If you run a small business, then the process of managing your expenses can be a headache. Whether you are organising expenses payments for just one person, or for a team, it can be a hassle ensuring appropriate costs are recorded and allocated appropriately, Streamline your expenses with Receipt Bank.
Thankfully, there are now ways to use the latest technology to make the whole process much simpler. And as most of us have a smartphone nowadays, that can be used as a first step towards digitising the journey of expense receipts.
At Timewise VA, we spend a good amount of our time helping virtual clients with bookkeeping functions, and we are always on the lookout for more practical and efficient ways to help reduce the administrative burden.
We champion the use of Xero, an online, cloud-based accounting system for all our bookkeeping activities, for example. And when it comes to looking after expenses, we are proud to support the Receipt Bank system.
Easily manage your expenses with Receipt Bank
For a user, Receipt Bank starts with a simple phone-based app, which can be used to scan receipts. Forget the old problem of piles of receipt slips, kept in a desk drawer or in a supermarket carrier bag. This way, you can digitise the receipt as soon as you have it. The digital file of the receipt can then be saved in the cloud.
With the image appropriately tagged, key data is easily extracted and allocated to the relevant individual, client account or other bookkeeping set-up.
Your bookkeeper is able to log in and update expenses within your books much more readily, and more regularly, making the whole process speedier and more efficient.
For users, the change to smartphone technology means that it is practical to register your expenses as you go, rather than wait to the end of the month to fill in a reclaim form or something similar.
Making expenses simpler
Staff love the fact that they can enter expenses on the go, perhaps in their hotel room at the end of a day, if they are out on the road.
As a result, the processing of receipts can be undertaken on a more regular basis, giving your business much greater clarity on your cashflow, in real time.
And if you recharge expenses to clients or customers, you will be in a position to make those recharges more promptly, also helping improve the cash position of your business.
Many clients also find that using Receipt Bank means more expenses are recovered, as the system reduces the loss of pieces of paper, which end up never being reclaimed.
One key reason for recommending Receipt Bank is that it integrates with all major modern accounting and bookkeeping systems, including Xero, Sage and QuickBooks.
That makes for further efficiencies in the handling of expenses, whichever bookkeeping set up you have.
If you are thinking about looking into Receipt Bank, or simply wondering if now is the time to start digitising your expenses and receipts to improve efficiency, call Timewise now for advice. You’ll find us keen advocates of digitisation.
We’ve already helped plenty of clients get onboard with Receipt Bank, and with Xero, so we’ll be able to make the process easy for you.