Keep track of costs with Receipt Bank

When you are a busy business owner, there’s one task that you and many of your peers absolutely hate – and that is keeping your receipts and expenses up to date.

Fortunately, there are solutions that help to make that the situation easier, and one of those is Receipt Bank. At Time wise VA, we operate Receipt Bank for many clients, and they all enjoy a stress-free experience of registering and claiming expenses as a result.

Receipt Bank is designed to make bookkeeping faster, and more efficient. It helps a small business or sole trader be more productive, as receipts can be photographed by smartphone, or scanned, then uploaded to the cloud. Expenses can then be easily noted, allocated and claimed in a timely fashion – or recharged to clients, if appropriate.

An online receipt management system such as Receipt Bank does away with the traditional piles of paper receipts. It means there is no need to manually enter expenses onto a spreadsheet, and helps reduce the inevitable human errors involved in such processes. Plus, once the document has been stored in the cloud, it cannot be lost, or have coffee spilt on it!

The Receipt Bank system enables both iPhone and Android users to send receipts and invoices while out on the road, via a simple app. For a small business, it is easy to add the whole team to the system, making it a breeze for the boss to approve expenses, and see where the money is being spent. And by setting up rules, it is possible to automate a large degree of the processing effort that used to be done manually.

Like many forms of online software today, Receipt Bank can be accessed without the need for any software to be downloaded or installed on your PC. That makes it easy to access from any computer or tablet, from any location. And users simply pay monthly, with the cost depending on the size of your business.

As a business bookkeeper, the Time wise VA team often work directly in Receipt Bank for clients, and can then use the information it provides to help streamline bookkeeping activities, preparing information for accountants so that statutory and management accounts can be prepared. Using online services, combined with a virtual assistant, means your business can offload these key functions to experts who work outside your office. As a result, your team has their time freed up to enable them to dedicate all their efforts to the main business you are engaged in.

If you want to know more about how Receipt Bank could transform your expenses management, then get in touch with Timewise VA right away.

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