Author Archives: BDO Hawke's Bay

About BDO Hawke's Bay

BDO Hawke’s Bay are Chartered Accountants and Business Advisors, with their office in the Napier CBD. BDO is able to support clients with a comprehensive suite of accounting, information systems and HR services. The firm is an independent member of BDO New Zealand and part of the global BDO network.

Are you paying the right amount of tax?

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As we start to get a better understanding of the new ‘Business as usual’ operating landscape and the initial urgency around business disruption dissipates, at BDO our focus has now shifted to ensure local business have the ongoing support and strategies in place for the medium to long term time periods.  By building resilience and taking full advantage of the options available to them, businesses now have the opportunity to finesse, pivot and diversify to best position themselves for the future.

One of the strategies we are encouraging businesses to adopt is to ensure that they are across the tax changes implemented during the initial Covid-19 lockdown.  These changes can affect how much provisional tax you should pay, as well as how different costs might be treated in your reporting to the IRD.

Paying provisional tax based on standard uplift may not be the most cost effective option for you moving forward.  Below I will look to provide an overview of the key tax changes that all SME owners need to ensure that they are across so that they are prepared for any future opportunities.

Claiming depreciation on buildings

One tax support measure following covid, is the reintroduction of tax depreciation on (non-residential) commercial and industrial buildings and the allowance for tax depreciation on newly acquired buildings and capital improvements made to existing buildings from the 2020/21 tax year. The tax depreciation rate will be 1.5% straight line or 2% diminishing value.

For entities that had previously been claiming depreciation on their non-residential buildings, this change will see reduced taxable income levels following from recommencing a claim for depreciation from the beginning of the 2021 tax year.  You may want to consider the impact of this claim when you are considering the amounts you need to pay for provisional tax.

For entities accounting for deferred tax, this reintroduction of a claim for depreciation will also result in a significant change to the deferred tax balances in the 2020 year results.

Increased minor asset write-off thresholds

In March, the government also lifted the threshold for writing off the purchase cost of minor assets. Previously set at $500, SMEs can now claim in full at the time of purchase for assets with a cost of up to $5,000 in the year they were purchased. This threshold increase is only temporary, and expires on 17 March 2021. However, the threshold will only drop to $1,000, remaining double what it had been in 2019.

Loss carry back provisions

The Government’s new “carry back” rule has been implemented to help SMEs recover some past tax losses and put that recovered cash flow toward future recovery efforts. This rule is more complicated than the previous two, and you should consult with your tax accountant to help calculate how this change may be applied in your business.

Tax losses in 2020 and 2021 can be offset against profits earned the previous year (2020 and 2019, respectively). These losses can be based upon a filed tax return or by provisional tax estimates. Estimates need to be based upon extensive analysis and reasonable forecasts and SME’s may be charged interest if payments are underestimated.

Research & development claims & refunds

R&D is often among the first functions to be discontinued or scaled back when cash flow is limited. To keep the New Zealand economy at the forefront of global innovation, the Government has brought forward the refund date for the R&D tax credit by one year. Businesses with research and development departments can claim up to 15% of their eligible annual R&D spend, up to $120 million.

The R&D tax incentive was passed last year but some of the broader refundability rules weren’t set to go into effect until the 2020-21 income year. These are the rules the government has moved forward. If your SME has R&D costs speak to your business advisor about whether your projects meet the eligibility criteria for a refund.

Recovery is about seizing opportunities

Businesses can’t leave money on the table when funds are tight. Thanks to these changes, there is now a range of tax benefits available to help small to medium-sized businesses move into the 2021 year as positively as possible.  Given that payment dates for tax are often staggered throughout the year, it is important that you take stock of the changes that were implemented and consider how these may influence your tax responsibilities.   

Business after Covid19 – our new normal

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The COVID-19 pandemic will in all likelihood change the way that we do business for a long time to come.For most businesses’ turnover is down and owners are having to turn their attention to dealing with an environment that is constantly changing during this time of uncertainty, their inventory requirements (especially those who are reliant on the import & export markets or have only just begun to trade again) and their staffing capacity. Maintaining profitability, or in some cases viability and liquidity, could prove to be challenging. Below is a brief overview of some key elements you should keep in mind to help facilitate your businesses likelihood of success.

