Case Study: MyFinance Online achieves 1300% client growth with Dext

How MyFinance Online embraced the cloud to achieve a 1300% growth in clients

MyFinance Online, a forward-thinking online accounting firm based in Bloemfontein, South Africa, faced a significant challenge in scaling its business due to its remote location. The firm struggled with inefficient, manual processes that required clients to mail physical documents, causing major delays that made their financial statements practically useless and hindered their ability to secure and retain recurring clients. To overcome this, they turned to the vendor Dext (formerly Receipt Bank) and Xero for a cloud-based accounting solution.

By implementing Dext's document processing technology and Xero's software, MyFinance Online automated its data capture and eliminated manual filing. The solution from Dext enabled the firm to process documents in minutes instead of days, slashing turnaround times and operational costs. This allowed them to dramatically expand their client base from 10 to 150, achieving a 1300% growth in clients. The firm also transformed its service model, with 80% of its business now coming from recurring clients, and empowered its team of five accountants to provide valuable, data-driven advisory services.

MyFinance Online

Jannie Schutte

Managing Director