What is a Receipt Bank? How It Works and Its Benefits

How do your staff handle expense receipts at work? Employees would promptly turn them in in an ideal society. The receipts would never be crumpled, smeared, sun-bleached, washed or thrown in the bottom of a bag.

In an ideal world, your company would have a person dedicated entirely to receipt management. Someone who could track down receipts, verify that everyone was repaid appropriately, that employee expenditures were paid effectively, and that every element of the receipt was then precisely allocated to a customer, all without having to pay money to have it rekeyed in a spreadsheet.

This is not the case, as all business owners are aware. Receipts are sensitive, and their contents are frequently indecipherable by the time they reach bookkeeping.

So let’s talk about how receipt banks help business automates, processes, and record receipts. 

What is a Receipt Bank?

Receipt Bank is the go-to app for streamlining operations, saving time, and eliminating headaches. The days of keeping files of documentation and handing them over to your accountant or bookkeeper are long gone.

With Receipt Bank, all you have to do now is snap a photo of your receipt/invoice, and it will be uploaded to your cloud-based dashboard immediately. From there, your online accountant will figure out what has to be done with it, including whether or not it contains VAT, and then enter it into your Quickbooks account.

Data extraction helps to minimize user error. Receipt Bank will separate the following items:

• Date of purchase
• Where the purchase was made (supplier name)
• Amount of purchase
• Sales tax paid
• Currency of purchase if applicable

Receipt Bank can now be linked to bookkeeping apps like Quickbooks to really streamline things now that all of this information is registered electronically. Below, we’ll go over how this works in more detail.

How Does It Work?

Receipt Bank’s automated extraction engine will summarize all vital data and show it in a readable and manageable format after you’ve uploaded a text.

This straightforward three-step procedure is recommended:

Snap it – You can share your receipts or bills in a variety of ways. You can take a photo with your phone, scan it, and upload it, or have your vendors contact the system directly.

The best thing is that you can toss the physical copy after that. Simple, hassle-free, and paperless! They also have a new invoice fetch feature, which allows you to have receipt bank source invoices for you using your login credentials with specific suppliers. They couldn’t have made it any easier!

Sort it – So, you’ll have to get a little more involved at this stage, but only for a short time! Depending on what the invoice is for, you will assign it to a particular group. But, with time, the machine will learn, and before you know it, you’ll be entrusting it entirely to the robots’ capable hands.

Send it – To send the invoice effortlessly into your online accounting software and reclaim all of the time you wasted on financial admin, click ‘publish’ (or go one better and let it auto-publish). Why not concentrate on the things that matter right now, such as expanding your business?

What Are The Advantages of Using This Tool?

Automated Data Entry

Using Receipt Bank makes the time-consuming and monotonous process of data entry much easier, allowing you to focus more on making your company a success.

Receipt Bank allows you to upload your bills in a variety of ways, including taking a photo with your smartphone or tablet app, scanning and uploading, emailing, or saving your documents in a dropbox, which Receipt Bank can review and upload all new documents. You may also choose to send your receipts to Receipt Bank, which will upload them all for you.

Goodbye Paper Receipts

Receipt Bank’s digital capture method will help you stay on top of your bookkeeping. You can quickly upload data and delete old receipts.

You’ve already figured out that using this form of digital media means your business will soon be paperless.

Your data is safely and securely stored in the cloud, and it can be archived at any point in the future if necessary. Another benefit is that everything is up to date, so you can get started right away. The invoices to pay are entered into the system as soon as they are sent, allowing you to get a fast and accurate picture of your short-term cash flow at any time.

Update Real-time Data

Receipt Bank extracts real-time data from your receipts, keeping you up to date at all times. Accurate data and real-time visibility allow you to make more informed business decisions.

Conclusion

Without a scrap of paper in sight, moving to Receipt Bank – and integrating it with your cloud accounting software – will provide you with the following benefits:

• Save time by automating data entry and reducing administrative tasks from hours to minutes.
• You’ll save room since you won’t have to keep track of every piece of paper that comes across your desk.
• Reduce errors by working with the most up-to-date and correct data available.

Want to hire a to help you with your receipts? Check out the London accountant today.