User story - Ascot Bookkeeping & Accounting
"With each payment run, we were able to save hundreds of pounds, thanks to the elimination of hefty traditional bank fees."
Heather Palmer
Founder, Ascot Bookkeeping & Accounting
Company Intro
Ascot Bookkeeping & Accounting Ltd is a dynamic and rapidly expanding accounting and bookkeeping firm that specialises in providing comprehensive financial services to a diverse clientele. They are dedicated to providing exceptional service, unwavering professionalism, and cutting-edge innovation.
The backbone of Ascot Bookkeeping & Accounting Ltd is its team of experienced, chartered, and certified accountants and bookkeepers. They are a group of professionals who bring a wealth of knowledge, skills, and industry expertise to the firm, ensuring the highest quality of service. The team is committed to providing their clients with expert advice and guidance on all aspects of their finances. They work closely with their clients to develop tailored financial solutions that meet their individual needs.
Key benefits
- Easy and fast international payments
- Track payments in real-time
- Save on fees and access more competitive exchange rates
Challenges
Ascot Bookkeeping & Accounting Ltd serves a broad spectrum of clients, encompassing small and medium-sized enterprises, startups, entrepreneurs, self-employed professionals, non-profit organisations, and individuals. Their diverse clientele presents a range of challenges to address, particularly in the realm of international payments. Slow settlement times, bounced payments, exorbitant transaction fees, lackluster conversion rates, and an unsatisfactory tracking experience are all issues that accountants and small businesses must tackle to enhance cash flow and boost profitability.
Traditional banks often impose exorbitant transaction fees, particularly for international payments. These fees can substantially erode a business's profits, especially for companies with a high transaction volume and a significant portion of international payments. Additionally, the unfavorable currency conversion rates offered by traditional banks further exacerbate these challenges for our clients.
Business owners may need to meticulously plan payments in advance to guarantee timely arrivals, which can be particularly detrimental for time-sensitive transactions. International payments that bounce back unexpectedly are also immensely frustrating, costly, and time-consuming.
As the owner of the practice, Heather embarked on a quest for solutions. She sought an intuitive and cost-effective payment solution that seamlessly handled both domestic and international transactions.
Traditional high street banks may offer a limited range of payment options, restricting businesses' ability to select the most cost-effective and efficient payment methods. They also operate within fixed business hours, often creating hurdles for businesses seeking to conduct financial transactions outside these limits.
Moreover, she envisioned a user-friendly platform for tracking payment status and a swift mechanism for transferring funds abroad.
Traditional banks fail to provide real-time transaction tracking or detailed payment information, hindering businesses' capacity to effectively monitor and reconcile their financial activities. This lack of transparency can obscure critical insights, making it difficult to optimise cash flow and maintain financial control.
Solution
Ascot Bookkeeping & Accounting embraces cutting-edge accounting software and technology to optimise processes, augment accuracy, and enhance efficiency. This enables them to furnish clients with real-time financial insights and reports, empowering them to make informed decisions. Heather's decision to adopt Crezco for payments aligns with this approach, selecting an innovative payment solution specifically designed to meet the needs of small businesses and accountants.
Crezco has been a game-changer for our practice, transforming the way we make payments and enhancing our overall efficiency and cost-effectiveness.
By seamlessly integrating with our Xero cloud accounting software, Crezco has streamlined the payment process, reducing errors and saving us valuable time. This has led to simplified reconciliation and a more efficient workflow throughout our practice.
Ascot Bookkeeping & Accounting has found a solution that streamlines their payments, reduces costs, and provides seamless reconciliation. Crezco has revolutionised the way they make payments, offering a secure and efficient platform for transferring funds to 37 currencies in 180 countries directly from their GBP bank account.
Crezco automatically converts the money into the local currency of the receiver, eliminating the hassle of managing currency exchange rates. This has saved them time and money, allowing them to focus on what matters most to their business: providing exceptional accounting services to their clients.
Our international payments are now faster and are all at a much lower cost than before , and we now have real-time visibility for all our transaction history.
Overall, Crezco has been a transformative solution for our practice. It has streamlined our international payments, reduced our costs, and enhanced our security.
Results
Ascot Bookkeeping & Accounting experienced immediate and significant cost savings upon adopting Crezco for international payments. With Crezco, they were able to eliminate hefty traditional bank fees, resulting in hundreds of pounds saved on each payment run.
While we haven't formally tracked specific metrics, our early experience with Crezco Open Banking for international payments yielded remarkable cost savings. With each payment run, we were able to save hundreds of pounds, thanks to the elimination of hefty traditional bank fees.
Ascot Bookkeeping & Accounting joins an ever-growing group of businesses embracing Crezco to simplify, accelerate, and save money on their international payments. This partnership marks a significant step forward in streamlining international financial transactions and enhancing the overall business experience.
Crezco's customer service is truly exceptional. The support and guidance we have received throughout our partnership have been remarkable. Their commitment to understanding our needs and providing tailored solutions has made a significant difference in our experience.
Next steps
Ascot Bookkeeping & Accounting remains unwavering in its commitment to forging enduring relationships with its clients. The firm seeks to elevate its value proposition by offering comprehensive advice, spanning beyond accounting to encompass technology stacks and financial management.
Ascot Bookkeeping & Accounting prioritises fostering enduring relationships with its clients, cultivating open communication, trust, and collaboration. Our clients rely on us as their trusted financial partner, providing them with peace of mind and enabling them to focus on expanding their businesses and achieving their personal financial aspirations.
We are committed to continuous growth and eagerly await the opportunity to introduce the benefits of Crezco to both new and existing clients. We are dedicated to assisting our clients in their growth journey while leveraging the transformative innovations and software available to cloud-based modern practices like Ascot Bookkeeping & Accounting.
