About Vicken Medzoian and MP Professional Bookkeeping
Established 14 years ago, MP Professional Bookkeeping primarily provides bookkeeping as their bread and butter, while also offering CFO and FC services. The firm currently serves over 100 clients and is based in Melbourne.
Vicken Medzoian, CPA and Managing Partner at MP Professional Bookkeeping has over 20 years’ experience working with businesses. Vicken's background in technology and finance puts him in the perfect position to help companies manage their books in today's modern landscape.
The challenge: Manual and reactive workflows
Before switching to Ignition and integrating MYOB, MP Professional Bookkeeping dealt with numerous inefficiencies, particularly around engagement letters and proposals. Manual processes ate up their time and led to several inconsistencies, so it was challenging to manage and scale operations effectively.
“I had manual engagement letters and manual proposals [and had to] copy and paste from previous emails. Nothing ever matched or was standardised,” recalls Vicken.
Vicken highlighted the varied nature of their client engagements – from one-off jobs to ongoing contracts – and how these used to be managed informally without standardised agreements.
Additionally, Vicken had to deal with manual invoicing, and clients had limited payment options, which slowed down the payment process.
“There was no direct debit or credit card payments at all. It was just all EFT-driven by the client,” he says.
Vicken describes the process as very reactive. He often had to follow-up on payments, putting a strain on the business's cash flow.
The fix: Using Ignition and MYOB to enhance efficiency
MP Professional Bookkeeping started using Ignition in 2023 and immediately saw a world of difference in their client engagement and payment workflows.
The firm now enjoys streamlined and standardised processes, because of Ignition's engagement letters and proposal templates. Every client interaction – regardless of size or scope – is processed through a unified system, significantly streamlining operations and enhancing professionalism across the board.
Not only that, but Vicken rests easy knowing that all client engagements are effortlessly compliant and above board.
“Ignition's engagements make sure our engagement letters are compliant. Every time there's a change with a CPA public practice licence or a process I need to follow, I don't have to make sure I'm on top of every minor change as it all pulls through from Ignition, he says.”
Getting paid faster has never been easier with Ignition's credit and debit card processing features.
“Before Ignition, we didn't have credit card or direct debit payments at all – it was just EFT-driven by the client reactively after the job was done. Now, payments are automated, timely, and recurring, so I don't have to chase them. It's made a lot of difference to my time and eased cash flow.”
On the financial management side, the firm unlocked higher efficiency and profitability by integrating Ignition with MYOB. This meant smoother financial workflows, automatic reconciliation, and more accurate data.
“I literally do not need to touch a receipt that comes through Ignition anymore. I used to have to go in and match up the payments to the invoices. Now, it automatically goes to a clearing account in MYOB, which gives me more time to do client work,” says Vicken.
The results: Time-savings, more revenue, and faster payments
Using Ignition with MYOB enabled MP Professional Bookkeeping to be more proactive in their operations. Rather than dealing with manual work, they can breeze through repetitive tasks and focus on delivering value.
And because Ignition makes it easy to automate fixed-fee billing, Vicken has seen higher profits by capturing revenue and reducing billing gaps. Ignition ensures the company doesn't miss any billable hours, which means they can maximise earnings with every engagement.
“There are fewer gaps for slippage and out-of-scope work. With Ignition, you can capture everything when you clearly outline the scope.”
There's also the matter of time-savings. According to Vicken, the business saves two to three hours a month in invoicing alone, thanks to Ignition’s integration with MYOB.
“I don't need to create an invoice for every job anymore – it's automatically created by Ignition. That alone saves me two to three hours a month. It's more timely and accurate, leading to better cash flow as I get paid faster.”
Beyond these time-savings, implementing Ignition and integrating with MYOB has given Vicken more freedom to engage in meaningful work and even take a break from the business.
The best part? He's able to work less while still maintaining a healthy cash flow.
“This year, I didn't work most of January – I took a break – but I still got my payments coming through Ignition, which meant cash flow kept going even when I wasn't working. Before Ignition, I would have had to work just to keep money flowing in,” he says.
