The Perth startup revolutionising small business bookkeeping

John Battley says while day-to-day expenses make up just 10-15 per cent of small or medium-sized business costs, they take up at least half of owners’ bookkeeping time.

It’s an issue the Perth-based financial technology veteran said ate into business owners’ precious time and money — which is why he started Penny Inc.

Penny Inc works by issuing free debit Mastercards to companies, which they then give to their employees.

The real time-saving comes from Penny’s back-of-house software platform that updates businesses’ accounts in real time and gives them instantaneous control over where and how employees can spend cash.

It also has a world-first integration with accounting software like Quickbooks.

Mr Battley said what differentiated them from banks and other expense-management software was the 200 milliseconds after a transaction.

“In a normal transaction, it goes through to the ledger, asks whether there $50 available and in a bank that’s it — its either paid or not paid,” he said.

“In our case, that $50 transaction goes through all of the normal filters to check it’s not fraudulent and on top of that in that 200 milliseconds it looks at whether there any restrictions on the card. If it’s a fuel card and notices the transaction is in a restaurant it would reject it.

“The transaction is also instantly downloaded into your accounts and there are up to five fields of information that can be attached to the transaction so your bookkeeping accounts are always 100 per cent up to date.”

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