Here at MarketInvoice we partner with hundreds of business advisors who see us as a great way for their clients to get finance.
Recently we launched a nifty Xero add-on (you can read more about it here) and that opened up an even more streamlined way for forward thinking businesses to use us. For this blog we quizzed a big fan of cloud accounting, one of our partners, Niall McGinnity.
Loves: Family, Portugal
Hates: Impatient patronising people
I can’t live without: My mobile phone (it stopped working one day last year and it was a bad day)
Currently reading: The Chimp Paradox
Favourite place to be: Albufeira, Portugal
How I relax: Chilling out with my wife and son, watch a bit of tv
Hero: Eric Cantona, Richard Branson (for different reasons)
Motto: Always try and have fun
Niall is a Chartered Accountant and MD of Nuvem9, an accounting firm with a difference. Nuvem9 focuses on supporting businesses from startup stage through to seed financing and beyond, using a suite of cloud based software at the heart of its service offering.
Thanks for talking to us Niall!
How does offering cloud based tools help your clients, and how does MarketInvoice fit into that?
Every single business that we work with is on Xero. That’s simply because we can’t give them the value added service that we want to provide them unless they’re on it.
The first time I used Xero, I found the more I used it, the more I loved it. The real time access; access anywhere; these are hugely important things for the businesses that I work with. They all have to keep on top of their numbers, fundamentally- that’s really vital.
It’s also very useful that Xero has an ecosystem around it, (and obviously MarketInvoice forms a part of that)- it means you can really go into a business, find out exactly what they need, and then recommend five or six add-ons. Those add-ons work alongside Xero to make the setup more tailored to the business in question, and that’s a big part of what we’re trying to do at Nuvem9.
What’s your experience of using MarketInvoice with Xero?
Our clients need funding from wherever they can get it and traditional bank finance is probably something that the majority will be unable to access. With alternative finance methods like yours, the fact that there’s no bureaucracy and that it’s a much easier sign up process is really important.
Most of our clients are either pre-revenue or not at the break-even stage, so the ability to bring in short term funding because of their cash pressures is also really important.
So far, we’ve put one company through the service, in December. I was impressed with the speed and how quickly it went from me having the conversation with the client, registering our interest with MarketInvoice, getting approved and ultimately getting the funding. It was very, very smooth.
The Xero integration works really well. If I compare my experience using this to my experience of using invoice factoring previously, it’s not even comparable. Compared to those processes – forms and forms; signing security for this, signing security for that – I think the whole process works wonderfully.
It must be great to be involved with people with such great business ideas, and to be involved from such an early stage.
Yeah, it is – it’s great! One of the best things about my job is that I’m continually working with so many optimists.
My favourite part of the job is working with businesses and hearing their ideas. It gets you out of bed in the morning to help them to get to where they want to be.
My first bit of advice to a business owner would be that you have to get out there, you have to network – whether it’s something that you’re naturally good at or not, you have to get out and speak with people and tell people what you’re doing. When I started Nuvem9 I probably spent the first two months just doing that, to really get the name out there. Word of mouth – referrals can be so positive as well as powerful – that would definitely be advice number one from me.
Second thing is to ensure that you’re constantly aware of what might be wrong. You’re going to have some really good days and inevitably some really bad days but if you’re prepared for it and can deal with it you’ll not feel it as badly. That’s where accounting and business management software can play a big role.
What’s your background? What got you interested in starting a business?
I left university and went and did my training with Deloitte in Belfast.
I did my training there for about three and a half years and then I decided that I was more interested in working in business. I wanted to really get under the skin of how a business operated, so I joined a company and worked my way up until I was their Head of Finance. I learnt a lot.
From there I set up another business and was employee number one there, so that’s where my interest in startup businesses came from. I worked on that for about two and a half years and after it merged with one of its customers, I left. Then I decided that I would go back into the consultancy side, back to my Deloitte days, and start serving companies that needed my expertise – how do they raise money; how do they put together business plans that can raise money; how do they put a strategy together?
That’s where Nuvem9 came from.
What’s the Nuvem9 philosophy?
It’s quite a simple one, ‘try and have fun’!
We’ve all worked at jobs where it wasn’t much fun, and have been through some tough times. Ever since then I make sure we wake up in the morning and, whatever we’re doing, we do it with a smile on our face and while having a bit of fun. It’s a very simple one but it’s important.
Thanks to Niall for talking to our team. You can read more about Nuvem9 on their website.
If you’re interested in learning more about how MarketInvoice works with business advisors, take a look at our partner page.