Short-Term Cash flow Forecast

Prepare a 13-week cash flow forecast. This is often an eye- opening exercise and will effectively capture most entities’ business cycles. The forecast will help navigate choppy waters in the near-term, as it will highlight shortfalls in necessary cash balances. Maintaining an up to date forecast will allow you to easily identify if there is an upcoming risk of the business running out of cash and/or will show if borrowing requirements fall short of actual availability from lines of credit. You will need to ensure that any forecast is subject to revisions in light of COVID-19 and the ongoing impact it will have on the market. Cash flow forecasting is a necessary tool for distressed businesses and can be helpful for entities going through a rough patch or for stronger businesses struggling in this economy. Being in a position to be able to identify when cash may be short, puts you on the front foot for being able to make arrangements to source more capital or to organise payment arrangements i.e. contact with your bank for extended loan facilities, contact with Inland Revenue to arrange payment plans and liaise with landlords to determine whether a rent relief period is feasible.

Monitor actual against your forecast

Cash is King! It is possible that a business can still be reporting profits but have trouble meeting its current obligations to both lenders and key creditors. Problems may develop as customers become slower to pay or, in some instances, don’t pay at all. Some problems may not be immediately recognised and could include changes in product/service demands, increasing overhead costs, use of obsolete production methods or increasing competition. As a starting point review, defer and/ or eliminate all non-essential expenses and capital projects, where possible. Identify whether there are any current commitments that can be put on hold or adjusted given the current environment. Further, accelerate receivable collections, focus on customers that normally pay on time and have started to slow payments; offer discounts to pay now; even keep on top of small accounts.

Adaptive management – learning by doing

When faced with great uncertainty, we have three options:- remove the uncertainty and proceed, proceed anyway and adjust as necessary, or do nothing. If we assume that option 1 is unrealistic, and option 3 is unacceptable, we’re left with only one option – take action, learn, and adapt. The very objective of adaptive management is to provide a framework that drives action now, despite uncertainty. The goal is not necessarily a predetermined target – at least not initially – it’s achieving incremental change. The idea is to take a small step, reflect, learn, adjust, and take another small step instead of large strides that may well lead you off course when dealing with moving targets.

Adaptation goes past simply responding to disruptive events; it also means seeking out and seizing opportunities that are created by market forces. At times like this, it’s this sort of iterative decision making that should be the foundation of your strategic planning.

Short-term action plan

The potential output of a short term action plan would be a succinct, “fit-for-purpose” plan that prioritises the what, who and when for your organisation and can be used as a roadmap for the upcoming months. It can also be used as a key discussion document for sharing with your business’ stakeholders.

The following areas should be noted within your action plan:

  • Ensure you understand the current Government rules and requirements for your business
  • What can I be doing now to prepare? What do I know for certain?
  • Determine short term goals
  • SWOT analysis
  • Overall solvency
  • Working capital needs
  • Operational – supply chain continuity, logistics
  • Customers and sales
  • HR, Employment issues and structure of the business
  • Finance and funding – what Information would be required to get funding (cashflows, plans etc)

Are you ready for your business to grow?

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The goal of most businesses is to grow. Growth is exciting. Growth implies success. More sales, more customers, more staff, more profit. But the reality can be very different.

We’ll explore some of the common issues SMEs face during a growth stage; and offer some practical advice for how to work through them. Issues like how to approach business planning, how to prepare for change and where to go for further support and advice. The goal is to help you face challenges with confidence and clarity – giving you space to focus on the next exciting stage for your business.

What does it mean to have reached this stage of growth within your business?

It means your business model is promising and you’ve achieved a degree of self- sufficiency; but you’ve likely outgrown your initial set up. It also means that it’s probably time to expand your controls and systems for managing the business – which means getting ready for new people, new skills and new approaches to come on board. To facilitate business growth, leadership must have the right attitude and mindset. Too often we see leadership teams who are happy with ‘Business as usual’ and this alone can stifle any growth potential.

The below are examples of common barriers that can often restrain growth potential. Reviewing these common growth obstacles alongside your current business plan will help to minimise the effect these barriers may have on your business growth.

• Over-dependency on founding team
• Constrained by initial systems – IT, communications, reporting

• Business is responsive and flexible; but lacking adequate analysis and planning

• Flat business structure

• Loyal staff; but skill gaps are showing

• Administration overload

• No contingency planning

• Not robust enough to survive a major change

Understanding where you’re headed

With all the pressures associated with growth, it’s important to take stock. Understanding where you’re at in the evolution of your business can be just as important as where you’re headed next.

