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Monday December 9 2019

Receipt Bank Dish on Plans for Their Recent Raise of $50 Million

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Written by Stephanie O'Brien

October 9, 2017

Receipt Bank launched in 2010 with the goal of revolutionising small business bookkeeping. In a sector stymied by manual processes and featuring negligible innovation, the Receipt Bank founders saw an opportunity to automate the bookkeeping process, offering their clients far greater efficiency.

“Receipt Bank was the first company to look at automating the bookkeeping process,” Vicky Skipp, VP of Sales explains.

After a long stint in Singapore working for high-profile corporates including LinkedIn and Adobe Systems, Vicky Skipp recently joined the team to lead the APAC region.

Combining tech and partnerships

Receipt Bank are serious about tech. They have the largest Artificial Intelligence team in the space and have a deep desire to help drive growth in the industry by bringing more innovative solutions to accountants and bookkeepers. “Helping bookkeepers and their clients move to the cloud has been transformative and yet we’re only just scratching the surface of what’s possible.”

They are platform agnostic, meaning that they can partner with all of the major players. They were one of the earliest integrators with Xero, as they were with MYOB and Intuit. The team knew from the start that they had to offer a solution irrespective of what accounting package their clients were adopting.

If working in partnership with all the major players wasn’t enough, Receipt Bank also has the luxury of having no direct competitors. Many others compete with elements of their solution, but none offer the full box and dice.

“We are the largest in our space from an end to end perspective”, Vicky confirms. “This helps our partners simplify their service – clients only need one tool, instead of juggling a patchwork of solutions.”

Growing with the customer in mind

Accountants and bookkeepers are known for their strong professional communities. Whether on social media, through professional bodies like the ICB, or at industry events like Xerocon, the industry excels at sharing and learning from each other.

That’s why Receipt Bank has eschewed traditional sales methods for a more consultative, value-based approach. Vicky will be building on this with her expertise in Social Selling, helping Receipt Bank to drive warm engagement and to build relationships with their target audiences.

What does one do with $50 million?

Receipt Bank has just secured $50 million in Series B funding. This means one thing: growth. Receipt Bank has its eyes set on triple digit growth by the end of 2018, which will manifest itself in geographical expansion, additional headcount, new systems and processes and investments in their technology platforms.

Geographical expansion

The major focus for Vicky specifically is investigating how Receipt Bank can expand into the Asia Pacific region. However, the company is approaching the expansion patiently and methodically. Vicky is committed to getting the model right here in Australia first and then thoughtfully working on which locations to subsequently target.

People

People form the core of every good business. Initially, there will be significant growth within Receipt Bank’s sales team in Australia. The goal is to primarily build teams focussed on new business development. This will include all players in the Sales department; New Partner Consultants (a.k.a. Inside Sales), Partner Success and Account Managers.

“New Partner Consultants are really our bench,” says Vicky, “it’s there that we start to groom our talent. I think of them as the future of our company.”

Platform

The goal has always been – and will continue to be – developing tools that help accountants and bookkeepers work more efficiently and provide more value for clients. True to the company’s spirit, this involves investing in innovation to stay ahead. They’re eager to continue to deliver the gold standard in bookkeeping automation. Artificial Intelligence will continue to receive significant investment in order to achieve this.

For Vicky, expanding the business really comes down to one core focus – “it’s all about finding harmony with great talent”, she surmises.

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Written by Stephanie O'Brien

October 9, 2017

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