/ Business

👋 Why Nephos said goodbye to the high street and hello to Revolut

In today’s fast-paced digital climate, we’re used to juggling multiple online accounts, switching between devices and getting things done. But in a business context, that’s not an efficient way of working.

Joe David is the director of Nephos Accountants. His company offers business advisory services to help its clients grow. After nearly six years of work, Nephos has carved out a niche for itself in the market focusing on real-time advice and support for clients, as well as delivering the statutory requirements.

“Every day I am inspired to grow my business and to see my clients grow their businesses,” says Joe, “and seeing my clients succeed inspires me to succeed.”

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📈Outgrowing the high street

With buckets of ambition, Joe clearly has the right mindset to succeed in what he does. But some existing financial systems were proving to be a major hurdle.

“We have quite a significant number of clients for the size of practice that we are,” he explains. “And one of the big problems we have is juggling different accounts on different authentication devices.”

For a finance company, it’s vital to have a system in place that is seamless and stress-free - especially in a digital age when work is so fast-paced and clients expect things to happen quickly. The natural place for Joe to turn was the high street, but that created more issues than it solved.

“Many different log-on devices, no relationship manager to deal with, very hard to get an appointment, long queues in the branch when trying to deal with anything. All those things demotivated us and had a significant negative impact on our cash flow.”

Joe was quickly realising that the old way of doing things simply couldn’t keep up with how his business was growing.

“In this day and age, you expect businesses to be adaptive. And [traditional solutions are] not. The team find it very confusing and frustrating, sometimes very stressful. It makes it much more difficult to do our job properly.”

“We needed a more modern, tech-based solution to fit our business model. We looked for digital tools in lots of different areas of our business to make us more efficient.”

🚀 A smarter, more singular solution

This is where Revolut for Business came in. Joe saw it as a solution to all of the issues he had encountered with traditional finance solutions. No queues in the branch, a dedicated relationship manager and everything easily in one place.

“We started using Revolut, which allowed us a much easier way of managing our clients’ accounts. We have one account to access. We have no authentication devices to worry about. We have a very good account manager. We don't have to use all of these different devices and tools and think about different things.”

For Joe’s team, efficiencies in one area of the business could now enable stronger performance in others.

“We realised how much more efficient we were going to be as a business. It felt great to know that we finally had a solution that would work for our clients. My staff and I would no longer be wasting time on these meaningless tasks.”

But did this new system live up to expectations?

“It had a significant impact on our turnover and our profitability. We were able to reinvest that cash flow back into rebranding our business. It was incredible to see our hard work rewarded, and show the world the business we want to be today.”