In today’s digital age, things are moving quicker than ever before. Modern bookkeeping shouldn’t be stacks of physical documents and backed up paper receipts. It’s actually a lot simpler than you’d think. Good bookkeeping starts with a mobile phone. With the right apps and software, you can streamline your accounts and spend more time doing the fun stuff. The stuff that gets you out of bed in the morning. After all, you didn’t start your business to be spending hours putting data from receipts into spreadsheets or software.
Last week, we talked about the foundational role of bookkeeping in running a successful business. And tools like Receipt Bank allow you to do just that. With the click of your camera phone shutter, state of the art software can track, read and store data in seconds.
If you’re a client of ours, you’ll have noticed that we’ve replaced Autoentry with Receipt Bank. Here we’re explaining what Receipt Bank is, how to use this new tool and what benefits it provides for your business.
What is Receipt Bank?
It’s an automated bookkeeping and data entry solution, available on desktop and as a mobile app. Receipt Bank captures your receipts and invoices, extracts the data and pushes it to your integrated accounting solution. With this tool, you can track your business expenses and share them with your accountant. No more data entry or piles of paper receipts.
What are the benefits of this tool?
Save time with digitisation.
No manual data entry or paper work. Eliminate the manual processes of day-to-day with Receipt Bank and spend more time to doing what you love (and growing your business!).
Say goodbye to stacks of paper receipts!
Stay on top of your bookkeeping with Receipt Bank’s digital capture tool. You can upload data instantly and get rid of old receipts.
Keep up to date with real-time data.
Receipt Bank pulls real-time data from your receipts so you’re always up to date. Accurate numbers and real-time visibility help you make better informed decisions about your business.
How do I use it?
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Instant receipt capture.
Once you’re all set up, you can download the mobile app and start photographing your receipts. Once they’re captured, you can now recycle those pesky receipts!
Automatic receipt scanning.
Receipt Bank extracts the data from your receipts and invoices. Receipt Bank then recognises all the key information such as the supplier name, date, invoice number and the tax, if applicable.
Next, publish that data to your accounting software or download to your desktop. The data and the image are then pushed into your accounting platform.
Receipt Bank also stores your documents securely for seven years, in case HMRC ever need any additional information.
So, that’s it! Save time managing your receipts and spend more time doing what you love.