Receipt Bank…what does it do?
At Ad Valorem we are always looking for the latest accounting technology to make your lives easier. Receipt Bank is accounting technology which extracts key information from bills, receipts and invoices, removing the need for manual data entry.
How does Receipt Bank work?
Receipt Bank comes as an app, which you can have on your phone or tablet, enabling you to take pictures of bills, invoices and receipts. Once the picture is taken all you need to do is submit it for processing. This is where the magic happens. Receipt Bank reads the picture and extracts the following information:
- Receipt Date
- Receipt Total
- Tax Total
It is also possible to make notes about the receipt and allocate it against a particular client or project. Think how much time you could save buy letting Receipt Bank do the work…
What happens next?
Once Receipt Bank has processed the information on the app it then pushes it to your Receipt Bank account. In your account you can see all of the information that has been extracted as well as the picture of the receipt. It is also possible to edit the extracted data, just in case for some reason the software doesn’t read the information correctly – which is very rare indeed. There is no need to keep the receipt once the picture has been taken and stored, saving you from keeping bags of receipts.
What can you do with the information?
There are a couple of options which you can take with the data that Receipt Bank has provided. The first option is that you can export the data as an excel expense sheet, which allows you to see an overview of your expenses.
The second option is linking Receipt Bank directly to cloud accounting software, such as Xero. In just a few clicks you can send your expenses data from Receipt Bank directly to Xero, which is where you need the information to be. Having this data automatically imported to Xero enables you to easily see which expenses you can claim against different projects or clients. Due to Xero having the capability to link directly with your bank accounts, it also means that bills, invoices and receipts can be reconciled in seconds as Xero recognises transactions with the same value or information as the invoice, so all you need to do is confirm that they match.
Receipt Bank is the future of bookkeeping and connecting it to Xero means all the information you need is in one easily accessible place. How much time and money could you save by moving to the cloud?
For more information on Receipt Bank please click here.
Please contact Ad Valorem using the details below for a free demonstration of the cloud accounting software or check out our technology page by clicking here.
Ad Valorem Accountancy Services