Case Study: A New Expense Management System Cut Accounts Payable Time by 90%

In most businesses, time is money, but at a medical practice it can be much more important. However, to keep the practice in the black receipts and expenses still need to be kept in check. That’s why it makes a real difference to have an efficient expense management system.

By using Receipt Bank Managing Director Alex Niazov has managed to reduce his fortnightly accounts payable process from 15 hours to just one.

A paper process

The system for paying invoices might be familiar to some Managing Directors who spend their weekends trying to make sense of a pile of paper receipts or digital transactions.

Alex explains what the process was like before using Receipt Bank: “Before, each invoice would be printed and put in my in-tray. I then paid each one through Netbank, marked it as paid and filed away the paper invoice. It was really a tedious process.”

“We wanted to free up time and find something more efficient that would integrate with Xero,” explains Alex, “Receipt bank did everything we needed it to. It was easy and straightforward to get started. Now our accounts payable system is nearly all automated!”

An effortless expense management system

Thanks to automating his expense management process, Alex’s accounts payable system has become significantly quicker. Not only has he saved time processing, but moving to a paperless system has helped the clinic save on resources.

“Fortnightly accounts payable now takes 1 hour for all 5 of my clinics, rather than 2-3 hours per clinic. In addition, we no longer keep paper records, no longer receive mail invoices and we don’t print our digital invoices, saving time, resources and money”

“We’re more streamlined, more efficient and we can focus on other aspects of growing the business. It’s quick, efficient and easy.”

To find out how Receipt Bank can help your small business save time and money, why take out a 2-week free trial?

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