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Receipt Bank Review: Cut Out Tedious Bookkeeping
Capturing and processing financial data takes hours. Receipt Bank connects to Xero & cuts out tedious bookkeeping. Here’s how it could benefit your business.
Can Receipt Bank help your business?
Keeping track of financial documents can take up a significant amount of administration time in a business of any size. The manual data entry of invoices, receipts, and other financial data is essential, but can represent hundreds of hours annually in administrative effort.
Fortunately, optical character recognition (ORC) software is able to automatically scan receipts and invoices, providing businesses with the ability to dramatically reduce the amount of time spent on data entry.
Receipt Bank is a bookkeeping automation and report generation platform that offers OCR functionality and integrates directly with the Xero cloud accounting software suite. We’ll proceed to assess the key benefits delivered by the tool and help you determine whether it can help your business minimize data entry and manual bookkeeping costs.
What is Receipt Bank?
Receipt Bank is an automated bookkeeping software solution designed primarily for small to medium sized businesses. Like most expense and finance tracking software, it offers optical character recognition functionality, but also provides users with reporting, analysis, and efficiency tools.
Receipt Bank is focused on expense tracking, and is designed to streamline the expense submission, approval, and reporting process. It provides OCR functionality via an iOS or Android app, but doesn’t include GPS-based mileage tracking.
Receipt Bank Plans & Pricing
Receipt Bank doesn’t provide specific pricing information without direct inquiry, but splits plans across three pricing structures that are designed for sole operators, small to medium enterprises, and large scale businesses.
The pricing structure is based on the amount of items scanned per month, with plans starting at $15/month for 50 scanned items for a single user.
Bookkeeping With Receipt Bank
Businesses are able to use Receipt Bank to quickly and easily submit invoices and receipts via a range of different methods. The mobile app allows users to process financial documents via OCR, or simply upload an image of the document directly to the web app. It’s also possible to submit documents to Receipt Bank via DropBox or email.
Managing user profiles is relatively simple, with administrators able to invite new users via email or SMS and assign them the role of user, expense approver, or administrator.
Unlike other expense tracking solutions, Receipt Bank doesn’t offer automated expense report functionality — so it’s necessary to manually create expense reports. Each report can include up to six expense categories.
The smart automation functionality allows users to set rules that manually split or categorize transactions. The overall data capture and automation functionality of Receipt Bank is limited when compared to other Xero-compatible options such as Expensify, but offers a lower cost point for sole operators interested in tracking a limited number of receipts.
Receipt Bank Analysis & Reports
Receipt Bank offers a small selection of analysis and reporting tools. Team efficiency tools such as deadline tracking, client reporting and analysis, and workload tracking provides transparency benefits, while simple process analysis provides insight into overall efficiency over time.
Receipt Bank & Xero
Receipt Bank can be connected directly to Xero in order to import receipt data without the need for time consuming manual data entry. Depending on the type of transaction, Xero will import transaction data as bills, expense claims, or spent money transactions.
Setting up Receipt Bank to work with Xero allows users to establish auto-publish rules that eliminate the need to manually publish each purchase to import it to Xero, but this requires a few more steps to set up when compared to other Xero-compatible expense tracking software such as Expensify.
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Stuart Reynolds is the founder of Fullstack Advisory, an award-winning accounting firm for businesses leading the future. He is a 3rd generation accountant who specialises in tech companies, agencies and entrepreneurs.