How Revolut Business helped iFinance Department improve its clients’ payment process

Revolut Contributor

 · July 09, 2020  · 07/09/2020

Anthony Hanson, the founder of iFinance Department shares his story about how Revolut Business helped his firm provide a simple payment solution for its growing clients.

What is iFinance Department?

iFinance Department is an accounting practice that specialises in online virtual accounting and bookkeeping services for SME businesses in the UK. We provide virtual CFO services, management accounting, and bookkeeping services along with annual statutory accounts and corporation tax returns.

We believe that we offer a fresh approach to accounting for small and medium sized businesses. Whilst we support businesses by submitting annual company accounts and other, more standard accounting practices, we will also be a proactive financial manager for each of our clients.

We’ll actively identify financial opportunities and provide expert financial advice so that our clients can maximise returns. The numbers stack up too, as it costs significantly less to hire a Virtual CFO or accountant than it would to hire internally.

What are our challenges?

We support a variety of different clients, many of whom start small and then grow. This in itself presents challenges from an accounting perspective. For instance, as companies grow from sole traders, or small limited companies, they’ll likely want to grant additional personnel the capability to make purchases on the company’s behalf.

It is imperative that we’re able to understand who is making the purchases and recover the receipts in good time, something that can be difficult to do without the correct software in place!

Payroll also presents an issue as a client grows, or even as we bring another client onboard. Setting up payments to each employee is a time consuming task. Instead of providing our first-class proactive financial support, it means we could get bogged down in setting up payments. It's not a great use of our time.

On another note, we also see issues from clients who are subject to poor exchange rates and who use different banks for different types of transactions, which can be another headache for an accountant!

How Revolut Business supports iFinance Department

Revolut Business is therefore critical to our success at iFinance Department, improving our accounting efficiency and helping us to deliver a better accounting service to our clients.

Revolut Business helps us easily track purchases and which employee made them by providing each user with their own login and card for making purchases. It takes us 30 seconds to add a new user, meaning we have more time to provide value adding advice and service to our clients rather than getting caught up in administrative tasks. In addition, each user is able to capture the expense right there and then using the app. This then integrates with Xero, our accounting software of choice, meaning we have all the information of every transaction at our fingertips.

The misery of adding employees to Payroll is also abolished with the payment import function, allowing us to easily upload a payment file created by Xero Payroll, which subsequently makes all the payroll payments for our clients.

Finally, all currency exchanges are completed at the Interbank exchange rate, so there are no issues with expensive foreign exchange traders. Furthermore, we can use the Revolut Business platform to consolidate payments to one payment platform for all payments, no matter the currency or if they’re made locally or internationally.

Why we love Revolut Business

WIth a number of small and medium sized clients, across a wide range of industries to support, ensuring that labour intensive administrative tasks are kept to a minimum is critical.

We use Revolut Business because it means there is no more chasing employees and business owners for receipts. This means we can reconcile business accounts on time, providing our clients with an up-to-date view of the financial situation of the business. There’s more time-saving with the Payroll functions, meaning we can concentrate on support that matters.

Finally, payment processing is a doddle, with all payments handled within the Revolut platform. Clients are even able to save money thanks to the preferable exchange rates, which makes us look like heroes!

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