Now imagine for a minute. Your desk – clean, crisp, stylish. No hidden receipt drawer. No files piling up with receipts and envelopes, even shoeboxes filled with client’s receipts or receipts that employees have shoved on your desk for “processing”. Imagine your desk looking like the one above.
Well, that sounds all well and good Jeri, but how?
Receipt Bank. They make a bold statement on their website. No more data entry. Let’s learn how Receipt Bank takes away a lot of the cumbersome data entry to save your time and money.
Data entry is done for you
Receipt Bank’s inbuilt OCR technology means that you send a document to Receipt Bank – a receipt, a paid bill or an unpaid bill for example – and Receipt Bank pulls the information off the document and stores that information inside the Receipt Bank platform. It pulls off the name of the supplier, amount, tax amount, payment type, transaction date and more.
From there Receipt Bank attempts to code the transaction to which category or account it thinks suits that expense best. You can then push through the expense to your accounting system in various ways as a single expense or as an expense report if owing to a particular employee as an expense report.
A Bookkeepers Dream
The thing I love about Receipt Bank most is that it can handle receipts and bills – paid or unpaid – and pushes a copy of these documents into my accounting system for me. In the past, it used to have limitations like being unable to split out GST into two separate lines – you had to do it manually if you had mixed purchases, some with GST and some without GST. Receipt Bank can now do this by you telling Receipt Bank to decide the tax amount and then it’s the “extracted amount” that is pushed across to the accounting system to the account that you have coded to. It’s not splitting it out into two lines for you as I expected, but it’s getting the right tax amount.
Copy of the File in the Accounting System
As mentioned above, one of the best things for a bookkeeper and a business owner is that the document sent to Receipt Bank also goes across into the accounting system and attaches to the transaction. This means that even after you have exported the transaction from Receipt Bank say into Xero, you can see exactly what the receipt or bill said as if you had it right on the desk in front of you.
When you have been using Receipt Bank for a while, it’s a great idea to add extra information to the Supplier information in Receipt Bank if you are always coding it the same place. You can then set it to be auto-exported so as soon as Receipt Bank codes the transaction it is automatically posted to your accounting system. You don’t have to push it across by logging into Receipt Bank. Take Australia Post for example – unless you pay for bills using PostBillPay, it’s likely that all that you would buy at Australia Post is transactions you would generally code to Postage. You would go into the supplier’s card in the Supplier tab, select Postage as the account to categorise those transactions to and select Auto-Publish. Simple.
What’s Not To Like About Receipt Bank
For me, not much. There are other paperless solutions which we will be writing about more, such as Invitbox, which pull through line-by-line data from a document and put it into your accounting system. Receipt Bank doesn’t do that – but for its target market, it doesn’t need to.
Receipt Bank gives you the flexibility to send expenses into your accounting system as Bills, Bank Transactions or Expense Claims. You can also determine if you want to go across as Draft or Approved in Xero. Here are some great infographics on the Best Practice Workflows in QuickBooks Online and Xero:
If you need a solution to process your receipts, bills and unpaid bills in an easy manner then Receipt Bank is certainly a solid solution for business owners and bookkeepers.
Receipt Bank’s information is human-verified and saved in the cloud accessible anywhere you have the internet. The app to upload receipts straight into Receipt Bank is easy to use and you can edit plenty of details in the Edit Receipt screen before submitting it to Receipt Bank for processing. You can even add the client, project and a description about the receipt – once you have submitted it, Receipt Bank does the rest.
These days I don’t do too much bookkeeping in my business so it’s had been a while since I had taken a good look at Receipt Bank. I was pleasantly surprised to find that many of the gripes that many people have had with Receipt Bank over the years have been fixed and the features released.
In our final comparison later this week on all the solutions Marlon and I have been reviewing, we will give a detailed list of all the features and how they differ between each. If you want to make sure you don’t miss out, subscribe here to receive the WhichAddOn.com Weekly Digest every Monday.