Blog>Stories>Passport to Success: How HPC Simplified Bookkeeping for an $8 Million Business

Passport to Success: How HPC Simplified Bookkeeping for an $8 Million Business

03/11/2017

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HPC is a full-service cloud-accounting firm that has been using Receipt Bank for nearly two years.

An essential part of their tech stack, the app is loved by their team and their clients alike. One such client, Passports and Visas.com, is a raving fan because of the visibility they’ve gained by using Receipt Bank.

EIGHT OFFICES, ONE CHECKBOOK

Founded by Philip Diack in 2000, Passports and Visas.com provides expedited visas and passports for business and pleasure travelers. They now have ten offices around the U.S. and an impressive client list that includes Microsoft, UPS, Siemens, and CNN. In 2016, Inc. magazine named them to Inc. 5000, the magazine’s annual list of the fastest growing private companies in America.

When HPC took on Passports and Visas.com as a client two years ago, they had some operational challenges. At the time, they had eight offices across the country, and the traditional methods of accounting and bookkeeping didn’t give Philip an accurate picture of his business.

As Bruce A Phillips, CPA, Founder / CEO, explains, “Philip was managing the eight offices based on his checkbook.” The problem was that Passports and Visas.com were dealing with a huge amount of paperwork everyday – far more than could be accurately tracked manually.

“Because the offices were shuttling documents to various government agencies and customers, they needed a solution that could capture all payments and receipts virtually so they could be processed and accounted for in real time,” Bruce says.

HPC needed to automate Passports and Visas.com accounting, reporting, and financial processes so Philip knew what was going on in his business at all times. That’s where Receipt Bank came in.

SIMPLIFYING BOOKKEEPING

Receipt Bank is a must-have for all of HPC’s clients. Aaron Tatum, HPC’s Product Support Specialist, finds the app invaluable for simplifying their clients’ bookkeeping.

”With Receipt Bank I can easily edit the large amount of receipts and checks my client has. This makes my life substantially easier when it’s time to code and most of the transactions are already there!”

Receipt Bank is an excellent choice for businesses with multiple locations and bank accounts.

Aaron says, “For my client, Passports & Visas, they have many bank accounts and employees. With Receipt Bank’s easy-to-use interface for both me and the employees, we can code all their receipts and checks with ease. Having the option to set default locations, banks, etc. decreases coding time considerably.”

Automating Passports and Visas.com’s data entry with Receipt Bank was, as Bruce describes it, “a huge success for them. The data over which they had no visibility, now comes in daily and we can give them accurate weekly and monthly reporting by location.”

“THE FIRST THING I LOOK AT EVERY MORNING”

“Receipt Bank is the first thing I look at every morning,” says Philip. “With ten locations, it’s important that I know exactly where my money is going and with Receipt Bank, it’s easy. I now have visibility and timely reporting, so I can focus on growing my business.”

The numbers don’t lie: in the past three years, Passports and Visas.com has experienced a growth of 448% and now boasts an annual revenue of over $8 million.

Managing multiple locations can be difficult even for the savviest business owner. If you have clients who are looking for a clearer picture of their financials — whether they have one location or twenty — Receipt Bank is the answer.

To see first-hand how businesses like HPC are helping their clients grow, click below to sign up for our weekly product demo webinar.

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