EP 510: HubDoc Hits $132k MRR, 1200 Customers, $2M Raised to Help You Accountants Manage Their Documents with CEO Yoseph West

Yoseph West. He dreams of a world where accountants and bookkeepers never have to ask their clients for documents—that's why he joined HubDoc to lead growth. He previously co-founded Vuru, a stock analytics platform for retail investors and led it into its acquisition by Wave Accounting in 2012. Listen as Yoseph shares his experience with Vuru's acquisition and how he ended up now with HubDoc.

Famous Five:

• Favorite Book? – The Hard Thing About Hard Things
• What CEO do you follow? – William Rockefeller

• Favorite online tool? — Text Expander
• Do you get 8 hours of sleep?— No
• If you could let your 20-year old self, know one thing, what would it be? – Stay patient

Time Stamped Show Notes:

• 01:34 – Nathan introduces Yoseph to the show
• 02:10 – Yoseph co-founded Vuru to make investing easier
• • 02:33 – Vuru was making money off ads, they then supposedly reached out to Wave Accounting
  • 03:15 – The acquisition was a soft landing
  • 03:36 – "All of us want to work with people that we're excited about"
  • 04:29 – Yoseph and his team got a little excited as they talked more with angel investors
  • 04:50 – Vuru was having a fundraising
• 05:30 – HubDoc offers SMBs a cloud accounting space
• 05:42 – There's a movement to make accounting space invisible
• 06:13 – There's a big shift in the accounting industry
• 06:40 – HubDoc has a feature similar to how bills and other documents are being consolidated in a bank
• 07:04 – HubDoc has over 700 web scrapers
• 07:50 – Business owners won't be bombarded with reminder emails from their accountants and bookkeepers using HubDoc
• 08:25 – HubDoc was re-launched in early 2014
• 08:55 – Number of HubDoc's paying customers
• 09:28 – HubDoc caters to bookkeepers and accountants who then add all their clients
• 10:40 – Average monthly RPU
• 11:20 – MRR
• 12:00 – CAC is quite low
• 12:18 – Customers stay for approximately 32 months
• 12:30 – Gross monthly churn is usually negative
• 12:40 – Bookkeepers are always continually adding new clients
• 13:45 – Lifetime value
• 14:10 – Team size is 22
• 14:27 – The Australian market is 3-5 times ahead of the American market
• 14:40 – HubDoc has raised capital
• • 15:00 – The funding market in Toronto described
• 15:40 – 2017 revenue goal
• 16:49 – Follow Yoseph on Twitter and HubDoc is looking for content marketers and other marketing people so touch base if you're interested
• 19:00 – The Famous Five

3 Key Points:

• The future of accounting and bookkeeping is far better with technology; it's much faster and paperless.
• Acquisition is sometimes painful but there are always new opportunities ahead.
• Stay patient AND optimize for learning—there's time to learn and grow.

Resources Mentioned:

• Acuity Scheduling – Nathan uses Acuity to schedule his podcast interviews and appointments
• Drip – Nathan uses Drip's email automation platform and visual campaign builder to build his sales funnel
• Toptal – Nathan found his development team using Toptal for his new business Send Later. He was able to keep 100% equity and didn't have to hire a co-founder due to the quality of Toptal
• Host Gator – The site Nathan uses to buy his domain names and hosting for the cheapest price possible.
• Audible – Nathan uses Audible when he's driving from Austin to San Antonio (1.5-hour drive) to listen to audio books.
• The Top Inbox – The site Nathan uses to schedule emails to be sent later, set reminders in inbox, track opens and follow-up with email sequences
• @YcWest – Yoseph's Twitter handle
• Show Notes provided by Mallard Creatives