Before you start setting growth goals, it is recommended that you undertake a review of your current business plan to ensure you are achieving your current goals. When completing these reviews, it is often helpful to bring in a third party to undertake this process alongside you. Working through a plan with a qualified adviser with knowledge of your industry can help you prepare for the known challenges that often affect businesses specifically in your sector. This insight can be invaluable when setting goals and objectives for any future business plans to ensure that your investment in growing your business results in an improved market share.

In order to facilitate successful growth a review of your business may include:

• Established controls and systems for managing the business

• New people, approaches and disciplines • A defined business strategy, with regular reviews

• The effectiveness of the management structure

• Flexibility and scalability of IT systems • Appropriate performance indicators; training and education for new staff

• Willingness for business to continue to evolve and grow

• Succession planning and clearly defined exit strategy

Getting bigger and more successful often results in a struggle to prioritise competing business tasks pulling you in different directions. The three main sources of conflict in businesses are growth, cash flow and control.

Business planning and reporting helps business leaders make strategic decisions, using the data to justify each move made. A business that doesn’t generate cash will not succeed; but sustained growth will chew through cash. There’s a similar tension between growth and control. When it comes to raising funds for growth, good sound planning can often make all the difference. Pursuing business growth can often mean you operate at a loss for some time, as you’ll be investing more to finance things like new warehousing, products or increasing stock levels. It is important that you have enough capital on hand to finance these new projects and sound reporting processes in place to keep track of this spending.

Going through a growth stage is the perfect time to review your reporting processes, taking full advantage of the new technology available. Which functions in your business need be added or expanded? Who do you need to bring in to make it happen? Where do you need to focus your key people? These are all critical questions for growth. Ensuring you have systems implemented that can handle your business growth is paramount as you don’t want to be held back by these easy fixes once your growth trajectory takes off.

Construction sector in good health but …

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The construction industry in New Zealand has been experiencing a period of sustained growth and the highest activity levels ever. This is evident on our back door steps too as we see many new developments underway or planned here in Hawkes Bay. The question is whether the businesses in the industry have adequate margins, staffing and cash flow to sustain this level of growth.

Earlier this year, BDO surveyed NZ Construction Industry Businesses in the housing and commercial sectors. The survey resulted in a lot of positive news and emphasised that most construction companies are in good health but also identified many of the issues and challenges faced by the industry.

Cash Flow Challenges

The availability of cash resources is a defining factor of those businesses in a strong financial position. Of survey participants, 27% either use an overdraft or find juggling cash flow a struggle, which creates greater risk in the industry. It doesn’t help that 41% of respondents have clients that pay late, despite contractual obligations to pay on time. This means there is a need for businesses to have a strong buffer of cash reserves to allow for any timing issues in the receipt of payment from clients or any unforeseen events that invariably occur in this high risk industry.

Inadequate Margins

Survey results showed that margins are inadequate for the level of risk in the industry resulting in many companies making little to no profit after accounting for overheads. It seems that risks are not being properly taken into consideration before pricing a job which could be due to the high level of competition for contracts. There is a trend that suggests New Zealand is still largely driven by price rather than quality.

When talking about competing for projects, the survey asked by what margin businesses were missing out on winning contracts by. For housing it was around 8% and commercial building 5-6%. Those obtaining better margins appear to be generally larger companies undertaking larger, higher risk projects, whereas smaller companies don’t

have the same resources or cash reserves to tender for these projects. It is this perpetual cycle which is seeing the risk in the construction industry leaning heavily on the sub-contractors as they endeavour to get paid on time and maintain their own reputations in the industry.

A theme emerging from the survey is importance of looking after subcontractors. In the past, sub contractors have been the victims when large construction companies have collapsed, leaving them exposed financially and availability on other projects is constrained. Surviving construction companies will need to instil the confidence in their subs contractors that they will get paid so that projects can be finished on time

Retentions

The Construction Contracts Amendment Act 2015 now requires those that deduct retentions to hold them in trust. The responsibility for the enforcement of this is placed on those that have retentions deducted from their progress claims by allowing them to request inspection of trust records.

From the survey, it was found that 74% of those that have retentions deducted have not enquired as to whether their retentions are held in trust. For those that have checked, 36% found non-compliance which means they run the risk of not getting paid their retention at the end of the job.

