How Cloud CFO Uses Apron to Create Additional Revenue
Richard Sykes, Director of Cloud CFO, faced significant challenges with time-consuming and inefficient manual accounts payable tasks.
These challenges included delayed payments, two-factor authorisations, and the risk of manual data entry errors, prompting him to explore solutions that could streamline the process. Apron emerged as a promising solution to address these issues.
Life before Apron: Disappointing tools
Before choosing Apron, Richard faced the familiar struggle of managing direct access to clients’ bank accounts.
Telleroo, which Richard still uses for some tasks, does offer some streamlining functionality, but Apron stood out due to additional features such as account verification and OCR technology, addressing specific pain points faced by Cloud CFO.
Discovering Apron for high invoice volumes
Richard discovered Apron through the Accountants Growth Club, where Apron was searching for firms to test its product.
Given the high volume of supplier invoices in the hospitality sector, in which Cloud CFO specialises, Richard’s firm was an ideal candidate for testing with Apron.
Richard’s decision-making process
The decision to choose Apron over other solutions was driven by Apron’s intuitive, automated and efficient processes.
Apron’s account verification and OCR technology significantly reduced the risk of errors and saved time compared to other tools. The broader range of clients that could be serviced with Apron’s system also influenced Richard’s decision.
Faster approvals, stronger security
Since switching to Apron, Richard and Cloud CFO have noticed some marked improvements.
Less hassle, better foresight
- Clients no longer struggle with making payments themselves; they receive prompt notifications for approval via Apron
- Cloud CFO can now preemptively identify due invoices and streamline the payment process, saving time and stress
Significant time savings
- Approval processes that used to take hours for clients are now condensed to a quick review and confirmation, taking mere seconds
- Cloud CFO can swiftly handle planned and ad-hoc payments, saving significant time for both the firm and its clients
Empowering clients with payment flexibility
- Apron allows Richard to take over the entire payments process, providing clients with a hassle-free experience
- Neither Richard nor his clients need to waste unnecessary time with banking apps, Open Banking, or Wallets, enhancing security and flexibility
Faster payments & better client relationships
With Apron in place, Cloud CFO has seen transformative changes in its payments as a service operations.
Using Apron has improved supplier relationships, ensured timely payments, and eliminated operational snags. Richard’s clients are impressed by the difference between the previous manual process, and the new Apron workflows.
Complex and international payments
Because Apron takes away the need for Richard to constantly access client bank accounts, or set up new bank accounts for overseas transfers, Cloud CFO is able to expand its international payments offering.
Richard’s clients benefit from fast, secure international payments with FX fees based on the interbank rate, something which had been a blocker previously.
In addition to international payments, Richard is able to tackle even the most complex client workflows, thanks to Apron’s intuitive ‘Roles’ feature.
Higher fees, additional revenue
What else has changed for Richard and Cloud CFO in terms of tangible results?
A brand new revenue stream
- Cloud CFO now enjoys a new revenue stream offering supplier payments as a chargeable service, generating between £200 and £400 monthly per client.
Incredible time savings
- Tasks that once took clients 1–2 hours now take approximately 10 seconds, showcasing significant efficiency gains.
Enthusiastic clients
- So far, over half of Richard’s clients have welcomed payments through Apron.
In Richard’s own words
Apron has taken away the headaches that come with supplier payments, and allowed us to run a streamlined, error-free, and awesome accounts payable service for our clients.
Get a demo. And your life will be changed when you see it in action.
Richard’s experience with Apron showcases how switching to the right tech can not only solve existing challenges, but also open new revenue streams and significantly enhance overall operational efficiency for your firm.
Ready to get your Apron on?
