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Paper ‘pain points’ in Receipt Bank’s sights for 2019

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Paper ‘pain points’ in Receipt Bank’s sights for 2019

The frustrations of working with paper is a key conversation starter for many software providers in the accounting industry, and Receipt Bank is looking to “double down on that pain point” in 2019.

Technology Reporter 04 February 2019
— 1 minute read

Partners approaching Receipt Bank are typically on the path to a paperless environment, but this year, Receipt Bank anticipates a continued push from the top 100 accounting firms in Australia, as well as the larger bookkeeping networks.

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“We’ve seen an increased demand across all firm sizes in 2018… but we expect to see a lot more of mid-tier and larger firms reaching out this year,” said Luis Sanchez, general manager for Receipt Bank Australia.

For Mr Sanchez, this is a logical progression of trends from last year, and also parallels the experiences of the UK market.

“In a lot of those larger firms we have built those relationships in the UK already. That’s the tailwind that’s helped us. We are replicating that model in Australia,” Mr Sanchez said.

Australian expansions needs to be matched with a cyber security strategy, according to Mr Sanchez.

“Firstly, we’ll continue to work with our infrastructure providers (such as Amazon) to meet and exceed the standards we and our partners require. And because a system is only as secure as its users, we’re investing in the ongoing training of staff on security procedures (a practice we recommend to everyone), as well as participating in forums that highlight new and emerging strategies,” Mr Sanchez said.

From the top down, the accounting industry is being steered into a paperless environment.

The ATO’s ultimate goal is a paperless environment for tax agents, with the rollout of its updated portals a considered step in that direction.

Product providers are seizing the ATO’s new direction, and engineering software and services for an environment without paper triggers.

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Paper ‘pain points’ in Receipt Bank’s sights for 2019
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