For those that hold retentions, 28% of responses were not willing to answer the question, possibly because they could not confirm they were holding the funds in trust in cash. These results suggest that the regime is not working as it was intended. Businesses should really be asking to inspect the treatment of retentions. This is an easy way to gain confidence or raise concern as to whether you will be paid for all progress claims at the end of a contract.

In order to see the NZ construction industry continue to succeed, the above issues need to be addressed. Without higher margins, proper evaluation of risk and careful cash flow management companies without a strong balance sheet may need to look at their own processes to ensure they can keep up with growth.

 

Too small for independent advice?

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Many small business owners assume that company boards are for the big boys – yet the benefits of independent directors or advisors apply to all businesses, irrespective of size or structure.

Owner-run businesses can be averse to appointing outside directors or advisors, driven by a mix of ‘she’ll be right’ mentality, a desire to keep everything in ‘the family’ or putting change in the ‘too hard’ basket – which can stall business and growth potential.

This mindset is likely to be holding back many owner-run businesses. Looking at family businesses run in New Zealand, most do not have a functioning board of directors. Many only have a single director, or one or two directors who only meet formally to sign the annual report. If you’re a business owner – have a look at your board minutes – when did your board last meet to plan strategically?

Even where an owner/operator believes they have the skills required to implement these strategies, an external, non-family and non- executive director or advisor will provide access to a broader base of skills and experience – as well as becoming an ambassador for the business across new networks of influence.

There is concern that major structural weaknesses relating to the governance of private and family owned businesses exists in New Zealand. Daily operations tend to take over at the expense of important strategic decisions that set the course for the business’s future. Business owners are commonly guilty of working too hard ‘in the business’ instead of working ‘on the business’. This constant juggling act is a day to day occurrence with a multitude of warring priorities that keep you from these important tasks.

But an essential responsibility of any director is to ensure the sustainable future of the business enterprise. It is not feasible for the directors of a family business to do that without taking time out to consider the big picture; the economic environment, the competition, the threats and the opportunities that are unique to their business. An external advisor can often provide the prompt needed to ensure you allocate the necessary time to focus on the ‘big picture’ aspects of your business.

A good external director or advisor will start thinking and planning in a multitude of areas you had not previously considered. Because they are external to the daily operations of the business, they will be particularly useful in the identification of risks to your business then assisting to devise appropriate strategies to deal with those risks.

External advisors are able to provide support and guidance to business owners and even valuable mentoring to possible successors. The objectivity and professionalism they bring can also enhance family or shareholder harmony.

Most business owners have technical skills and qualifications in their particular area, but often lack formal training or strong skills in all aspects of managing and growing their business. Sometimes the missing skill sets are covered by employees but at a governance level, the right person will bring a further range of skills and experience which may not currently exist in your business. A person from a different background will bring a fresh perspective as well as objectively challenge the status quo.

How do you find the right person to serve on your board of directors? The local Institute of Directors can assist. Look for someone whose personality, values and culture you respect and

believe will be a good fit with you and your business. Speak to your business advisers – accountants and lawyers – they are likely to have people in their network who might be a good fit for your business.

Once you have found the appropriate person they need to be properly briefed and given sufficient material to properly understand your business, your part of the industry and the market environment. They need to know what the problems and challenges are so that these matters can be addressed rather than ignored and allowed to fester further.

A good person will add structure and rigour to directors meetings and will challenge you. This is likely to be a significant change from the way you have previously operated and should result in a significant improvement to the way the business operates and its performance as a whole.

Stick to what you know

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The topic of how difficult it is to find a tradie with capacity is a popular one at the moment, which leads me to believe that accounting, paperwork and tax will not be top priority for those in the industry.

Now is a great time to look forward and decide what direction you want your business to go in 2018. For those in the building and construction industry, it seems that an increase in profitability features high on the wish list.

Here are five tips to help make 2018 the most profitable year yet.

Tackle compliance

Tradies all say that dealing with paperwork and compliance is one of the toughest, most time- consuming parts of the job. Invoicing, payroll and GST is not everyone’s forte. Falling short in any of these areas can have significant and costly consequences.

A good accountant with knowledge of cloud- based applications is a great asset. They can recommend the best online accounting systems and job management software that best suits your business. Accounting software such as Xero, Reckon and MYOB give you details of your financial performance in real time, eliminating the need for spreadsheets which remain static and error prone. These platforms also offer integrated payroll systems, which can take the stress out of each pay period. GST is automatically calculated and ready for filing directly with IRD. Customised invoice templates can be set up to save you time at the end of a job, which look professional and are easy to read.

