Accounting and bookkeeping is an integral part of every growing business. Staying on top of your business means staying on top of your finances, and that takes time and effort. Thankfully, there are plenty of tools available to streamline the process and free you up for more pressing tasks.
Today we’ll be looking at just one of these tools, Receipt Bank, to see how it can help you manage your small business accounting in 2019.
What is Receipt Bank?
Nine years ago, Receipt Bank was founded to create an online platform for tracking business expenses and sharing details directly with the accountant.
What started with a simple tool for scanning and storing receipts has since evolved into sophisticated receipt scanning software. Receipt Bank is your one-stop-shop bookkeeping app, accounting software, receipt scanner, and accountants tool.
The benefits of Receipt Bank are numerous. It lets you capture, process and share vital financial information instantly, as well as benefitting from a secure, accurate and easy to access digital data storage system. As a result, you never need to worry about losing bits of paper or deleting email receipts ever again.
What’s the problem?
Many accountancy firms and book-keepers say that one of their main sources of frustration is the huge amount of wasted time, money and energy that goes into tracking expenses, organising receipts and ensuring paperwork is in order.
In times gone by, accounting largely involved managing reams of paper receipts and hard copies of expense forms. This was an arduous task, but a necessary one to stay on top of your business finances.
Nowadays, this level of hard-copy paperwork is compounded by the slew of online administration that accompanies business transactions and orders. That results in a lot of data to handle, and a lot of admin to support it — admin that your small business could do without.
How have things changed?
Those days of arduous accountancy admin are in the past. Receipt Bank’s state-of-the-art receipt scanning software gives you a simpler, faster way to process accounting paperwork and receipts. On top of that, it also provides a trustworthy, secure and highly accurate way to store digital data and liaise with your accountant.
The software is intuitive and easy to operate. A unique combination of artificial intelligence (AI) and optical character recognition (OCR) is combined with human verification to enable higher levels of accuracy. It’s a valuable commodity when it comes to dealing with accountants, bookkeeping and, of course, the taxman!
A quick and easy solution
The people behind Receipt Bank know how busy people’s lives have become.
While we all know the importance of keeping up with our accounting housekeeping and staying on top of our receipts and financial admin, life can get in the way. Chasing new business, taking care of existing customers and helping our teams thrive and grow at work should be your top priority — Receipt Bank makes that possible.
Receipt Bank gives business owners and managers the advantages of reducing the time wasted waiting for external administrators to set up filing systems. Plus, no manual data entry is required either, as the scanning software for receipts does the heavy work for you.
If you prefer to work on a cloud-based system, the software is set up to work alongside it. Receipt Bank delivers general ledgers updated in real-time to give you and your clients accurate and up-to-date data.
Another advantage of Receipt Bank’s receipt scanning software is the security and peace of mind it provides in case the worst happens. It delivers secure data back-up that keeps your business records safe in the event of a cyber-attack.
Knowing that you can lay your hands on the financial data you need at a moment’s notice is very reassuring, particularly when the auditors come calling.
Crunching the numbers
Just as accountants and bookkeepers trust in the numbers, the people behind Receipt Bank are proud of their track record in securing satisfied customers all around the world.
Around 20,000 business have signed up to use the receipt scanning software, amongst them 35,000 individual accountants and bookkeepers. Five million documents are processed each and every month by our 450 employees.
Receipt Bank now has six offices over four continents, and its team of advisors adds even more value to its customers. Our team will help you make informed decisions about the financial direction of your businesses, backed by years of knowledge and experience in the industry.
What can you expect from Receipt Bank?
Receipt Bank service is available in three different plans.
Cost: £10pm (billed annually)
Our most basic Business package lets you submit data, extract what you need and publish ledgers to a more advanced streamlining option that adds accelerated processing and management. It costs £10 per month billed annually, and provides access for one user.
Cost: £20pm (billed annually)
Our next plan, Business Plus, costs £20 a year with access for 5 users. It’s perfect for small businesses, giving you advanced automation and integration to help you increase growth, profit, and value. You can benefit from accelerated processing of your data and receipts, and enjoy access to automated publishing functions.
Cost: £40pm (billed annually)
Finally, the most comprehensive option is our Premium plan. For just £40 a month, you can give 20 users access to in-depth analysis, insight and reports into your financial data. This is accompanied by full client visibility, optimised firm efficiency in real time, and assisted reconciliation. These are all designed to improve and streamline internal processes, free up time, save energy and eliminate the need to recruit additional specialist financial support.
Accounting is something every small business has to deal with. But whether it’s a time-consuming chore or a smooth, streamlined process depends on the tools you use. Receipt Bank lets you complete most, if not all, of your required day-to-day accountancy tasks, employee expenses administration, and legislation and tax compliance matters via a single online platform. Training on the system is available, as well as 24/7 technical support and advice on how to get started.
Author bio: Qamar Rehman is Managing Director of Q-Online.