In October 2016, a forward-thinking, General Manager, invited Muson&Hills LLP to discuss an alternative to Sage 50, as he had heard about the significant benefits and efficiencies that cloud accounting tools could provide, and also the imminent arrival of MTD – Making Tax Digital.
Our biggest surprise was how he and his team were still using Excel spreadsheets and manual cashbooks, for a business turning just under £2m per year. Even more astonishing as the company was generating an average of 500 supplier invoices per month and over 80 sales invoices.
Six months into the year and after a very careful review we agreed to implement ReceiptBank for accounts payable and Xero.
Between Christmas and New Year 2017 the team at Muson&Hills LLP processed just under 10,000 documents, reconciling each and everyone to the company bank accounts, credit card, as well as suppliers and customers.
We used ReceiptBank’s “industrial scanning service” which meant that we were able to scan all 10,000 documents in only 3 days.
By the end of the implementation on 28 February 2017, the GM was very skilled at using both ReceiptBank and Xero. The real benefits, however, were the significant time efficiencies that our client has now achieved – both in terms of time, and company resources being allocated to more important matters.
It now takes just 30 minutes a month to scan and approve around 500 documents per month. The Accounts Payable Office works very differently now. Credit Control has been transformed completely and the previous significant spreadsheet errors that we discovered have now been totally eliminated!
Another significant ‘benefit’: a keen golfer, the General Manager, now has far more time to devote to improving his handicap – and in-between ‘holes’ there is an opportunity to do bank reconciliations using Xero Mobile app!
In addition to Xero and Receipt Bank, Muson&Hills LLP partner with a number of cloud-based financial solutions. So if you want to free up more time, reduce costs and concentrate on growing your business (… or spend more time on the golf course), contact us today to discuss our cloud accounting services.