The results are in from last week's Effortless Bookkeeping Challenge Sprint, as forward-thinking firms around the world compete to build the best bookkeeping process. Our third Sprint required Partners to get as many of their clients as possible to download and use the Receipt Bank receipts app.
In case this is the first time you have heard about the Challenge, it's judged on seven key data points which are essential for building a winning 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 Mobile App metric. Using our handy, award-winning receipts app is the fastest way to get data to your firm. In fact, it's 10x faster than your clients scanning documents on an office scanner and submitting them as a PDF.
A scanner in your pocket
Our app actually does a lot more than just scan receipts. We covered some of the awesome extra features in a recent post here, so check it out to make sure you're getting the most out of the app.
The main reason we encourage our partners to give their clients our receipt app is that it's just the most efficient way to get your clients data. After all, nearly everyone has a smartphone in their pocket. In fact, research from Deloitte found that 94% of small businesses use smartphones to conduct their work.
Find out the KPIs you should be tracking in your practice to work in real time
All the participants in the Effortless Bookkeeping Challenge are anonymised to allow firms to measure themselves against other firms around the world, without giving away their identity.
The winner of Sprint 3 is Platypus. This practice was able to dramatically increase the speed with which their clients sent their data in, while the clients loved snapping away with the app.
From receipts app to real-time
With the Receipt Bank receipts app, your clients can snap a picture of any invoices or receipts the moment they get it. This means you can stop worrying about lost paperwork along the way.
What's more submitting items as soon as they receive them means that you can provide your clients with the most up to date information possible about their business.
If your clients only deliver you a bag of receipts one a month, your view of their business is frozen on the day they last gave you the information. Using daily updates with our receipts app you can build a real-time information service that shows your clients the state of their business this week, so they can make better business decisions.
Not only is this more useful for your clients, but it also allows you to branch out into new services that use this information to help your clients grow, such as forecasting and cashflow management.
Our 4th Sprint is all about setting supplier rules. We’ll fill you in on who comes out on top next week.
Real-time bookkeeping KPIs
Find out the new six vital KPIs for efficient cloud bookkeeping in real time. We've put together a quick cheatsheet to explain how you can track them, called “The Power of KPIs”.
Download the cheatsheet to find out:
- The 6 new KPIs that will determine your practice efficiency
- Warning signs that you need to be aware of
- The advantages that tracking them will give you over competitors
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