Strategic Thinking to Improve your small business efficiency

By Alexi Boyd | Tuesday February 11

Small Biz Matters – a half hour program each week where you can work ON your business rather than IN it.
with Alexi Boyd, broadcaster, advocate and small business owner.
Date: 11 February 2020

It’s a significant business milestone when you can finally say my business is entirely paper free. Imagine the freedom when everything is in one place and accessible anywhere in the world? Every piece of relevant financial data at your fingertips. How do you get to that point? Where do you start to head down that liberating path? And what are the pitfalls to avoid along the way when it comes to cloud based software?

Today’s Small Biz Matters we welcome to the show by Luis Sanchez, who is the  Managing Director of  ReceiptBank in Australia who will share with us not only some excellent starting points for those still drowning in filing but also some top strategic thinking & advice for the FUTURE of this exciting FinTech company.

Welcome to the show Luis.

Topics we’ll be covering:

  • What does the reality of going paper free mean for a small business?
    • Getting time back (family) marriage
    • Most time doing admin is at night when time family
    • Statistics - % time spent on dealing with receipts
      • The benefit to saving you money with your accounting & bookkeeping fees
    • Space – 25% commercial rental space with paper!
    • The positives and negatives...
  • Recent events are another good reason to go paperless and have everything in the cloud
  • What’s the process?
    • Getting started - asking financial institutions to stop mailing you stuff!
    • Auto-forwarding to a cloud place
    • Do you have to rename every document? (talk about search functionality here and how far it’s come)
    • Adding on the go
  • Why is it a good idea for Audit purposes?
    • Not missing tax deductions as a chance to reduce your tax debt
    • Set & forget
    • The feeling of being able to find anything within a few minutes
    • The Marie Kondo- joy of tidying up
      • Does this folder spark joy? If not get rid of it!
    • Fading receipts
  • What are the options? Google Drive / Dropbox / Products like RB
    • Power of search functionality now from PDFs and JPGs is coming
    • What does getting in the cloud actually mean?
    • Financial services legislation and why it’s good to engage with products which meet this standard
    • What should you expect from a good piece of receipting software?
      • Online security
      • Disaster recovery
      • How to protect yourself
    • The 3-2-1 system of backups

To find out more go to their website: https://receipt-bank.com/au

 

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Luis is a Harvard-educated MBA who brings over 20 years of global experience with several multinationals including JP Morgan, General Mills, Visa and Intuit.  Ten years ago, Luis moved his focus to accountants and bookkeepers. He spent seven years with Intuit in America, doubling the size of their accounting business before joining Intuit Australia in 2016 as Marketing Director. In 2 years, Luis tripled the Intuit Australia business from 53k customers to 161k customers.  He joined Receipt Bank in October of 2018.

As the General Manager for Receipt Bank Australia, Luis now works closely with the Receipt Bank global leadership team to shape Receipt Bank’s strategy, scale operations and bring the benefits of real-time accounting to thousands more businesses.  “Over the last 8 years, I’ve seen firsthand how the right tools can make or break a business. That’s why it’s been so inspiring to see how Receipt Bank has enabled accountants, bookkeepers and their clients focus on what matters. Thousands of firms can now spend more time helping their customers, instead of just dealing with paperwork,” Sanchez explains.