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Receipt Bank plans to continue its aggressive growth strategy in Australia, citing Australia’s impressive uptake on cloud as the reason behind its expansion.
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Receipt Bank bullish after doubling Aussie team
28 December 2016
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Receipt Bank Australia and New Zealand country manager Sophie Hossack told AccountantsDaily that Australia is a very important market for global companies.
“We’ve found that Australian SMEs in particular are very innovative. They adopt cloud technology really quickly,” Ms Hossack said.
“The space that we're in, the accounting profession, is incredibly embracing of cloud technology. You can see that with the likes of Xero's growth rate here, Intuit coming in to the market and releasing QuickBooks online.”
Because of this Receipt Bank is planning to continue expanding its Australian presence after doubling its size this year according to Ms Hossack.
“This year we've doubled the size of the team here. We had a significant round of investment at the beginning of this year and a lot of that was heavily invested in Australia, so building out a structure to support the growth rate that we were both achieving and expecting,” Ms Hossack explained.
“So we're anticipating that growth and head count to continue to increase next year in a similar way.”
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Ms Hossack compared Australia to Receipt Bank’s other main locations in the United Kingdom, which has been operating two years longer than Australia, and the United States of America, which only launched 18 months ago.
“[The UK has] been a very important market for us in that we started there and a lot of the innovation that happens globally stems from the UK. We've built up a significant team there working with a large proportion of the accountants and bookkeepers who also use cloud technology,” she said.
“In Washington DC we've got a team of just under 20 people. Again it’s a sales office, very similar to Sydney's, and while it's a very different market they've been experiencing some really impressive reactions to this as a new offering over there.”
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