Job costing

Even though you may be charging big bucks for a job, it often turns out that you are only just

breaking even, or worse, are costing you money. This is where job management applications are hugely advantageous.

Workflow Max or trade industry specific apps such as Fergus, Tradify and Service M8 will guide you from job costing and quoting through to invoicing and payment. Each job is made up of various tasks and costs with estimated dollar values applied. Labour cost is calculated based on employee pay rates and hours required. At any given time, a jobs progress can be viewed to ensure all costs are being captured and billed. Knowing how much money your jobs are likely to make you, will help you avoid work that would dig you into a hole, and allows you to pick winners right from the start.

Get paid sooner

Invoices for trade/construction work tend to be on the larger side, which clients can often put off paying. Whether you are a subcontractor on a big job site, or a sole trader doing residential one-off jobs, you should be getting paid regularly and on time. Online invoicing from cloud-based applications mentioned above means that you can send all invoices via email instantly. Customers can then view their invoice online and you can see the exact date and time they opened it – no claiming the invoice was not received! You can even connect online payment services like PayPal or Stripe so that clients can pay on the spot. Enforcing strict payment policies is a good idea too, a 7-day payment term is perfectly reasonable. For high value projects, it may pay to agree on a payment schedule throughout the life of the project with your client. An early payment incentive can also work a treat!

Minimise bad debts

Debtor management in any business can be tough and the construction and trade industry is no

exception. Chasing bad debt is never a pleasant task. Fortunately, there is an easy way to automate the pain away. Xero and most other apps will send late payment reminders automatically to allow you to chase bad debt without lifting a finger. Xero integrated app Debtor Daddy even provides you with a receivables manager that will call your clients on your behalf if they do not respond to reminders. Minimising bad debt levels makes a huge improvement to your business, and really lifts profitability.

Stick to what you know

Many business owners take care of the books themselves, when in fact it is far more efficient and cost effective to pay someone else to do it. Information can be sent seamlessly to an accountant via cloud apps, which will enable them to take care of compliance and provide you with meaningful financial reports without having to chase you. Invoices from suppliers can be scanned or snapped by a smart phone and filed directly into Xero ready for your accountant to process. Employees can prepare their own timesheets using job management software on their own devices and submit for payroll processing. HubDoc or Receipt Bank apps can be used to extract key information from supplier invoices that have been scanned or emailed directly to the app for automatic data entry into Xero.

Addressing partner misalignment

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Whether you want to grow, to retain market share or even explore exit options, it’s important that you have a good idea of what’s going on in your business now.

Sometimes this can be difficult when you have more than one stakeholder, as is the case with many small to medium sized businesses with multiple owners.

Certainly, it is important to have different skills and ideas in business – but these need to eventually come together if you want to move forward. If your business is suffering from misalignment, it’s going to be difficult to achieve the goals you’ve set.

Over the years, we’ve seen a lot of businesses striving to move forward. Generally we have found that the business owners acknowledge that they will need a plan. They have all the information available, but they don’t have time to look at where their business is currently sitting, let alone react to it.

A lot of issues with the business are generally known issues but remain unresolved because one of the most important things they don’t find time to do is come together to strategise.

At a more fundamental level this is about a misalignment of core values, the elements that form the foundation of a business’ vision, identity, culture and brand, and underpin all decision-making.

One of the first steps to moving forward is gauging the degree of alignment amongst your different partners on key issues. The idea is that once these have been laid out on the table, you’ll be able to have a real discussion and eventually come to resolutions on how to move forward.

So how to measure alignment when you’re already challenged in finding time to come together?

And, for those business that don’t have their own existing board structure, getting access to independent expert advice to facilitate that process can be very difficult.

Which is where a simple diagnostic questionnaire can be useful. We’ve developed such a questionnaire based on our many years’ experience working alongside owner-managed Small Businesses and have put it into a Business Review package.

There’s a short diagnostic questionnaire and a longer one that takes around an hour which really drills down into the nitty-gritty of your business. The questionnaire will work best if each stakeholder does it independently, and from there, the key issues currently facing your business become evident – and the degree of alignment on each one.

