Updated: Sep 11, 2018
We've recently partnered up with ReceiptBank but when one client asked me what this actually meant, I thought it would be a good subject for a quick blog post.
Bookkeeping is my everyday life so of course I'm up to date on the apps which are going to streamline your business, but since bookkeeping isn't your day-to-day, it's more than likely you're not. It is worth at least hearing about ReceiptBank though so if you're wondering what ReceiptBank can do for your business and whether ReceiptBank is for you, read on as I answer the questions I've been asked so far.
So, what is Receiptbank?
ReceiptBank is a tool which is an add-on to your accounting system. You submit invoices and receipts you receive from your suppliers and ReceiptBank pulls data from the files you upload to generate expense transactions and bills in your accounting system, saving you needing type details from paperwork into the system manually yourself.
I currently email my invoices into my accounting software, how is this different?
Xero has a feature whereby you can email your receipts and invoices straight into the software making it a breeze to attach them to bills and transactions. You do still need to create that bill however, by using ReceiptBank instead, you'll save the time you used to spend recording each individual expense in your accounting system as ReceiptBank will pull the data from the file you've uploaded and create a transaction pretty much automatically.
Is it a website?
You can use ReceiptBank from your desktop via the website or via a mobile app. The app is brilliant for snapping pictures of receipts when you're out and about or sorting through the mail. You also have a unique email address so you can forward invoices you receive as email attachments.
I pay a bookkeeper to keep my accounts up to date, why should I add ReceiptBank?
Using ReceiptBank will free your bookkeeper up from some data entry so they can focus on more value adding services for you like helping you understand your figures. And whether it's you doing your accounts or you're paying your bookkeeper to do it, it's got to be a good thing to spend less time on data entry and more time on adding value. Win win.
Which accounting systems work with ReceiptBank?
We mainly work with clients using QuickBooks, Xero and FreeAgent and ReceiptBank integrates with each of those systems, although not every single version.
Are there any other benefits?
How would you feel if I said you'd never worry about losing a receipt again? I bought coffee at a client meeting today and rather than shove the receipt in my purse and wonder whether I'd ever find it again, I was able to snap a quick photo with my ReceiptBank app and throw that receipt in the bin there and then. As well as always keeping my receipts up to date, this saves a lot of extra admin when I bring my accounts up to date because there's no need to find or scan receipts, it's already done for me.
We include ReceiptBank for free for clients on our monthly and quarterly bookkeeping packages and we offer discounted rates for other clients, if you'd like to speak to us about ReceiptBank for your business, please get in touch.