{"id":4884,"date":"2014-10-16T15:11:59","date_gmt":"2014-10-16T14:11:59","guid":{"rendered":"https:\/\/bigredcloud.com\/?p=4884"},"modified":"2022-03-24T13:32:41","modified_gmt":"2022-03-24T13:32:41","slug":"accounting-little-guy","status":"publish","type":"post","link":"https:\/\/bigredcloud.com\/en\/accounting-little-guy\/","title":{"rendered":"Accounting for the little guy"},"content":{"rendered":"
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Big Red Cloud\u2019s online bookkeeping software does well with start-ups and businesses struggling to collect cash, says chief executive Marc O\u2019Dwyer.<\/p>\n

Accounting software provider Big Red Cloud is considering making another run at an IPO, having pulled out of the move earlier this year. \u201cWe decided to postpone in May because we didn\u2019t like the way the market was going. It\u2019s up for consideration again in the next couple of weeks and months,\u201d Marc O\u2019Dwyer, chief executive of Big Red Cloud, told The Sunday Business Post<\/em>.<\/a><\/p>\n

The Dublin firm is looking at listing on the Alternative Investment Market (AIM) in London in order to drive attention in the British market. \u201cThe idea of going on AIM was partially about funding but also giving a PR slant to the British market, where we\u2019re not well known,\u201d said O\u2019Dwyer. \u201cOur key area is start-up businesses. There are 3,500 new start-ups in Ireland every month and 44,000 in Britain.<\/p>\n

We wanted to get the name out there to those businesses.\u201d The company founded in 1992, has 22 staff and is based in Glenageary, Co. Dublin. Originally named Big Red Book, the company re-branded in 2012 to reflect the change in its offerings. \u201cWe wanted to change the perception because everything is moving towards the cloud,\u201d said O\u2019Dwyer. \u201cHow we sell our products has completely changed.<\/p>\n

We\u2019re using social media, including Facebook, Twitter, and LinkedIn, to get into the minds of people who haven\u2019t even thought of setting up a new business. If they do, we want them to think of Big Red Cloud,\u201d he said. \u201cWe are also reaching out to smaller businesses, who are very savvy when it comes to social media, in order to reach them and explain what we do.\u201d<\/p>\n

The start-up space remains the core focus of the business despite the change in how Big Red Cloud delivers its services. \u201cWe have always done well in the start-up space. We did pretty well during the downturn because existing businesses who were trying to collect cash<\/a> were struggling to know how much they were owed,\u201d said O\u2019Dwyer. \u201cWe saw an uptake in our software because these businesses saw we weren’t expensive to use. Now start-ups are savvy and don\u2019t necessarily have the money up front to pay for a large accounting package. With us they can go to an internet cafe and have the software for a fraction of the cost.\u201d<\/p>\n

The Big Red Cloud founder said the firm is on course to have annual turnover of \u20ac30 million within the next three years, reaching \u20ac100 million within the next five. The key driver is the firm\u2019s focus on the British market.<\/p>\n

At present just over three per cent of Big Red Cloud\u2019s business is coming from Britain, having started pushing its products there in the spring. O\u2019Dwyer\u2019s goal is to make the British side of the business ten times larger than its base in Ireland.<\/p>\n

“It\u2019s like starting over again. We got 50 companies signed up through one accountant there in July because accountants know what our software is about,\u201d said O\u2019Dwyer. \u201cWe\u2019re saving not only the start-up time but also the accountants. We get 43 per cent of our recommendations from accountants because they know when a small business owner goes into our software, they will find it easy to use and run their own books confidently,\u201d he said. \u201cIt\u2019s still a different market. We are adjusting our prices and marketing strategy for Britain.\u201d<\/p>\n

At present, Big Red Cloud is signing up 150 new customers a month from Ireland. O\u2019Dwyer said the goal is to sign up 1,500 new customers monthly from Britain.<\/p>\n

\u201cWe see it becoming the dominant part of our business and from there we want to move into other territories. There are 50 Commonwealth countries where our product will work, and we have earmarked nine European countries,\u201d said O\u2019Dwyer.<\/p>\n

Big Red Cloud has adapted its software to work on tablets and is currently developing smartphone applications. O\u2019Dwyer said the user experience was crucial to developing this technology. \u201cWe need to work out what functions people need on different devices. A sales person on the road might only need to perform invoicing on a smartphone while a managing director might need business intelligence tools,\u201d he said.<\/p>\n

\u00a9Extract from interview with Emmet Ryan, Sunday Business Post.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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