Case Study: How Receipt Bank Helped Kinder Pocock Grow Net Profit By 61%

Sharon Pocock FCCA established Kinder Pocock Chartered Certified Accountants in 2005 following 15 years working in accountancy. The company aims to offer professional yet straightforward advice and support to small and new businesses, who might feel daunted by accounts and taxes.

Sharon comments: “I love getting involved with my clients’ businesses, and it makes our work here at Kinder Pocock all the more worthwhile to know how much our clients appreciate what we do.”

Just over a year ago Sharon realised that the firm’s existing approach to bookkeeping meant that they were missing out on opportunities to build deeper and more fruitful relationships with their customers, and to offer higher value services.

Originally, Kinder Pocock encouraged its clients to do their own bookkeeping. While this saved some cost, it resulted in occasional errors and many clients found the process a burden. In these instances, the firm would send independent bookkeepers to handle clients’ bookkeeping. Sharon explains how the bookkeepers did an excellent job, but it meant that clients’ data was slow to arrive and she felt that she was missing out on interaction with her clients. She also believed Kinder Pocock as a firm could provide a higher level of service with a faster supply of financial data.

It was then that, through her use of cloud accounting software Xero, she met Alexis, MD of Receipt Bank, first at Xerocon and then at a Xero Partner Roadshow. Impressed by Receipt Bank’s ability to remove the need for data entry and increase client interaction, she decided to give it a try.

Sharon describes how Receipt Bank has revolutionised the whole bookkeeping process and consequently improved Kinder Pocock’s client relationships.

“Receipt Bank has allowed us to bring our bookkeeping in-house and has made it just so easy and efficient! I get accurate data direct from my clients and receive it in real time. This makes it far easier for us to offer our clients proactive business advice at the time they really need it, rather than having to wait until the end of the month or year. We also have more time to devote to tricky issues such as tax planning, directly due to the efficiencies Receipt Bank brings. Receipt Bank has removed the middle man for us, meaning we have far more chances to interact with and assist our clients, which is the whole aim of Kinder Pocock as a firm! Now we get to focus on the fun part of client relationships, people and their businesses, not data entry!”

One of Kinder Pocock’s clients Kinetic Six, has been using Receipt Bank for 15 months. The company’s MD, Shaun Leavy had this to say:

"Kinetic Six would not be where it is today without Sharon Pocock as our accountant and trusted advisor. She has helped us evolve from a startup led by ex-military chaps with little business experience into a successful company operating in several global markets.

“By introducing us to online solutions such as Xero and Receipt Bank, Sharon has helped us to make sense of our financial data and proved invaluable in advising us on key business decisions.”

Sharon goes on to explain how the improved efficiency the firm has enjoyed through implementing Receipt Bank and Xero together has allowed Kinder Pocock to grow extremely fast:

“Both turnover and net profit have risen drastically within a year, 40% and 61% respectively. This is a direct result of the efficiencies that Receipt Bank and Xero, as well as other online solutions, have brought to the firm. Using them means that we have more time, which means we can take on more clients, and we are able to provide these clients with additional services that would not have been possible before, all without previously needing to increase staff numbers! However, our use of cloud-based software has also enabled us to employ our new Senior Accounts Manager to support me with higher level client work and staffing, as well as progressing with Xero, Receipt Bank and other online solutions. This will allow us to continue to build on the year’s terrific growth.”