“Bluechain has saved us over 3 hours a week in manual work and let us maximise our credit lines with suppliers, plus we got a load of extra points!”
Background
Melbourne Event Group (MEG) is a thriving hospitality and events company in Melbourne, experiencing remarkable growth. With this growth, the finance department has been facing a heavier workload. Head of Finance, Amy, was looking for ways to reduce the manual work on the team to improve efficiency as MEG continues to grow.
Challenge
The main challenge faced by Amy was the time-consuming and manual process of reconciling transactions, this was causing delays in the financial reporting process. In addition, the inability to use their credit cards to pay certain suppliers impacted cashflow and stopped them earning rewards. Managing a high volume of invoices and relying on conventional banking methods that required lengthy reconciliation procedures proved to be inefficient in coping with the department's growing transactional demands. This was creating bottlenecks in the system, which affected the overall efficiency of the department.
Solution
Amy was looking for a financial tool that could sync with Xero and streamline the process of managing, paying and reconciling transactions to improve overall efficiency. After researching various options, she came across Bluechain, a payment tech company that offered a secure and efficient payment management platform.
“Bluechain stood out due to its seamless integration with Xero and simple to use mobile app, allowing me to manage and pay invoices wherever I am”
Speaking with the Bluechain team, Amy realised their platform was the perfect fit for MEG’s needs. Bluechain streamlines the payment process and eliminates the need for lengthy reconciliation procedures. The platform utilises request-to-pay technology, which ensured secure, fast and flexible payments, automated reconciliation and eliminates the risk of fraud.
Implementation
After deciding to use Bluechain's platform, the implementation process was smooth and simple, with Bluechain on hand to ensure the transition was seamless.
“Bluechain is intuitive to use but if we do need help then the team is quick to answer”
Benefits
The MEG finance team are now able to process payments quickly and efficiently, reducing the workload and getting back more than 3hours a week! The automated reconciliation process has vastly reduced the need for manual work, and they are now able to maximise reward points from their Amex card.
Conclusion
Amy's decision to implement Bluechains platform has made a big difference to the MEG team. Amy is planning to implement additional features of Bluechain – moving payroll and other bank payments into Bluechain and invoicing their own customers to give them more control over receivables. The implementation of Bluechain's platform led to improved efficiency, making it a valuable addition to Melbourne Events Groups financial infrastructure. Amy and her team are pleased with the outcome and are excited to hear what new features are coming to Bluechain as the platform grows.
