nzentrepreneurs.com writes: The way we work has changed at an unprecedented rate in the last 50 years, and SaaS startups are scrambling to develop tools that help modern businesses be more productive.
Just 5 decades ago, an accountant would have had a desk filled with journals, pictures of The Beach Boys, and ledgers where accounting information would be double-entered. Xero transformed this industry when it created a cloud-based application that would allow anyone with an iPad and a Xero subscription to do their books, while listening to Iggy Azalea’s “Fancy” on the same device.
Another incredibly innovative company that’s disrupting the industry is Receipt Bank, which has developed software that automates your accounts payable and expense management.
The service works by allowing you to take pictures of your invoices, receipts, or bills with a smartphone app. These images are uploaded to a server where Receipt Bank extracts the key information, codes the transaction, and then sends this data, along with the attached image of the expense, straight to your accounting software, like Xero.
Alternatively, users can email their invoices to the company or even get their suppliers to email Receipt Bank directly.
The end result is that SME’s, accountants, and bookkeepers spend less time on manual data entry, thus saving hundreds of dollars on wages and making businesses more efficient.
Receipt Bank was recently able to demonstrate how much of an impact it’s making on the way companies conduct business when it won the title of “Add-on of the Year” at Xerocon 2014. This may be due in part to the fact that, while most Xero add-ons are only suitable for one or two industries, every business can use Receipt Bank.
Sophie Hossack, a partner manager at Receipt Bank, said, “Using software to automate the mundane jobs is fast becoming a more appropriate solution, providing consistency, fixed costs, and increasing capacity.”
“For example, here at Receipt Bank we have over 50 subscriptions for SaaS products like Meet.Me, Go To Meeting,MailChimp, Zendesk – the list goes on!
“Adopting these tools has dramatically improved our productivity and helped us to scale.”
There is no better example of how software can help a business scale than Receipt Bank itself. The company was originally created in London in 2010 by Michael Wood and Alexis Prenn, and now has offices in Auckland and Sydney in addition to London. Later this year, the company will also be opening offices in Canada and America.
The rapid expansion has been challenging for the team, as the kitchen table discussions that Receipt Bank was built upon are no longer possible due to differences in location and time zone.
“We’re a pretty passionate bunch here at Receipt Bank and we’ve definitely hired people who are excited to be part of the journey and who are wanting to make a difference,” Sophie said.
“With offices all over the world in varying time zones, communication is absolutely key,” she continued. “We depend on tools like Yammer, Twitter, Skype and Google Hangouts to keep in touch, share experiences and maintain our culture. Asking for help and receiving advice is hugely important. With good communication this mentoring happens every day, at every level.”
When asked what the most important thing about Receipt Bank’s culture was, Sophie quickly replied, “baked goods.”
“We’re big believers in cake,” she said. “Celebrating success and saying thank you over a cupcake or two is important.”
“When a company grows so quickly over a short period of time, smashing targets and breaking records seems to happen on a weekly basis!
“But it’s hugely important to keep looking forward, listening to feedback, and finding ways to improve one day at a time.”
In the near future, we can expect to see updates released for the iPhone app and user interface. The company has also started to roll out their new technology which will extract line by line details for original .PDF invoices.
“We believe every SME, bookkeeper, and accountant can benefit from using our software,” Sophie says, “so next stop North America!”
You heard it here first. Let them eat cake.
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