share
Article
Receipt Bank is the Paperless Solution for your Bookkeeping
By Stacey McVeighty | Wednesday, 28th March 2018
Keeping on top of the paperwork
Whether you are already accounting in the cloud, or looking for a way to start, Receipt Bank is a great tool that saves time and is a good way for you to take control of your bookkeeping or help your accountant to keep on top of your bookkeeping for you.
Receipt Bank is software that links directly to all of the main cloud accounting software products currently being used in the UK, including Xero, FreeAgent and Sage One. Receipt Bank extracts data from your purchase invoices and receipts and transfers all the required information into your accounting software. No more endless hours of inputting stacks of invoices into your software as new purchase bills, all the hard work is completed for you so you can concentrate your efforts on other aspects of your business.
"it’s clever little software because the more you use Receipt Bank the more information it will remember "
Intelligent Software
Getting your receipts into the software is really simple and can be done via a few different methods. The first option is to take photos of your invoices using the App which can be downloaded onto your IOS or Android device.
The second option for uploading invoices is to login to the online version of Receipt Bank and find documents that are stored on you device. This method is great for any invoices you receive via email or online accounts and gives you the option to upload multiple items at once for a speedy upload.
The third option for uploading your invoices is brilliant for any invoices you receive via email. Each time you receive an email containing an invoice attachment you can forward the email directly onto your unique Receipt Bank email address.
Once your receipts have been uploaded to Receipt Bank the software will pull out all the required information including supplier name, date, total amount, tax amount and it will suggest a category to code the cost to within your accounts and it’s clever little software because the more you use Receipt Bank the more information it will remember and it will start to recognise the categories you have previously selected for each supplier and will mirror that choice on future invoices.
"...and this means that you can get rid of the huge filing cabinet you have sitting in the corner of your office"
Get rid of your paper
The software is a useful solution for record keeping as once you have successfully input a receipt you can shred it and recycle it. The image will be stored within your cloud accounting software and Receipt Bank stores a copy in your archive list which remains there for the correct length of time required by HMRC. HMRC will accept the archived information should they ever ask to see your records which minimises the amount of effort that would be required from you in that situation and this means that you can get rid of the huge filing cabinet you have sitting in the corner of your office.
All of the information extracted from your receipts is readily available in your Receipt Bank inbox area for reviewing and is easily amended if necessary. You can also set lots of specific supplier rules where Receipt Bank will automatically select the correct category code for the type of items usually supplied by them.
Once you are happy with all of the information in Receipt Bank you can send the information into your accountancy software with the click of a button. Each receipt will be sent into your accounts as a purchase bill or expense claim item, and that’s it, job done. Now you’ve just got to decide how to spend all your free time…
If you want to discuss using Receipt Bank for your business, please contact Lauren at the office and she will be happy to chat this through with you.