Start-up RIPglobal.com sees billion dollar potential in slashing paperwork
Thursday, 17 November 2016
An innovative Upper Hutt-based commercial software company sees billion-dollar potential in their application which eliminates small businesses' 'number one most hated job'.
Mel Gollan of RIPglobal has worldwide patents on a cloud-based software product that removes a huge chunk of bookkeeping by automatically engaging the accounting process at the point-of-sale.
'We are new, we are disruptive and nobody can do what we're doing because we've got granted patents for it.'
Some small business owners spend over 30 hours a week working through invoicing paperwork which has been identified as one of the most onerous and hated tasks in surveys of SMEs (small and medium-sized enterprises).
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While there are many accounting software programmes on the market, Gollan claims this is the first system that kicks-in right from when materials are purchased from the merchant.
'It (accounting software) still requires the human touch and processing on behalf of the customer, whereas we've completely taken it out of their hands and we're actually doing the job for them,' Gollan said.
'Effectively what we're saying is: 'nothing beats doing nothing', and that's what we're offering to our customers.'
'Fifty per cent of SMEs don't use any accounting software but still need to retain and process invoices receipts and bank statements for tax compliance. They don't use it because they just don't want to do it - and neither did I so I designed a solution which just gets rid of it,' Gollan said.
As a 'solution design business' in the FinTech (financial technology) field RIPglobal has designed their product around creating a solution to a task that requires billions of dollars worth of production hours around the globe.
'The whole journey begins when you do your purchase so that is where the innovation needs to start.'
Blair Browne of Streamline Plumbing & Drainage in Upper Hutt said he spends 8-10 hours a week processing invoices and he agrees that it is one of the worst aspects of being a small business owner.
With seven staff members working across multiple jobs the business generates a lot of paperwork.
'It probably would save me six hours a week. Which is huge for me as a small business, because it gives me a whole day to go out and make some more money,' he said.
The way it is set up, merchants do not pay to belong to the system with RIPglobal generating revenue from user subscriptions to their service.
The start-up is in the pre-revenue phase of its development and is actively seeking strategic investors. The company is now working to get merchants on board and expects to start generating revenue by the middle of next year.
RIPglobal is based in the old CIT building in Upper Hutt.