Wow is a national firm of accountants offering a genuinely proactive service to small businesses across the UK. Their philosophy is to be ‘the world’s most loved accountancy practice’ and they work hard to make it as easy as possible for clients to manage their finances so they can do more of what they love!
Wow aims to be a practice that is always ahead of the curve where technology is concerned. This meant that when they were introduced to Receipt Bank in 2010 by founder Michael Wood, the concept was a no-brainer to them. Receipt Bank addressed a direct business issue around offering bookkeeping services.
Before Receipt Bank, Wow was frustrated at not being able to offer clients efficient bookkeeping. It was a service that clients were clamouring for, but Wow found that hiring freelance bookkeepers was geographically limited and not cost effective, so it was a service they couldn’t provide. This didn’t fit with Wow’s philosophy of giving the service their clients truly want, so they set out to find a solution that gave clients efficient and cost effective bookkeeping. Paul Bulpitt, Director of Accountancy, describes how Receipt Bank helped them achieve this goal.
“With the combination of Receipt Bank and Xero, we are able to offer an automated bookkeeping service that isn’t limited by geography and that clients actually enjoy using! Most importantly clients really wanted this service and it means now Wow can deliver it. Our current bookkeeping service is far more profitable and our clients love it!”
Wow’s clients really enjoy using Receipt Bank, Paul describes how one client reacted when he showed him the ‘Receipt Bank magic’.
“I laid out his receipts from his most recent international trip, showed him how to snap a photo with the Receipt Bank app and then we threw them away - he thought it was brilliant!”
Now not only can Wow offer bookkeeping, but they get their clients’ financial information in near real time, giving them almost immediate visibility on clients’ data. Paul explains:
“Here at Wow we promise clients financial data at their fingertips and this is a promise we simply could not make without Receipt Bank. Having a constant flow of financial information brings us closer to our clients and allows us to offer more of a conversation about their accounts, rather than offering an analysis at the end of the year. As a result of these conversations they can make better business decisions”
Paul was also impressed by how the Receipt Bank team made the transition onto the service extremely easy.
“Despite joining back in 2010, I’ve never been to the Receipt Bank office, there’s simply no need as the staff are always just a phone call away and are so supportive and helpful.They really care about making sure that Receipt Bank will work for your business, you don’t have to figure it out for yourself as they are with you every step of the way. It’s more than just teaching you how to use Receipt Bank, they show you how to fully integrate it into your firm and then reap the rewards. As your Receipt Bank journey develops the team stay with you!”
All of Wow’s bookkeeping clients are now on Receipt Bank and Paul explains how using the service has allowed the practice to expand extremely fast.
“Over the last 4 years the firm has consistently grown 30% year on year, a result of how Receipt Bank has allowed us to offer additional services to clients without the need to take on extra staff. We couldn’t imagine life without Receipt Bank any more!”