What is Receipt Bank?
Receipt Bank is a bookkeeping software that automates the collection and data extraction from invoices and bank statements.
With Receipt bank you can simply take a photo of any receipt on your mobile phone and receipt bank will extract all the data from it – the supplier or customer name, date, amounts including vat and then apply rules to automatically send the details to your bookkeeping software such as Xero or make it available to download in excel.
Receipt bank can also extract data from scanned and downloaded bank statements and export the data in to excel ready to import into your bookkeeping software.
One of the most useful features of Receipt Bank is the ability to auto-fetch the invoices from suppliers, download the invoices into Receipt Bank and publish into your bookkeeping software.
If you produce your Sales invoices outside of your bookkeeping software Receipt Bank can also extract the data from them and push the invoices into your bookkeeping software.
We use Receipt Bank to automate the collection of invoices from suppliers using the auto-fetch feature and taking photos of receipts when we are out of the office.
“With Receipt bank you can simply take a photo of any receipt on your mobile phone and it will extract all the data from it and send it to your bookkeeping software”
It is a system that we like a lot and have found that our expenses are captured with more accuracy and we have a more structured system for keeping the receipts when we get them. The accuracy benefits in a sense that we are recording all the expenses, in the past receipts may have been lost or thrown away. This is not the case now; we pay and then straight away record the expense in the accounts and have a copy saved for future use.
We like that Receipt Bank attaches an invoice directly into Quickbooks so as we reconcile the accounts, we can see exactly what the expense relates to and have a copy in case we are ever asked to verify this by HM Revenue and Customs.
We give our staff access to the mobile app that comes with Receipt Bank so they can produce their expense reports and submit for payment each month.
We see that Receipt Bank is paying for itself because of the time savings and increased receipt capture in our business. Nothing is left behind all the expenses are captured with documentation to back them up.
We feel that Receipt Bank should be one of the bookkeeping software that you look to include in your business as you move to an online system. It will integrate with bookkeeping packages such Xero, QuickBooks and FreeAgent.
It will save you time.
It will lead to increased accuracy in your record keeping.
It will give you a structure to keep your records and ensure that nothing is lost.
It will save a copy of all your receipts and invoices so you will no longer have to keep the paper copies.
Please give us a call if you want to see the benefits of using Receipt Bank in your business.