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Receiptbank

  • Member
  • Practice Licence
  • 35 posts
  • # 117891

Hi

 

Can anyone give any advice on receipt bank and a charging model to their clients please?  I'm probably being a little negative but all i can see is it doing me out of quite a lot of work/£ ....??  I always work in the best interest of my client but fear it will create quite an instant drop in my income which is somewhat concerning....  has anyone else felt this way but been able to make it work?

 

Many thanks

Karen

  • Companion Fellow PM.Dip
  • Practice Licence
  • 234 posts
  • # 117892

Hi Karen,

This is an interesting question! I'm not qualified to answer it myself but wondered if you'd had a chance to watch last week's Receipt Bank webinar?

Here is the link to watch it on-demand:

https://webinars.on24.com/receiptbank/100PercentDigital719_ICB

We are also running a webinar with AutoEntry tomorrow at 2pm. If you book in you'll be sent the link to watch it live, or later when you have time. AutoEntry is quite similar to Receipt Bank but does have a different pricing structure.

Book here:

https://www.bookkeepers.org.uk/Shop/AutoEntry-Webinar/e/11680/

We're hoping both AutoEntry and Receipt Bank will be exhibiting at the Bookkeepers Summit in November. so you could ask them in person! Good luck making those decisions,

Ami

  • Member
  • Practice Licence
  • 35 posts
  • # 117893

Thank you Ami

 

I have already booked into the webinar for tomorrow so that will be interesting and i will take a look at the webinar link you sent for receipt bank.

It's all a bit worrying really.....but i'm trying to stay positive!

 

Thanks again

Karen

  • Member PM.Dip
  • Practice Licence
  • 117 posts
  • # 117895

Hi Karen

 

If you are a data entry clerk charging by the hour then you will need to change your service and charging model.  If you provide bookkeeping services for a fixed fee then nothing needs to change.

 

RB definitely saves time but still needs to be managed so you may find your time isn't freed up as much as you thought it would have been anyway.

 

Thanks

 

Andrew

  • Companion Fellow PM.Dip
  • Practice Licence
  • 234 posts
  • # 118047

Following on from this discussion about Receipt Bank and hourly billing, did you catch the latest in Receipt Bank's exclusive webinar series for ICB members?

'Stop the clock and start adding value'
57 mins, available to view on demand

Click here to watch

For years, time-based billing has been the norm in accounting and bookkeeping practices. But the rise of time-saving automation technology is changing everything. New tools such as Receipt Bank dramatically reduce the time required for manual bookkeeping tasks. If you’re still billing by the hour this will cut into your revenues and reduce your firm’s profitability.

In this webinar, learn why progressive accounting practices are moving away from hourly billing and embracing value pricing.

Register today to learn:

  • How to earn more money and deliver more value to clients

  • How to build deeper relationships with your clients

  • Improve and create a stable cash flow for your practice


  • Fellow PM.Dip
  • Practice Licence
  • 213 posts
  • # 118051

Karen

 

You need to look at your bookkeeping business as a "business" and not a "charity", sorry to sound a bit harsh. If you make your business more efficient, in business, you don't always have to pass the efficency savings to the customer.

It is admirable that you feel that you have to pass this saving on to the customer, but you don't awlays have to.

 

Example:

A business gets an item manufactured and it costs them say £70 and, they sell it for £100. Now, if the product really takes off and suddenly they need to ramp up production to meet demand and, they then negotiate volume discount from the manufacturer to say a cost of £50.00 per item, you can bet you bottom dollar that, that businesses (and pretty much all businesses) will continue to sell it for £100 and make the extra money. It's called business. Virtually, every business in the world does this, whether they are big or small.

 

That's why you need to go to fixed price bookkeeping. If you make a saving, it's your profit.

 

As they say "It's not personal, it's just business".

 

Appologies if this sounds ruthless, but in business it is never personal, just business.

  • Member
  • Practice Licence
  • 35 posts
  • # 118074

Thank you everyone for your time in replying.  I will absorb all the information and watch the webinar and see where to go from there.

 

Many thanks again!

Karen x

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