In 2018, we spoke to the team at TRNZact about how they use Syft Analytics and Receipt Bank (now Dext).
Receipt Bank (now called Dext) and Syft Analytics caught up with accounting partner TRNZact this week to hear their approach on a fully digital cloud accounting practice.
Founded by Jason Taylor in 2016, the TRNZact practice has quickly grown to 24 employees serving clients across South Africa from a single office. Key to this is their innovative implementation of software.
Whereas many practices spend hours every week out on the road to see clients in person, TRNZact staff rarely leave the office and deploy video calling, cloud accounting software and add-ons to interact with their clients. The time this saves has helped the practice experience phenomenal growth. By leveraging cloud accounting, Receipt Bank and Syft Analytics they have been able to automate their practice and serve more clients per staff member per month.
Receipt Bank and Syft Analytics caught up with Jason Taylor and Cameron Redmead, the accounting team leader at TRNZact, to get their insight on practice automation; how TRNZact is using Receipt Bank to simplify their bookkeeping process (data input) and Syft Analytics to automate their management accounting (data output):
Can you take us through TRNZact’s bookkeeping process before Receipt Bank?
“Suppliers would either send their invoices to the client or direct to our bookkeepers who would in turn raise the supplier manually on Sage/Xero. Petty cash would either be scanned through or dropped off and again the bookkeeper would capture this manually or import an excel spreadsheet depending on volume.”
What was your experience getting clients to use Receipt Bank? What results did you see?
“Some with ease others were a challenge. New clients were on-boarded with this function so never knew anything different and generally excelled. Existing clients were more apprehensive and often slip back into dropping off some slips due to poor admin on their part. However, the easy sell was generally the ability to save money by never losing slips and no longer having to come in and drop slips off. This in turn led to timely reporting due to their records being up to date.”
What was your management accounting process before Syft Analytics?
“Roughly one hour per client using Excel and a range of other tools depending on the client.”
What is your client’s feedback on Syft Analytics’ management accounts?
“Easy to understand reports. Transforming accounting data into graphs was eye-opening for the business owner.”
How much time have you saved per client per month using Receipt Bank (now Dext) and Syft Analytics and how is your staff using their time now?
“This would vary based on size of client. Anything from 30 minutes to a whole day in the case of a larger client. Our staff are utilising their time on taking on new clients, engaging more with existing clients and tailoring accounts specifically for our client’s needs. This all adds greater value to our service.”