Soloprenuer Day 2 - Prospectives, Projects & Peeves

by tolly66. Posted on Sep 13, 2020    0    1

After being nervous about my lack of preparation from the previous night, my prospect meeting went well. Right now, I'm marketing myself as a proactive cash flow expert/consultant; however, the firm is doing well. Hence, cash flow management is not a priority at the moment. Hearing that made my heart sink, but I allowed the decision-maker to continue talking, and he revealed that there are other pain points within the organization that has cost them revenue. I asked if they had any project management software, and they replied that they didn't. Instantly, I shifted gears to my project management background, as I have self-taught the scrum/kanban system, along with receiving extensive education in Lean Manufacturing at business school. After a few hours, they contacted me and want a proposal. I might have price myself too low, but since they would be my 2nd client, I figured a slight discount was applicable. I need to bang out a proposal by tomorrow afternoon.
Also, this prospect meeting gave me the idea that I should be promoting financial project management, since I have the education and experience to pull it off, and more cash flow management functions are becoming AI-based every month.
QuickBooks Online will be my accounting system; however, they denied my merchant services application. It is a big set back because I want clients to pay me with the press of a button along with me invoicing said clients with a button push. According to the service agreement, they can deny your application for any reason and not give you an explanation. It turns out that 10% of businesses get rejected for this, which is absurd.
Lastly, the two leading Property Management software (Yardi & AppFolio) don't have a clue on how proper accounting works, as both classify credit card use as a cash activity, instead of a liability. It's completely asinine, and I don't understand the thought process that went into the design. Also, they require that EVERY expense must have a bill. For instance, if you buy a $3 cup of coffee from Starbucks, you must manually enter a bill for the coffee, then you must manually record payment of the bill with a credit card. In other accounting software, like QuickBooks, you can press a button, and the $3 cup of coffee shows up automatically and is posted as a liability. You cannot write a quick check or post a direct expense from a credit card charge. And worse, you cannot post a credit card, nor use a bank feed that automatically posts the credit card. For a web-based software that has a $400+ monthly charge, I can't believe they don't have this feature, nor partnered with a 3rd party. Sorry for the rant; however, please use the paragraph as a warning for selecting a property management software.