Shoaib Aslam, CEO of Pearl Accountants in London, shares his story about how Revolut Business helped him and his team save his clients money in FX fees and other hidden costs related to foreign exchange transactions.
Who are Pearl Accountants?
Pearl Accountants is an award-winning, cutting-edge accountancy firm in London that offers more than just bookkeeping and accounting services to its clients. In addition to accounting, we also offer in-person consultation for a wide array of third-party software and online tools to assist our many clients who are engaged in eCommerce, or who wish to integrate their processes with a CRM.
What are our challenges?
We are a multilingual accountancy firm, speaking nearly ten different languages. Our clients represent a wide array of international businesses. A lot of our clients deal with international transactions as a matter of course.
Because we pride ourselves in going the extra mile for each client — we were unhappy with the exorbitant fees being charged by banks and third parties for simple FX transactions.
In addition to the banking fees, the rates offered for transactions were often ludicrous when compared to the Reuters real-time rate.
Our clients also had to pay tremendous fees when withdrawing cash overseas.
Getting a client’s information into QuickBooks from foreign bank accounts can be time-consuming. Either the foreign account doesn’t provide a bank feed that Quickbooks can access, or there are complicated authentication procedures required to log into the account to get a client’s information.
And then we discovered Revolut Business
Revolut Business allows you to hold 28 currencies from the second you sign up. That alone would have been enough to convince us, but there was more. We saw that payments were fast and done at real-time rates.
That was when we sat up and paid attention, especially we learned that those rates were often much lower than what some of the banks were offering.
For large transactions, the savings were enormous.
The Revolut Corporate Card allows managers to control spending directly via the mobile app and an administrator dashboard, thereby keeping tabs on employee spending.
So, not only were our clients able to save on FX transactions, but business owners were now also able to curb excessive employee spending as needed, all within a simple-to-use dashboard.
Our clients jumped at the opportunity, especially those who do a lot of overseas purchasing from suppliers.
Although all our staff are well trained in technology, we understand that many people are not. That’s why we offer our specialised consulting services on various eCommerce and CRM platforms.
But the Revolut Business dashboard was so unbelievably easy to use that none of our clients required any special training to learn how it works. This made it easier for them to adopt the system.
As for our own purposes, we no longer needed to access multiple bank accounts and lose time exporting data from each one — all the information is automatically imported by Revolut into Quickbooks, Xero and many other accounting tools. Now we only need to access client accounts.
The Revolut Business dashboard allows us to easily set up payments for clients to approve, and even to pay multiple invoices for them using its Bulk Payments tool.
The time saving for us as accountants is unparalleled. And our clients are happy with us because their FX costs are simplified, and they also benefit from Revolut’s easy-to-use features and dashboard.
Revolut Business is a great solution for anyone who deals with any sort of FX transactions regularly. But the cherry on top was that, as Revolut Partners, we are now able to offer our clients discounts on Revolut Business’ package.
The cumulative result was improved service and saving on FX costs to our clients, as well as saving us time as their accountants.Get started with Revolut Business today