What is Receipt Bank?

 

Receipt Bank removes the time and hassle of bookkeeping. It allows you to easily collect all the receipts and invoices, scan them, extract the data, and put in straight into your accounting software.

No matter how a receipt or invoice arrives, Receipt Bank has a tool to take it straight out of your hands and do the work for you.

Receipt Bank is compatible with all main accounting software providers, such as:

• Xero
• Quickbooks
• Sage
• FreeAgent

 

How does it work?

Receipt Bank uses OCR and templating technology to extract key information from receipts, invoices or other financial documents. The automated extraction engine will identify data such as supplier, date, invoice reference, plus gross, net and tax values. It is then presented in an easily-manageable format, perfect for downloading or processing onwards to a connected accounting software.

You can capture and upload your receipts using a variety of methods, giving you the ability to find which works best for you.

 

• Download the free app for your iOS or Android device and take photos of the receipts using the camera
• Forward invoices received via email straight to Receipt Bank
• Scan the receipts in bulk and attach a single PDF for Receipt Bank to process
• Automatically download recurring bills and invoices from supplier websites

 

You are able to set rules within the app for recurring purchases which means that after the initial set up, you will hardly need to touch Receipt Bank as things will automatically publish to your accounting software, streamlining the whole bookkeeping process.

An image of the document and its associated data is attached to the transaction within your accounting software, and will also be held separately by Receipt Bank for a minimum of 10 years which meets HMRC’s document retention policies.

Feel free to throw that receipt as Receipt Bank will always have you compliance-covered.

 

Benefits include

• Easy to use
• Minimise data entry time
• Able to answer queries at a touch of a button
• Integrates seamlessly
• Valuable insight to cashflow management

 

Still to come

Receipt Bank are currently working on the ability to provide the same functionality for sales invoices so watch this space!

 

If you have any questions contact kelly@crowther.accountants. Kelly will be only too happy to give you more information about this product.