If you are still collecting paper receipts, and then forwarding them to your bookkeeper or accountant every so often, then perhaps it’s time you moved into the digital age. What is more, making the move is easier than ever, thanks to constantly improving software Receipt Bank.
Why bother changing your habits? Time and cost, that’s why. You can save both, if you use a modern system such as Receipt Bank, to process your business expense receipts. It saves you time, your bookkeeper time, and will undoubtedly reduce the fees you pay to accountancy professionals for carrying out routine finance functions such as reconciling expense claims.
You may not have heard of Receipt Bank, but it is a business that is doubling in size year on year, as more business owners, bookkeepers and accountancy firms realise the value of digital automation. Receipt Bank software will take a receipt or supplier invoice, extract the important information and make sense of it. And it integrates with modern, cloud-based accountancy and bookkeeping packages such as Xero, Quickbooks and Sage, inputting that information into their systems in a way that streamlines the process of allocating costs in the correct way.
At Time Wise VA, we are growing users of Receipt Bank, working alongside clients to help them implement it within their business to improve efficiency. Whether you are a single person business, or have a number of staff who all generate expenses on a regular basis, the benefits of using a smart expense handling system will soon become apparent.
Simply changing a small habit, and scanning receipts using your smartphone, can start a process that ensures the costs are allocated correctly. Receipt Bank has an award-winning app that can be uploaded to most smartphones, which starts the process. Once the receipt has been snapped, the image is sent by email – job done, and no need to worry about keeping a paper trail.
The smart software developed by Receipt Bank then analyses what it sees on the receipt, and allocates the expense amount according to that information. The process happens in real time, as the information arrives into the Receipt Bank system. A bookkeeper no longer has to allocate the items, but now has to merely check every so often, to ensure all items have been correctly allocated.
As a result, reconciliation of company credit card accounts and cash expenses can be carried out in real time, allowing costs to be more efficiently allocated and recharged. And what is often a big monthly effort of sorting out expenses, suddenly becomes a much less troublesome task.
So, what are you waiting for? Switch to Receipt Bank and see the benefit right away. Call us today on 0161 211 9837 or contact us here to find out how smapping a receipt and pulling it into Xero can save you time and money.