That feeds into a diagnostic report. The areas of pressure could be anything from tax, wanting to sell, not making enough money, not getting on with your fellow partners, having no succession plan, disagreement over investments in new technology – the list goes on.

The important thing about this process isn’t just getting a report, but working on a very targeted solution.

I can cite two cases of businesses that have been through this process. One was a medium-sized business operating in the IT space. They had two shareholders, one minority and the other majority, but there was serious misalignment on who their target market actually was. The Business Review program was used to agree on a target market (in this case they decided there were more than enough consumers in New Zealand and so stopped chasing deals in Australia) and since then they’ve gone from strength to strength.

The other case involved a husband and wife partnership. The program helped them realise that they wanted to leave the business, so had to make sure it could still run without them. We helped them to clarify which parts of the business needed work and so their exit strategy was successful.

Ultimately, it comes down to the age-old issue of too much working in the business not enough on the business – a self-replicating cycle that’s magnified when multiple partners are involved.

The reality is that the solutions can be easy once the issues are diagnosed. Particularly with the wealth of digital tools we have that facilitate real- time business information and communication.

Real-time accounting software helps streamline businesses

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Real time accounting software and other business applications can help run your business and make your life a whole lot easier. The overwhelming increase in industry specific add on applications which integrate with accounting software enables business owners to create their own customised accounting platform.

Here are some key apps to consider in order to streamline your entire hospitality operation;

Labour costs

Staff rostering can be a nightmare. Dealing with casual employees and ensuring permanent staff have enough hours can be time consuming. Cloud based payroll software that also deals with staff management allows rosters to be created quickly. Viewing your weekly roster in real time as well as dollars enables you to accurately forecast for the week ahead.

Many apps even allow you to view your labour cost at any point during the day from your smart device via timesheets. Having staff clock in and out ensures that you pay them for the hours they are actually working and allows managers to make judgement calls at any given time on whether there are too many or too little staff on the floor.

FlexiTime does all of the above. The ‘Shift’ functionality allows staff to clock in and out by taking a ‘selfie’ on a tablet. Not only does this create a fun collection of snaps but ensures staff are paid accurately. The timesheets then create the payruns which sync with the likes of Xero and MYOB – reducing time consuming and error- prone data entry. Reports can be viewed to show actual vs rostered labour costs as well as graphs to identify trends.

Reporting

Reporting add-ons can present your KPIs in a visual and easy to understand way.

metrics to help your business thrive. Financial data is automatically pulled into the app from accounting software allowing you to view your business financials in beautiful and easy to understand real time graphs and tables. Furtrli also allows you to create your own KPIs, benchmarks and forecasts. You can break down revenue streams, calculate food and beverage gross profit percentages, wages to sales ratios and average spend per head and more.

This kind of visibility can help you plan for the future and reduce risk in order to grow your business. Giving staff members access to certain reports can incentivise them in setting and achieving their targets both for themselves and the company.

POS

A Reliable point of sale (POS) system is vital for operations in the hospitality industry. You will want an easy to use system that ensures minimal downtime. A good system can do more than just process transactions. Being able to track sales, manage inventory, automate ordering, and get the pricing right are just some of the benefits of a good POS system. Again, integration with your accounting software is key so that you can identify where you are making a profit and where you may need to re-evaluate.

The Vend app provides powerful back-office tools that will provide you with new insights into every aspect of your business, allowing you to streamline your processes and align your staff and product supplies with demand. The front end is easy to use and works on any device and if your business needs to operate off site, you can process sales from a tablet offline which then automatically syncs this data when you are back online.

Data entry

Even though we live in a tech savvy world, there still seems to be an awful lot of paper. Bills can quicklypileup,whiledisgruntledsupplierswaitin the wings. A lot of business owners take care of this themselves, when in actual fact it is far more efficient and cost effective to pay someone else to take care of it. Being the face of your business will pay off far more than sitting in the back office mulling over accounts payable data.

An easy to way to get all your invoices processed quickly is by using the app Receipt Bank. Email, take a photo or scan in an invoice or receipt into the software and Receipt Bank does the rest. Its technology extracts all relevant data from the document and automatically enters the key components into your chosen accounting software along with the source document electronically attached.

All businesses today should be utilising the wide range of information systems business solutions available to them. The age old adage of ‘stick to what you know’ rings true in these situations. Apps such as FlexiTime, Futrli, Vend and Receipt Bank ensure that you work smarter, not harder in your business.