This week, Receipt Bank hit a milestone. A quarter of a million small businesses worldwide now use Receipt Bank.
Just a few years ago, this number would have been unimaginable. That just goes to show how much has changed in the industry as a whole. And this change isn’t going anywhere – in fact it’s probably going to speed up.
What does 250,000 businesses really mean?
There are 5.7 million SMEs in the UK alone, so in a sense, a quarter of a million is still a small step. But consider that in the last quarter, we added more partners than in the first five years of Receipt Bank altogether.
Part of that is down to the work we’ve put into improving our product, building relationships and better understanding our message. But it’s also down to practices taking control of their future.
Accountants and bookkeepers have had to weather a huge amount of change in the last 10 years. But one focus has endured throughout: the desire to create value for clients. Businesses put their trust in you, and it’s been inspiring to see how seriously practitioners take this.
Into the orange sea
Last week, you might have noticed a sea of orange at Accountex. Not only did we have a stand full of bright-eyed (and bright-shirted) Receipt Bankers standing by to help, but our partners were out in force.
This is one of the great benefits of having been around for 8 years. We’ve had the privilege of seeing practices evolve with the help of our tools.
So this year, we tried something different: a sponsored theatre. This was where Receipt Bank advocates and partners shared their stories of digital transformation. And the common thread was always asking “Is there a better way of doing what we do”.
That’s a lesson we must all, Receipt Bank included, remember. Because, as already mentioned, change isn’t going away.
What’s the challenge now?
MTD for is just the tip of the digital tax iceberg. We all have a part to play in building a better future, where you’re in practice, in-house, or in software like us.
At Receipt Bank, we’re going to focus on making our services more relevant and more useful for those quarter of a million businesses, plus a million more.
We want to arm every small business with the benefits of a giant financial department, level the playing field and help them win back time to do more of what they love.
We want to help accountants and bookkeepers take control of their futures, providing long-term value for many years to come, cementing their place in the business landscape.
It’s a journey we’ll all have to take together, and one I look forward to.
Read co-founder and Chairman, Alexis Prenn’s full article over on the Receipt Bank blog.