Randi Regnskap - An agency that dares to think new!
«The best thing is to be in a system where everything is collected, and everything works together. With Accountflow, you reach your goal much faster with an activity that doesn't really add much value»
Axel Brynjulfsen, Co-founder Randi Regnskap
An industry in change
With innovative ventures such as Cutters and Dr.Dropin, Askeladden & Co has revolutionized a number of traditional service industries. By focusing on streamlining and automation, the company has used a similar methodology to revolutionize another fragmented industry; the accounting industry. This has been the idea behind Randi Regnskap, which offers complete accounting at a fixed low price.
- We sat down and looked through lots of different industries and saw that the accounting industry had great potential for new thinking, says Henriksen.
Through market research, founders Jarl Holst Henriksen and Axel Brynjulfsen found that there was a desire for greater predictability among customers who bought accounting services. They wanted to know what they were paying for and how much it would cost them.
- This gave us the idea to create an off-the-shelf item that answered all these wishes. They were to receive a package that contained everything they needed at a fixed price every month, with no hidden costs, says Henriksen. Brynjulfsen elaborates:
- Our product is very defined and contains the things we believe are most important for the part of the market we are targeting. Of course, this also means that we have to say no to the companies we are not suitable for.
Focus on cost efficiency and automation
However, the company's decision to move away from the traditional business model based on "pay-per-hour", and instead resort to a fixed price per assignment, required high efficiency, good systems and strict prioritization.
- Since we have a fixed price, it is important to be extremely efficient - it is the only way we make money, says Henriksen.
He further explains that to make their business model work, they have to have good internal processes and systems that works well. For that reason, they have chosen to only use 24SevenOffice as their financial system, and have become really good at it.
- The same applies with Accountflow - it is a brilliant way of processing data, adds Henriksen.
From copy-paste to automated reconciliation
Before the company chose to adopt Accountflow's solution for cloud-based reconciliation, they experienced a lot of repetitive "copy-paste" work between various spreadsheets. Therefore, reconciliation was an exhausting and time consuming process that led to a poor overview and a high risk of errors. In addition, they found it very challenging to trace transactions back in time.
- It was very time-consuming, and we felt that we needed a system that made it easy to work efficiently with reconciliation, says Brynjulfsen.
- We looked at a number of different systems and had no doubt that we should choose Accountflow. We like challengers and you are not stuck in one way of doing things, Henriksen continues
- Accountflow stood out in that the system focuses on the transactions in the ledger, instead of only looking at the balance. You also get a particularly good overview of prepaid costs, adds Brynjulfsen.
He explains that the automation was what really sold the system. Going forward, they could rely on Accountflow to do the manual entry work so that their accountants only needed to check the discrepancies. Reconciliation is required by law and Accountflow helps them to be compliant.
- The best thing is to be in a system where everything is collected, and everything works together. With Accountflow, you reach your goal much faster with an activity that doesn't really add much value.
The fact that Accountflow is integrated with the government, the bank and financial system means that they can now easily capture changes automatically. Before, they had to dig into earlier periods to extract numbers and paste them in again. In Accountflow, the setup is clear and they get a good overview of VAT and public fees.