Receipt Bank is one of many apps that makes managing your receipts easy and streamlines your pre-book keeping. We particularly like Receipt Bank after test driving it (and others) for its simplicity of use and functionality. It’s an absolute doddle but don’t be fooled – the reports and information you can get from the data are really valuable and sophisticated.
On our test drive (you can get a free trial), we spent a few days using the app in context. Once we received a receipt for any business expense, we opened the app, photographed the receipt and pressed ‘submit for processing’. Job done. Once we were satisfied that the receipt had been received by the processor, we were happy/confident enough to screw it up and throw it away! No more paper clutter which is incredibly liberating!
Receipt Bank seems adept at reading any receipt we tested it with – no matter how large, small, detailed or complicated. It cleverly reads the data, places the information in the right categories and stores it until you are ready to export it.
A feature we especially like is the way you can include lots of detail on each receipt after it has been processed. To be clear, we are talking about processing supplier receipts but you can detail each one with the reason for the expenditure. The supplier name printed on the receipt will automatically feed through but then you can annotate all sorts of detail – if the receipt relates to a client project, you can update the ‘customer’ line to reflect this. You can also state which project it is for. This is really useful for freelancers in particular as they are likely to be working on a range of projects for various clients. Pulling together expense claims or calculating project expenditure for these is, therefore, easily tracked.
Receipt Bank’s attraction lies in how easy it is – and how dealing with a receipt as soon as you get it is so quick and satisfying. Instead of folding and inserting it in your wallet, you may as well use those few seconds to photograph and throw it away.
You can view all your processed receipts on your phone’s app or via the Receipt Bank website. You can also see how much you have spent across all of your suppliers in total or by supplier. Once you’re ready to use the data you have collected, you can export it in a number of formats – pdf, CSV, spreadsheet or direct to your chosen accounting software (such as Xero or Free Agent).
Receipt Bank also offers us a way of managing recurring invoices – simply request a unique email address from Receipt Bank and ask your regular suppliers to email to it directly. This will link in with your main Receipt Bank account and hold all your receipts and invoices together. You will receive notification of a new invoice so you can keep track of it.
Receipt Bank is neat, simple and will save you many hours of your time or book keeping investment. Talk to us if you’d like to know more – we can set this up for you, offer competitive rates and support you in your initial use of it.