Listen to this episode here: Process, Technology and People

In today’s TALKING NUMBERS, Paul Jansz chats with Matt McFedries, Co-founder and CEO of Debtor Daddy, a new platform specifically tailored for bookkeepers that provides them debtor management solutions.

Matt has extensive experience in tech companies. It’s been a natural curiosity for him to explore the tech space. He coded HTML early in the ’90s and built his first app in 2000; he then worked at a payroll software company, which was acquired by MIB not very long ago. Since then, he has been implementing software and solving clients’ problems.

Paul and Matt discussed the strategies for accounting firms, especially how to leverage technology. It’s not about simply implementing all the trendy new tech, but about finding the right process and adapting the right mindset.

The Topics

  • Debt process
  • Global dynamics for the tech industry
  • How to leverage technology
  • The pyramid of three levels
  • The structure of fees
  • Credit management
  • Customer service mindset 
  • Proactive customer relations

Key Takeaways

I’m going to be laser-focused on moving the team grade up into the number two spot, but my purpose and ambition behind that is to get everyone involved – the firms and the clients using cloud accounting can do more, achieve more and get better service and better product, because we raised that together. – Shaye

It’s a pyramid and it’s sliced into three: the bottom foundational part is the process; the middle part is the technology; and the top part is the person or the people that are making the call. Because technology alone can be unhelpful. – Matt

A customer service mindset is one of the key things to change how things are currently. – Matt

So as accounting firms are extending their services, compliance work or advisory work, that’s where data management is becoming more obvious. – Matt

It’s helpful to think about connecting your credit control process to the rest of the business; it’s not just a finance function; it’s a continuation of the customer experience. That paid invoice is a strong signal that you provide value. – Matt

Repeat business is important. How many times do the customers come back? Can you offer them additional services on top of that? How do you increase the average price of every customer? That’s the profitability. – Paul

Whether you’re going to ask for a referral or a testimonial, at the end of the day, it’s about how you build an advocate into your business, because we all know the power of word of mouth. – Paul

During my journey, the thing that keeps me going is choosing a problem I care about. – Matt

Useful Links

Matt McFedries’s LinkedIn Profile:

Official Website of Debtor Daddy:

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