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Case study: How Xibo helped Newport Dental automate its financial workflow

United States | General information | Popularity - 0/10
Newport Dental offers specialist qualified procedures for tooth-related problems including Invisalign braces, root canal treatment and wisdom teeth extraction.
For years, Newport Dental outsourced their accounting to an external firm. When they started incorporating contactless payments like PayNow and Apply Pay into their business, they also had to contend with a higher volume of transactions every single month.
To exacerbate matters, their existing accountant’s work was becoming error-prone and costly, while being charged additional fees to reconcile those sales. Having an accounting firm that was not particularly technology-based also made financial tracking cumbersome and lengthened the turnaround time for financial reporting, analysis and planning. Business Tax Online Singapore
Meanwhile, as a partnership structured company, Newport wanted an external firm to help them keep abreast and navigate the complexities of tax filing – without forking out hefty fees.
Business owner, Dr. Divya Singh knew the clinic urgently needed a change of approach: a service that was easy to implement, automate data-capturing, and eliminate the headache (and heartache) of paying extra fees based on transaction volumes.
Xibo’s team of industry experts, supported by a powerful Artificial Intelligence (AI) platform proved to be the cost-and-expertise-effective solution they were hoping for.
More importantly, as a small business, Newport could be on the forefront of technologically advanced accounting innovations. Supported by Xibo’s deep learning technology, data from the clinic’s receipts and transactions could be extracted and organised in mere seconds.
There was also minimal paperwork and no hourly accountant fees to grapple with. Here, the Newport team had unprecedented access to highly responsive support. For any issue encountered, they could use a live chat bot, shoot an email, or pick up the phone.
Essentially, the migration from a manual workflow to an online platform meant:
The Newport team could snap photos of invoices and documents, then upload them – while out and about.
All that data was securely stored and accessible online.
The owners could check in on how their clinic was doing and make predictions about upcoming revenue and expenses.
The monthly financial statements they needed were prepared accurately and on time by qualified accountants.
Since Xibo’s price plans were revenue-based and allowed for unlimited transaction volume, the clinic was able to keep costs down.
Not only was Newport able to find a bookkeeping solution that kept up with its ballooning transaction size, it was also able to negate the fee bump its previous accountant was charging per transaction. In addition, by getting a little more granular with their customers’ data, the clinic was able provide a better and more seamless experience for them.
When it came to taxation, Newport’s initial anxiety was replaced with relief when they realised that:
Our team and tax partners would gather the necessary documents and file their tax return as part of their bookkeeping package. Corporate tax Singapore
And at no extra cost.
Besides providing peace of mind, the transition of Newport’s accounting to a highly automated process also gave the owners more time and resources to focus on other key areas of their business.
How about the money saved? We hear it’s going towards procuring more high-tech dentistry equipment.
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