How Revolut Business helped Prestige Business Management save their clients time and money

Revolut Contributor

 · June 25, 2020  · 06/25/2020

Making life easier for the client is a key principle at Prestige Business Management. CEO Sam Bondarenko started his accounting firm four years ago, keen to be anything but traditional, and use the best and latest technology to enhance their processing power. Choosing Revolut Business means they’re using the latest integrated tech to save their clients time and money, while handling their finance needs.

What is Prestige Business Management?

Prestige Business Management is an accountancy firm specialising in SMEs and individuals. They tailor their offer of services to the unique demands of every client. This approach sees them co-designing a custom relationship with every client, thereby streamlining and offering the best value for money, for businesses of every scale.

Just listen to what one lovely client, Home New Physio Ltd, has to say about the team:

“Prestige Business Management have taken all the stress and worry away from me managing my accounts and completing my self-assessment. Sam and his team are so efficient, kind, and receptive to my needs. They take the time to explain to me what my best options are in layman’s terms so that I do not feel overwhelmed and fully understand, to enable me to make an informed decision. I genuinely could not recommend this company enough.”

What are our challenges?

We encounter lots of delays and problems with traditional banking. One of the most significant hold-ups is opening a bank account for a new company. A traditional bank requires you to:

  • Make an appointment and normally none are available for at least a few weeks
  • Then take time out of your day to visit a branch with all your ID and bring anyone else who needs to be added to the account like a Co-director and their ID
  • Have all documents copied and fill in forms

Then, most banks make you wait for your application to be processed. Waiting for a posted letter for your physical card and online banking details. All of this takes time and slows down a new company who is full of energy and wants to hit the ground running.

Our other issue is access. Traditional banks do not have the facilities to add users and grant them different permissions. If a client wants to grant us access to their account, this could be to allow us to make payments or simply download statements for them, then we have to sign a form, post it to yet another processing centre and hope they add us to the account. I have lost count how many times these forms were lost and or were not processed. Not only that, now we have full access to the clients account, which is less than ideal in anyone’s eyes. This also means that as CEO, usually I would be the only one in our firm with access, so my team would be  forced to come to me when they need some information.

We also have clients who use multiple currencies, are based abroad, or travel a lot, and while high street banks do offer multiple currency accounts, these do not come cheap. They have high banking charges and terrible exchange rates when you transfer money between accounts or spend money in other currencies. One of our clients has around 12 subscriptions to various software platforms all in USD, the foreign transaction cost and high exchange rate meant that he was losing over £75 a month.

And then we discovered Revolut Business

We always test a new product ourselves before making recommendations to our clients, so I signed up to Revolut first and then Revolut Business. The sign-up process was so simple and easy, just fill in the form and upload a few documents.I started recommending Revolut to everyone, friends, family and most importantly my clients long before there was even a partner program.

Now, when a client asks me who they should open an account with, Revolut Business is my first answer. We can even handle the sign-up process on behalf of our clients, they just need to sign a simple letter and we do the work. We already have all their details and documents on file, since our new clients must pass the same tests a bank would conduct, so opening up this process to us just makes sense.

Revolut Business saves our clients time and money. Not only do they enjoy the simplicity of the sign-up process, but they love all of the innovative features on the platform. They simply add us as an accountant, select what we can and cannot do on their account, and they’re finished. We also have clients who like us to manage their bills and pay their suppliers – now that is so easy using Revolut Business – and they can choose to approve the payments before they are made.

With physical or virtual cards, spending limits and team budgets. Oh and of course Revolut integrates with Quickbooks Online, which is our go to accounting software. When you add in the savings from foreign exchange costs – it's amazing how much our clients save. For example, with our own subscriptions to CRM’s and other software charged in USD our high street bank charges us a “non-sterling transaction fee” on top of a poor exchange rate. So a transaction of $172 cost us £3.91 in fees alone. Multiple this by a few subscriptions and the fees soon start piling up but with Revolut we don’t have to worry about it.

Outcome

It’s a win-win. Our clients are happy saving time opening an account, providing us with statements and even dealing with their suppliers. We are happy because we can focus on the important things and keep our clients’ accounts up to date and accurate. The time we save means more available for us to call them for a chat, catch up and see how they are doing, beyond the numbers.

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