Concept Bookkeeping loves Receipt-bank
While our website has a page on the programs we use, Xero and Receipt-bank fans that we are. It’s perhaps time to look deeper into how we directly use these programs.
Starting with Receipt-bank!
According to the official blurb. “Receipt Bank extracts the key data from your bills, receipts and invoices and publishes it directly into your accounting software.”
For us at Concept Bookkeeping the benefits are many. But let’s start with how clients can get their receipts, bills & invoices in.
The Smartphone App
Do they have a smartphone? Can they take a picture? Can they follow a link on a txt message?
Yes, they can!
To set-up a client with Receipt-bank it is as easy as sending a txt message. It includes a welcome message and a link to set-up Receipt-bank. If you don’t already have the app on yout phone it will install, then direct you to a sign in screen, where you can set up your own password.
The next part is simply taking pictures… hopefully good pictures, with a little direction if needed. With the Receipt-bank app clients can snapshot their receipts on the go. Never lose a fuel docket again. You can take pictures in three ways, Single, Multi and Combine.
- Single allows you to take a single shot of the receipt. Good for small ones, that fit all on the screen and read nicely at that size.
- Multi allows you to take quickly upload multiple receipts. If you had them all lined up, you could just snap down the line and submit them all.
- Combine is good for those long Woolies & Bunnings receipts. Which don’t work in ‘Single’ mode as the text would be too small, but they are perfect here. Also good for multiple pages of invoices, and double-sided invoices.
According to the Deloitte Mobile Consumer Survey 2017, 88% of Australians own a smartphone. The odds are in my favour.
Other ways of Submitting to Receipt-bank
But if they don’t own a smartphone, there are other ways to submit your receipts.
- There is a mail-in service directly to Receipt-bank, just pack them in an envelope and mail them off. Receipt-bank will snap the pictures and safely dispose of the paper copies.
- You can drop them into the Concept Bookkeeping office, using a combination of the mobile app and a scanner we will upload and process them in Receipt-bank.
- Scan them into your computer and logging onto Receipt-bank from your internet browser upload them, Receipt-bank supports jpg, png, gif, bmp, tiff, pdf, html, doc or zip. Files with images. With file size limits of 6MB for images, 100MB for SIP archives and pdf files with up to 50 pages.
- Email-in to Receipt-bank. For example, a supplier sends you an email with an attached bill. Receipt-bank will process the attachment as a bill. if there is no attachment, Receipt-bank will process the email as a bill.
Receipt-bank = time saver.
Because of the way that Receipt-bank extracts the information it greatly reduces manual entry of receipts and invoices. Of course, we check over the information that it extracts, but in the two years I’ve personally been using the app, it has become more and more accurate.
You get the feel for which invoices are going to give you trouble, that fuel docket that got crumpled into someone’s pocket on a muggy day, messy handwritten invoices and the occasional faded relic that shows up. They are always going to need more care.
On saying that, there is an Auto-Publish feature for those perfect invoices. Ones that experience has taught us will be read correctly 100% of the time.
For example, the client uses the email-in feature, and forwards on the email from their supplier, with a pdf attachment of the bill. This copy will be perfect. Theoretically the client always buys the same thing from the Supplier, never any extras (lollies at the Servo). Using the Auto-Publish feature we could set Receipt-bank to publish the invoice, putting the cost to a specific ledger account.
Now in my experience this doesn’t pan out for Telephone bills too well, or invoices that run more like statements. I will have to ensure that Receipt-bank hasn’t read the overdue amount, if the client is a bit behind. I also need to see that I’m not missing an invoice, e.g. I have August, no September, but I have October with September’s overdue amount listed.
If the client has a personal/business split percentage, as advised by their Accountant, Receipt-bank can have rules set up to split the expense between director’s loan/drawing ledger accounts and expense accounts. In practice this feature works quite well, haven’t had to fix one yet.
When Receipt-bank ‘Publishes’ to Xero.
I’m not fond of digging around in filing cabinets or lugging paperwork around. I want to move fast and light, yes, my motorbike sort of fits the picture here. I’m not biased at all.
Receipt-bank will store your paperwork for a minimum of 7 years, within its own storage. There is a way to extract all documents put through Receipt-bank as a file, if you ever changed your mind. The documents in Receipt-bank are accepted by the ATO, for GST credit and proof of purchase evidence. There is no need for a filing cabinet. You too can move fast.
Cool thing is that you get a copy of the invoice in Xero too. Want to see what that supplier charged you for a product this time last year, no digging to do. Type in the Contact, find an invoice around that time last year, and a handy copy of the invoice will be attached in Xero to view. It is invaluable.
Now I could go on, as there are many features I’ve not yet discussed. But I’m sure if you are interested in implementing Receipt-bank yourself, you’ve already followed the link above and are happily snapping away.
If you are intrigued and want to know more. Please use the contact form below. And we can implement a smart bookkeeping solution catered to your business.