Firms from all over the world continue to compete in our Effortless Bookkeeping Challenge this month, looking to embrace the full benefits of the cloud.
Last week’s Sprint saw Partners competing to Auto-Publish more items and become more effortless through automation.
WHERE IT ALL BEGINS
As a reminder, the Effortless Bookkeeping Challenge is judged on seven metrics that form the foundation of an efficient bookkeeping process. They are:
- Submission method
- Mobile app usage
- Client Delay
- Partner Login
- Supplier Rules
- Auto-Publishing
- Inbox Age
Last week, our Partners were focused on raising their Auto-Publish metric. To climb the ranks, they needed to enable automatic publishing for more of their clients’ regular suppliers. This means receipts uploaded for that supplier would be automatically exported to their cloud accounting software. That means no review process, which saves you time and effort.
TAKE ADVANTAGE OF REGULAR SUPPLIERS
Every business has regular suppliers, those whose invoices are always the same category, tax rate, project or even amount. Instead of checking and categorising the same information every time they submit an invoice, you can use rules to take that off your hands.
Auto-Publish works hand in hand with what we call Supplier Rules. Once you have set rules to assign categories to your regular supplier, you are free to Auto-Publish them without review, since the rules you set will ensure that the data is correct.
This leaves you free to deal with the exceptions to these rules. After all, the way you handle these exceptions is the foundation a bespoke service.
THE AUTOMATION BENEFITS OF THE CLOUD
All the participants in the Effortless Bookkeeping Challenge are anonymised since part of the aim of the Challenge is to benchmark your firm against your peers.
I can reveal that the winner of Sprint 2 is Brown Owl.
Auto-Publish is one of our most popular features, due to the huge time-saving potential it offers.
One Partner from Australia describes the moment he realised the difference automation could make to his practice:
“Over a 3-month period, we worked out that we had put through 4200 documents. If you can then save 15 seconds a document [with Auto-Publish], that adds up.”
Now some of his clients have 75% of their suppliers automated. The best thing about the benefits of the cloud is that they’re flexible. You can use the time saved to take on more clients, offer more value-add services, or just go home early.
Your time is valuable so don’t waste it on reviewing items that don’t require your attention. Let Receipt Bank do the work for you.
Our 3rd sprint is already underway, as our Partners make sure all their clients are downloading the Receipt Bank mobile app. We’ll be letting you know which has come out on top next week.