XU: It’s great to be joined by Michael Wood, the Director of Receipt Bank. The last time we spoke to Michael was in Issue 02, so we’re delighted to be catching up with him again. Michael, could you start by telling us a bit about Receipt Bank’s journey to where you are now?
MW: I have the advantage of being one of the first people in the world to use cloud accounting. So in around 2007, I had a limited company and I was using cloud accounting. I didn’t know I was one of the first, I wasn’t doing it to be enthusiastic, I was actually doing it because I’d made such a mess of my accounts that my accountants had taken my existing package away and said, “try this, you’re less likely to muck it up”.
And so I started using cloud accounting very early. And having used it for sort of 1 year, 2 years, 3 years, I really loved the whole thing. But I just realised that there were a few problems. One of the big problems was that suddenly, it had become very ambiguous as to who was doing my daily bookkeeping. So I decided to use my influences and look around for a software solution that could help me deal with the accounts payable expenses.