Adding Value Minus Admin: Ryan Maddock of Maddock’s Accounting & Advisory

Away from accounting, I personally enjoy home renovating and the satisfaction that comes with building something from a vision, working through problems along the way and seeing that through to fruition.

There’s a lot of similarities between renovations and the work we do with clients to help them overcome issues within their business and assist them building a business that achieves their goals.

Our mission at Maddock’s Accounting & Advisory is to help owners of small to medium sized businesses reach their full potential. We specifically work with progressive and innovative business owners who are looking to grow their business at all stages from start-up through to mature operations in a sustainable and profitable manner.

To achieve this, we first focus on making sure the numbers are right by simplifying and automating processes where ever possible. From there, we then help owners understand the numbers and take actions that improve their bottom line and ultimately create a sustainable and profitable business.

We see technology as a critical element for every modern business to continually improve efficiencies and leverage, so we’re continually researching to find the “best in class” tools for our clients.

We have a clear focus on working with clients who want to grow their business, so we’re looking for tools such as Receipt Bank which help people scale their business whilst minimising the administrative burden.

Before Receipt Bank, the bookkeeping process was manual which involved either going to the client’s office, where all the paperwork was located, or having a bundle of paperwork delivered to our office. Now, with Receipt Bank we’re able to continually keep up to date with a client’s bookkeeping as they submit their receipts and invoices into Receipt Bank.

Receipt Bank came to our attention after feedback from our clients indicated a clear need to simplify the time-consuming process of manually entering receipts and invoices into accounting programs, and to eliminate the headache of always trying to keep track of paperwork.

With any new software, our approach is to always use it first before rolling it out to clients. When we first started using Receipt Bank, we immediately noticed the benefits of being able to use the app to take photos whilst on the run which simply cut down on the time it takes to do bookkeeping.

We have several clients who historically have found it very hard to keep track of their receipts and invoices but Receipt Bank has dramatically changed the way the way they go about their daily business. Not only does this ensure that clients always have copies of their receipts in the event of any audit, but it helps keep our fees lower because we end up spending less time on their bookkeeping which ultimately helps their bottom line.

Our favourite feature of Receipt Bank is the ability to create a paperless office. When we demonstrate the simplicity of either taking a photo of a receipt or emailing the invoice through to a dedicated email address, clients can finally see how easy it is to do away with cumbersome and time-consuming paper filing systems.

An unexpected benefit of Receipt Bank has been how we manage clients with business operations in multiple locations all around Australia. By implementing Receipt Bank at each location, we have seen the following benefits:

• Less emails as invoices can be managed directly through Receipt Bank and the accounting software
• Reduced data entry as manual processes are now automated
• Elimination of paper files as all invoices as all invoices and receipts are saved with Xero
• Simplification of external audit process as copies of invoices all saved within a central location

These are tangible benefits for business owners, but the flow-on effect is that it simplifies how a business operates. Receipt Bank automates data entry and leads to more up-to-date financial information from which they can make more accurate and timely decisions to improve the performance of their business.

Our goal is to continue to help business owners build profitable and sustainable businesses and increase our client base in the future. We’ll continue to leverage technology and software such as Receipt Bank as key tools within our business to deliver our services to clients and grow our business the most efficient way possible.