MAD Wealth are experts at finding best-of-breed tools to streamline business processes for Xero. Having built a robust ecosystem to automate most business processes for her clients, Karla at MAD Wealth was looking for a payments solution as the final piece of the puzzle for accounts payable.
“Bluechain stood out because they were app based and allowed our bookkeepers to work natively in Xero rather than having to go into or learn another system.”
Karla @MAD Wealth
MAD Wealth is a growing business that offers full service bookkeeping to clients predominantly in trade and construction. In the past, assisting clients with bill payments meant having access to their bank accounts to upload bank files from Xero for each payment run and in some cases even approving the payments. This not only represented a risk to MAD Wealth as a business but also quickly became a bottleneck for adding new clients as client bank credentials could only be used by the principals.
To continue to grow, MAD Wealth needed a way to facilitate bill payments without shifting the burden of work back onto their clients. Ideally, clients would be able to make payments in a single, easy step without MAD Wealth having any access to their banking credentials. And, because the clients are not desk bound it was important that they know which bills they were paying without having to log into Xero or refer back to paper bills.
MAD Wealth found Bluechain through the Xero Roadshow. After seeing a demo of paying a bill from Xero, Karla realised that Bluechain was the solution she was looking for.
With Bluechain the business owner maintains authority over the final payment without having to log into their bank portal or Xero. Because Bluechain is an app, business owners can approve payments when they are onsite or moving between jobs. And MAD Wealth no longer need carry the risks associated with having client banking credentials.
“Using Bluechain reduces our risks as a business while simultaneously allowing us to improve services to our customers and grow our practice.”
MAD Wealth initially set up two clients to use Bluechain. Because the setup is done through Xero and the app marketplace it is a simple process. For each payment run, MAD Wealth bookkeepers create batches using the “planned date” field in Xero. Bluechain automatically collects the batch of bills from Xero sends them to the app for clients to approve.
Bluechain is also used to process the payroll files from Xero. MAD Wealth produces the bank files from Xero as they normally would. Instead of loading these into the client’s bank they are loaded into the Bluechain portal which automatically sends them to the client’s app for approval.
In the app, clients can choose if they want to pay using a bank account, debit card or credit card. This is a great step up in choice and flexibility over using bank files from Xero.
“Bluechain is an ideal add on for anyone using solutions like Hubdoc with Xero. You automate the process of capturing the bill and entering it, so why not automate the payment process as well?”
MAD Wealth is rolling out Bluechain to more clients and has been a great partner for Bluechain. Feedback and ideas for enhancements from MAD Wealth have become part of the ongoing enhancement of the Bluechain solution.
Find out how you too can save time and earn rewards on all your business expenses with Bluechain
MAD Wealth dive deep into your business with you. “In the trenches” we often find issues that are lurking below the surface, which is where we can really make waves.
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