From time to time, Insightful Accountant features the partner programs offered by various software and app developers in our Advisor Alliance articles.
We developed Advisor Alliance to make you aware of opportunities with developers to help you gain more business, improve your business performance as it relates to their product(s), and earn more money through a working relationship with these developers.
Because I know many of you are familiar with and already participate in other partner programs, you almost always respond positively to articles where I introduce a new partner program.
That’s why I have chosen to address aspects of the offering I feel not only reflects the critical details of the alliance with these developers, but gives you practical examples of what the developer’s options and offerings will mean for you and your clients.
I published a “Second Look at Hour Timesheet” a couple of weeks ago to ensure you were familiar with this time-keeping solution. Now I want to introduce you to their referral partner program.
The Hour Timesheet referral partner program is a great way to expand your scope of business and reach into new markets to expand your practice toward new horizons.
While many of you support the time-keeping app, whose name will go unspoken in this article, that tries to be the “one and only” solution if you are a QuickBooks ProAdvisor, this program offered by Hour Timesheet can not only give you an alternative time-tracking app you can offer your clients, but also provide an additional source of revenue to help you grow your business.
So, let’s look at the options you have when working with the Hour Timesheet Referral Program:
Client Discount Option — To help you attract new business or meet a client’s time-tracking need you haven’t been able to fill with an alternative app, you can pass on a 25% discount to your clients when you refer them to Hour Timesheet.
Initial Referral Option — You also can receive a Referral Partner fee equal to the first two-months subscription fee of any new customer you refer to Hour Timesheet. The Partner will be paid these referral fees within 30 days of Hour Timesheet receiving payment from the customer.
Referral Partner Resell Option — The third option establishes a long-term relationship between Hour Timesheet, the Referral Partner and the customer. Referral Partners can opt to pay the cost of a customer’s subscription, in effect reselling Hour Timesheet to their clients. Under this option, the Referral Partner receives a 25% discount from the Hour Timesheet subscription’s current List Price. The Referral Partner may collect the difference between “list price” fees and discount fees from the customer.
Now let’s explore what these three options mean in actual dollars and cents based upon the current Hour Timesheet subscription cost of $8.00 per user per month.
Under the Client Discount Option, the Referral Partner doesn’t receive a monetary incentive; however, they can offer their client a 25% discount from the $8.00 per user per month subscription price.
As such, your clients will only pay $6 per user per month if you select this option as a Referral Partner. So, if the client has 20 users on their account, they will only pay $120 per month rather than $160 per month.
If a Referral Partner selects the Initial Referral Option, they will receive a one-time commission of $16 for each user (based on $8, the current subscription rate, for two months). Assuming a client has 20 users, the Referral Partner’s one-time commission would be $320 ($8 per user X 20 users X 2 months).
When an Advisor chooses the Referral Partner Resell Option, they are paying Hour Timesheet their discounted rate of $6 per user per month and billing their client at $8 per user per month.
That $2 per month difference between revenue and expense can quickly add up. If we look again at our client with 20 users, it will mean that the Partner is earning $40 per month, or $480 over a year, for just that one client.
If you only added one client of similar size for each month over a year, you could be realizing an additional $5,760 in profit by the end of the second year.
“That’s a real ‘alliance’ for an Advisor.” — Murph
Whether you need to find an alternative time-tracking app to offer your clients who want or need something different than what you currently support, or you are looking to bolster your Advisory practice with new revenue sources, you should check out the Hour Timesheet Referral Program.
Referral program details and incentive examples are derived from content supplied by Hour Timesheet.
Adapted source materials related to information within this Insightful Accountant feature are for education only.
Hour Timesheet is a product of Hour Timesheet LLC, a privately held company based in Houston, Texas.
Readers should not place any form of reliance on the content of this article as a formal commitment by Hour Timesheet, LLC to provide remuneration described herein. Readers should always consult the respective Partner Program specifics for exact details and commitments, if any. Hour Timesheet, LLC may change any provisions cited herein at any time. Insightful Accountant has no commitment or control whatsoever related thereto and shall not be responsible for any changes to the program described herein that may arise subsequent to the article’s original publication date.
As used herein, QuickBooks and QuickBooks ProAdvisor refer to one or more registered trademarks of Intuit Inc., a publicly-traded corporation headquartered in Mountain View, California.
Any other trade names used herein refer to products which may be registered or trademarked, or otherwise held by, their respective owners. They are referenced for informational and educational purposes only.
This is an editorial feature, not sponsored content. The article is provided solely for informational and educational purposes.
Publication of this article does not represent an endorsement by either the author or Insightful Accountant.
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