Executive Summary: Impact
Accountancy Matters for the golf and leisure industry (hereinafter AMGL) currently has a great team of 18 people and their service is enjoyed by over 35 golf clubs around the UK.
Datamolino is able to support AMGL to deal with club jobs, providing greater depth of financial information.
Throughout the last 6 years of mutual partnership we have achieved astonishing results together:
- Increased monthly volume from 60 to more than 10 000 documents
- An 80% reduction in time spent on data management
“Datamolino has been a fantastic addition to our accounting software, very user friendly and easy to use. A great time saving software; reducing our team’s workload and would definitely recommend this to all accountancy firms.”
Company introduction
Accountancy Matters (AMGL) offer an outsourced accounts service where all day to day bookkeeping functions are provided remotely. A skilled team specialized to the UK golf industry managing their bank and credit card processes, payroll functions, financial reporting, cash flow forecasting etc.
Accountancy Matters are also Intelligent Golf specialists and they can provide you with consultancy services to ensure that you follow best practices.
Challenges faced
Paul Mould, then director of Material Matters, noticed that many UK golf clubs lacked the purchasing power to benefit from economies of scale. To address this, he founded Accountancy Matters, offering outsourced bookkeeping and accounting services, including purchase and contract management, specifically for golf clubs.
As a new company, AMGL has chosen to start using Xero and the team was exploring the benefits of Datamolino to streamline their data processing into Xero. Initially, they were interested in processing 150 – 300 invoices (including line items) per month with a potential of onboarding new clients (golf clubs) and increasing the number of documents.
Key features utilized
- Effective and paperless accounting system
- Flexible folder structure – ability to create separate folders for different types of expenses for one Xero organization (invoices / credit card receipts/ statements)
- Line items / tax summary – exporting invoices line by line / tax summary from the invoice
- Mass download of original invoices
- Customer support / account management
Implementation of Datamolino
Effective and paperless accounting process
Paul reached out to Datamolino in 2017 when there was a massive jump in cloud – based technology and thanks to Xero, document management software became easily available. Determined to switch from lengthy manual data inputting we started building our relationship and finding ways to make this process as smooth and effective as possible.
“Datamolino can extract real data from e-invoices and scans so as to negate the need for manual input. As a result, we reckon there is about an 80% reduction in time for the management of supplier invoices.”
Paul finds digitalisation and archive function of Datamolino very beneficial for golf clubs in relation to inflation and price comparision:
“Digitalised documents also make the retrieval of data so much quicker too. Our clubs can now use the software to identify the historical prices, for instance, of any products they’ve purchased. That’s particularly useful with inflation at the levels we’re experiencing today.”
Paper waste is still a big global problem, that’s why Paul highlights environmental aspect of going digital and switching to paperless accounting system:
“Protecting the environment has been high on the agenda for many golf clubs over a number of years now and this often focuses on the golf course. Seven million tonnes of paper waste are still sent to landfill every year.”
Line items / tax summary export
Managing accounting and financial processes of golf clubs might be challenging. This industry requires specific knowledge and understanding of how golf clubs work. Paul was very experienced from previous company, Material Matters, and he found exporting options in Datamolino very useful. Datamolino offers an option to export documents line by line or export just a tax summary of the invoice.
“Being able to export documents either by line by line or tax summary has been integral to the way that we work as the ability to code items individually to different account codes is quite necessary as an accountancy company. The option to create extra lines and also be able to mass apply certain settings to those lines is very practical.
With Datamolino also providing the feature to autofill information line by line after processing the document helps streamline our teams work with the addition of the automation, it is an exceptionally fantastic feature that we cannot manage without. And a recent new updated feature regarding checksum has been indispensable as it provides an additional fail-safe to protect us from exporting incorrect data, helping reduce errors in our accounting.”
Flexible folder structure
Datamolino also allows creating multiple folders for one client (that you can connect to one Xero org) providing more flexibility and transparency and allows more automation. This way, AMGL can use Datamolino in processing different types of expenses for each golf club (supplier invoices, credit card receipts, statements) separately with its own unique export settings.
“The ability to create multiple folders has been very useful for us as we are able to clearly separate tasks and create a manageable structure with clear visibility of our work and which results in a more efficient completion of tasks as automation features can be specialized to each folder. The connection to Xero is smooth and immediate with no delays and the ability to refresh the connection is very helpful when updates from Xero have taken place.”
Mass download of original invoices
“Being able to mass download original pdf invoices has been a noteworthy feature and we are able to use this for multiple purposes and is especially useful to help with stock taking. As well as the show email button, allowing better communication regarding the sender and the receiver dealing with the invoice making sure the correct accounting code has been exported.”
Customer support and account management
We have been with the AMGL team every step of the way in the beginning of their digital data management journey on new software. We continuously assisted AMGL from onboarding new golf clubs to handling a significant increase in document volume.
Thanks to constant support and good quality and fast results from Datamolino, AMGL grew from 60 documents per month to over 10 000 in 5 years!
Here is what the AMGL team had to say about their work with Datamolino:
“We love it! We now have around 10,000 documents per month running through the system and we couldn’t do what we do without it! Couldn’t recommend Datamolino highly enough – and especially Lubica who looks after our account and queries amazingly – always an instant response and solution. Thank you.“
“The customer support has been outstanding and easy to access with a chat button on the website. The support has always been quick with a detailed response and always friendly. The customer support has been above expectations as the company has reached out to us on multiple occasions with their new features, real time support via online meeting and even commenting on features that were not necessary for us; helping us reduce cost of using the software.”
