Receipt Bank joins the MYOB ecosystem

The integration of receipt and document scanning tool Receipt Bank into MYOB AccountRight has been announced and a Beta access trial is now taking members. What’s all the fuss about?

I caught up with Receipt Bank’s Country Manager Sophie Hossack to find out.

ME: I’m excited about the integration between Receipt Bank and AccountRight. How about you?

SOPHIE: Same. This partnership has been highly anticipated and we’re excited to bring this solution to accountants and bookkeepers. Reducing the time spent on many of the manual bookkeeping processes like collecting invoices and receipts, data entry, coding and document storage is key to increasing a firm’s productivity.

ME: Let me take it back a step, Sophie. What drives Receipt Bank?

SOPHIE: Efficiency and productivity are words that come up a lot at Receipt Bank HQ. We believe an accountant’s and bookkeeper’s time is valuable. The expertise they bring are best used providing services and advice that help their clients grow.

ME: What role does technology play in helping them with their goals?

SOPHIE: Technology enables them to take on a new role – a role where they offer far more than basic number crunching and become a real driving force behind their clients’ financial success.

Now that data extraction can be automated, a smart bookkeeping process can be the foundation of a service that adds real value. As a result, bookkeeping can be a very profitable business.

ME: Those are views shared by MYOB – a nice fit.

SOPHIEBookkeepers often end up competing on price alone – a price usually determined by how long the work takes – resulting in low margins and an unprofitable enterprise. Technology has the power to change all that.

Technology enables you to define and deliver an excellent client experience that will make a firm stand out. The possibilities and opportunities are endless.

ME: What’s an example of those possibilities, Sophie?

SOPHIE: Sure. Every day we see how smartphones have become far more than a communication tool. Now SMEs can keep on top of their business admin whilst they’re on the go.

By equipping clients with the Receipt Bank iPhone/Android app, advisors will enable them to quickly take a photo of their expenses – their books are up to date more quickly and the advisor isn’t wasting time chasing paperwork.

Anything one can do to reduce this administrative burden and save a client’s time is highly sought after – for the advisor and the client.

ME: Cool. So what’s next for Receipt Bank?

SOPHIE: We’ll be discussing how we can help make the bookkeeping process even more effortless at MYOB INCITE in February – we look forward to seeing accountants and bookkeepers there.

ME: Best segue ever! See you at INCITE.

MYOB INCITE 2017 will reveal how technology is shaping the future of your industry. More importantly, it will challenge you to make a choice. Are you going to sit back and wait to see what tomorrow holds for you? Or are you going to step forward and own tomorrow?