Ken Richards is a born entrepreneuer who has started and sold three separate accounting practices. His latest venture is a value billing program for professional service firms. It's a program he uses within his own accounting firm. With guidance from ICELab Accelerator, he and co-founder Chris Hunter hope to commercialize the product for use by other professional firms.
"Over the years, I have collaborated with Chris Hunter on many client-related consulting engagements," explains Richards, a Delta CPA.
Hunter lives in Farmington, N.M., and is regional manager for WESST, a statewide small business development and training organization in New Mexico. His office is located at the San Juan College Enterprise Center. "When I decided to design and create a new value billing program, I reached out to Chris for his technical expertise and experience," Richards explained.
The duo say their software, "Cornerstone of Imagination," will lead to innovation and improved cash flow for both professional service firms and the clients they serve.
They believe their product is unique. "There are many out there who espouse the need for value billing and offer related consulting services, but I am not aware of anyone who has 'cracked the code' with an easy-to-use billing program that can be easily taylored to their specific circumstances."
Richards can vouch for the program's viability, citing increased revenues, fewer work hours and a happier clientele for his own business. He plans to use a nationwide network of CPAs to further test the program and offer feedback. "The potential market is huge and very scalable," he said. He has sold his accounting practice and is now able to concentrate on building his business.