly through their cruncher”.
Gavin Waring
CEO
Your Business Angels and Fast Rabbit
The White Label limitations is not a bad thing – it’s a great thing. It moved the financial process forward, in a good way for the accountant’s clients. You could, before this system, get easily lost in the process. Two years of experience with this platform has shown us that clients can stick to a plan when they have limitations.
They know if they are making money and they know where it has gone.
AND – they are staying compliant and putting a bit away for the future.
How does the product work?
An easy way to look at the product is to see it as a wholesale product for accountants and interested parties. The bulk of the work is completed so that information and accounts can be presented to the client easily and a considerable margin can be made from the work that has been completed for the client.
Set-up
Our clients will pay a one-off fee to have the platform set up.
The platform is branded with our client’s name or business name, as well our clients can name their platform as a product for their clients.
Once the setup is complete
- The white label client has a dashboard to manage their clients
- The platform also has the ability for the client to have an administrator, and a number of managers who may have their own clients to work with.
- The platform has processes and communication levels to work with the Fast Rabbit team to manage the continuing throughput of work
What work is completed?
The White Label client will invite their business clients to register and connect their bank accounts.
The accounts are completed by the Fast Rabbit team via bank feeds.
The client has various levels of work that can be completed at a wholesale level.
- The cruncher gives a detailed cash flow report and enables accounts to be completed quickly
- A white label client can choose to have the accounts completed to draft
- A white label client can choose to have the BAS completed at the wholesale price
- Non–accounting firm clients may ask that their clients annual accounts can be completed
Fixed fee prices are offered once we have contract with accounting firms and others who are interested in the product. These fees are not available to the general business public.
There are simple training videos for all operational aspects of the platform.And it’s easy. It is really about managing clients and the work that has been done, than managing the actual work.
Why does the system work so well?
The accounts are completed on a cash basis. On the basis that businesses turning over less than $10 million dollars in Australia can now report on a cash basis, and the system can be used for most Australian Businesses.
- The business clients can use one bank account and in some cases one credit card as well
- Rules are set in the White Label system so that there are to be no suspense accounts. The review of the process is carried out through the cruncher, and this has encouraged business clients to look at transactions, as well as getting involved in their financial process.
- The business client can’t touch the file, there is nothing to fix.
- The business client organises their accruals. They bill their clients, collect the money and pay their bills. As most Australian Businesses are small this is actually easy for them. The White Label system avoids the mess and endless reconciliations that are created by having the debtors, creditors and in some cases, stock tied to the accounting program.
- This controls the workflow, so accounts are completed quickly, at a very cost-effective price and easily audited by the business client and the White Label client. In the last 3 years we have found this is where the client engages with us the most.
- Rules need to be set with the business client especially about the use of cheque books (which belong in another century), and cash receipts (everything is tap and go so there is no need for this) that makes for a smooth operation of the platform.
There are a number of things that needs to be considered when a business converts from accrual to cash basis, and we are happy to advise on the procedures.
There is a lot of automation.
We have processed hundreds and thousands of bank statements to build up a database that covers most suppliers in all sorts of industries. But there is also the final work that is human based which requires looking up those unusual transactions and knowing where they belong. Therefore, nothing is ever in suspense.
The last and unique element is that the business client is involved.
We have found they look at the cruncher and review, come back with queries and discuss their position. The last review is completed by the business client. They get involved because of the way the data is presented.
Other White label Products offered by Fast Rabbit
White label website
Many accounting firms have clients who don’t have a web presence. Many of them may be the local tradesperson, some may have just relied on Facebook and want something “that is their own”.
Fast Rabbit offers a wholesale service that allows you to add value to your clients with a website. The website can be simple or complex and is subject to their needs and budgets. But this website will be professionally completed by the same team that has built our platform.
As White Label clients you can ask us about the service, how to market it and how the development and building of the website adds value to your client and income for your practice.
Excel to program service
Over the years we have noticed and found a lot of our clients are going back to the excel spreadsheet to do costings, manage projects and understand what is happening in their business at a micro level.
We offer a service where your clients excel spreadsheet can be turned into a very useable program in the cloud, so they can use it anywhere. It becomes their proprietary software just for their business.
There is a setup fee and then a small ongoing fee that covers further development and maintenance.
For the accounting practice, there is an income at the setup, and a training fee with the ongoing.
As White Label clients, you can ask us about the service, how to market it and how the development and building of the clients small program value to your client and income for your practice.
