THE SMALL BUSINESS OWNERS JOURNEY TO CLOUD ACCOUNTING – GET GOING WITH RECEIPT BANK
Our first instalment in this series introduced you to cloud accounting. If you missed it, you can read it here. This time we are looking at how we get going on our journey and the first step is Receipt Bank.
Receipt Bank is at the start of the bookkeeping process, so let me briefly explain what it does. This award winning software extracts the key data from your bills, receipts and invoices for use with your accounting software or to download into spreadsheet format. There is a variety of ways to submit your items into Receipt Bank, which I’ll explain later, but once your items have been submitted, they then go through the data extraction process. During processing, all the key data from the items will be extracted from the digital image of your receipt or invoice.
For peace of mind, all your submitted items are kept as digital images in the ‘Archive’ for a minimum of 10 years. From here you can access them or print them off should you require a hard copy for any reason, even if you end your subscription.
Receipt Bank has a lot to offer a small business and the amount of time it can save you is simply staggering. It’s also the start of your bookkeeping becoming paperless.
Receipt Bank integrates with a number of cloud accounting software, such as Xero or QuickBooks and means the items you submit are published directly into your accounting system.
If you aren’t at the point of using something such as Xero, then you should still use Receipt Bank. The only difference being that your Accountant or Bookkeeper can view all your transactions and download the information to a csv file for them to produce your accounts. It’s also the starting point of moving to digital and making the move to full cloud accounting when you’re ready to.
As I mentioned earlier, Receipt Bank makes it easy to submit your items by offering a number of easy to use options.
The one favoured by most people is the mobile app. There is a version for both iOS and Android. If you’re out and about, open the app and simply take a picture of your receipt or invoice as you normally would with your camera, then click submit and you’re done. It really is that easy!
You can upload files via the desktop version, with their “drag and drop” option making it even quicker to upload single or multiple files.
There’s also the option of emailing your items into Receipt Bank. Every user is automatically provided with a unique, personalised @receiptbank.me email address, or you can set your own when adding a user. You can send emails with attachments or receipts in the body of the email and these will be submitted as separate items.
A new option just recently added is “Fetch”. Fetch pulls all your invoices from online suppliers straight into your Inbox. It’s great for phone, mobile and utility bills where you actually have to login to your account and download an invoice. .
By post is the last one. I wouldn’t recommend using as your usual submission method as it kind of defeats the object of having Receipt Bank in the first place, but if you are just starting out and need all the invoices and receipts for your current financial year uploading, then this is ideal. You simply need to send all your paperwork, using the Freepost label you can produce from within Receipt Bank, and they’ll do all the work for you. There are however a couple of things you need to be aware of. Firstly, there is a charge for this of £3 per month, on top of your subscription. Secondly, you won’t get any of your paper copies back as Receipt Bank will confidentially dispose of these after a period of time.
Receipt Bank is great for keeping track of your expenses and those of your team. Their Effortless Expense Reports feature automates the creation of Receipt Bank’s standard expense reports. You can choose how often you want reports to be prepared, for whom, and they’ll be created (and updated) automatically in the Expense Reports tab.
All items submitted for each user will flow seamlessly straight from the Inbox to their expense report without having you to do anything. In the report you can review the items added, remove any that don’t need to be included and change the category of any item.
If you want to save even more time, Receipt Bank allows you to set “rules” where you feel comfortable enough to have fields auto fill based on such things as supplier or payment method, allocate categories, or even automatically publish items through to your accounting software.
Receipt Bank pricing is tailored to the size of your business and offers either Single User (Sole Trader), starting at £9.99 + VAT per month, or Multi User (Small Business) starting at £20.00 + VAT per month. Pricing also depends on the amount of items you submit each month.
Hopefully you can see just what Receipt Bank has to offer and some idea of what it can do for you and your business. It’s right at the beginning of the cloud accounting process and either on its own, or integrated with other accounting software, its functionality can save you so much time and money whilst giving you instant 24/7 access to your financial transactions.
We partner with Receipt Bank because we firmly believe it is the best on the market and because of that, it’s the only software of its kind we recommend.
As a Receipt Bank Partner we offer a reduced rate subscription and periodically have special offers for you to take advantage of. If you’d like to find out more about Receipt Bank and any current offers take a look here or contact us by either email or phone and we’d be more than happy to answer your questions.
Our next part of the journey to cloud accounting is accounting software. Why not sign up below so you don’t miss the next instalment.
Looking forward to next time and hope you’ll join me.