Fintech Insider Podcast by 11:FS
00:37:18 · Sarah Kocianski, Sian Kelly, Caroline Plumb
[00:37:18] S0: Yeah. So so what do you... So what are the biggest pain points that you see for small businesses that sort of you're hoping to solve? Because you said you like being here and seeing all the exhibitors and different kind of solutions. What what are some of the pain points or biggest pain points that your clients have? [00:37:31] S9: Yeah. It's it's autumn... Automating stuff, really, getting data to us. So there's lots and lots of ways to get data. There's lots of products. From very early on, we adopted Xero. It was... I think I put my first client onto Xero. We adopted Receipt Bank at the same time. Receipt Bank takes away the pain of getting all the paper to us. You've got Hubdoc come on board with Xero now. That's really exciting. But there's problems with things like, I don't know, credit card statements. They don't seem to be part of what the banks give you as a bank We're looking for something where we can automate collecting the credit card data. It's an opportunity for the staff to come. We've highlighted a few of the things we want them to look for before we've left the office, and they've got to scout and go around all the upstands now and see if we can find a solution for [00:38:17] S2: a few of the
00:38:17 · Caroline Plumb, Sarah Kocianski, Sian Kelly, David M. Brear
[00:38:17] S2: a few of the [00:38:17] S0: things we're having issues with. Yeah. So there's one the big the big questions we're asking people today, and I'm I'm hoping that nobody's gonna say no when I ask this question, but, you know, how important is it to your clients that Xero starts building out that portfolio of financial services that can be accessed through Xero? So the more the more things... [00:38:32] S9: I think it it just makes it easier. Because, I mean, one one of the things I was thinking when... On one of the first presentations, it got me sort of drifting, daydreaming on a subject. And one of the issues we still have even with the lending is that they look into Xero, take all the information, which fabulous. We haven't got to send loads of reports, but then you still have to send maybe three months bank statements as a PDF as well. Now to me, if you've got a live bank feed going into Xero, your bank statements are all there. Why can't we get to the point of actually that is good enough for the lenders that that's the bank statement? And if you've got all this open banking and it's these live feeds, that should be the right data. Yeah. So why can't the credit cards feed straight in as well? And Yeah. You know, there's an awful lot more to do there that can make things even slicker. So we're getting there. [00:39:21] S10: Yeah. So there's more [00:39:22] S0: to be done. [00:39:23] S9: Yeah. Yeah.
00:39:23 · Sian Kelly, Sarah Kocianski
[00:39:23] S9: Yeah. Yeah. [00:39:24] S0: So one of the things I know you're working on quite closely in partnership with Xero is the HMRC's Making Tax Digital initiative. Can you tell us a bit more about that? [00:39:31] S9: Yeah. So Making Tax Digital, it's gonna come to all clients who are over the VAT threshold from next April. I've been doing a lot of work to get ready for this, and we're part of the beta program with Xero. And I think the beauty for us as a practice is, we've got over 500 clients on Xero, and they are all on Xero already. So going on the beta program, it's a natural extension. We haven't got to wait till next April when a lot of accountants will be having a complete panic. Yeah. And trying to digitally file everything for their clients and finding new processes, new software. We're all completely ready for that because we've worked with Xero. They've now got their solution ready, and we're chomping at the bit ready to test it. So our clients are actually gonna have a very seamless experience of making tax digital hitting them. [00:40:14] S0: Brilliant. So they don't actually have to do anything. If they're
00:40:14 · Sarah Kocianski, Sian Kelly
[00:40:14] S0: Brilliant. So they don't actually have to do anything. If they're [00:40:16] S9: already using it, they would be We've we've we've either got clients who know they're on Xero and know that we're sorting it because we've advised them and talked to them about it. We've sent out a bit of a mail of Xero, helped with that of you're all gonna be compliant. And then you've got the kind of clients where they're more traditional. They do turn up with a box of receipts, which get whizzed through receipt bank. They end up in Xero, and they're also compliant. So I think making tax digital is gonna be a big hurdle for a lot of businesses, and a lot of practices. But for us, it's just a different way of submitting data ready to go. We just need to make sure it works, which I'm sure it does, and that's the point of the beta. [00:40:54] S0: So talking about, Xero and the, you know, the the the benefits that having additional financial services built into Xero, what what is missing do you think? Is there something that you would really like that that is coming down the line?
00:40:54 · Sarah Kocianski, Sian Kelly
[00:40:54] S0: So talking about, Xero and the, you know, the the the benefits that having additional financial services built into Xero, what what is missing do you think? Is there something that you would really like that that is coming down the line? [00:41:07] S9: A key a key area for me or a pain point for as a business owner, I I actually do my own bookkeeping in Xero just to make sure I'm keeping up to date on, like, how to use it and stuff. And I think one frustration for me is that you've got everything in Xero. You've run your payroll. You've got all your purchase invoices to pay, yet I still have to log into the bank, mess around putting PIN codes in to set up a new supplier and setting up payments and setting up all the payrolls. It'd be such a big win if with all the banking changes that are coming, we can be automating that and batching them up in Xero and pushing pay, and that'd be a fabulous service for us then to offer to clients. So it's using Open Banking, [00:41:45] S0: using the payment initiation APIs, and [00:41:47] S9: being able [00:41:47] S0: to just go [00:41:47] S9: pay and it's done. Really looking forward to that sort of thing. And that's an add on service we can sell to clients then because whilst we do a bit of payment service, it it is a concern with the fraud, the emails that you can get in, and this will take 10 pain away. Yeah. 10 pain away. Yes. Yeah. Perfect. [00:42:02] S0: Okay. Well, thank you so much for joining me, Sean. I hope you enjoy the rest of your day, and I hope you find what you're looking for out there on the exhibit hall.
00:42:02 · Sarah Kocianski, Caroline Plumb, Gary Turner, Sian Kelly, Alexis Prenn
[00:42:02] S0: Okay. Well, thank you so much for joining me, Sean. I hope you enjoy the rest of your day, and I hope you find what you're looking for out there on the exhibit hall. [00:42:09] S2: Thank you. [00:42:09] S1: Thank [00:42:09] S9: you. Thank you. [00:42:13] S0: I'm here with Alexis Pren, who is the CEO and cofounder of Receipt Bank. We're here at Xerocon. How are you doing today, Alexis? [00:42:19] S11: I'm delighted to be here. Delighted to be here with you and delighted to be here at Xerocon. [00:42:22] S0: Brilliant. So, I mean, can you give me a little bit of an overview for our listeners who don't know what Receipt Bank is? What what do you do? What pain points do you solve for small businesses?