Why Receipt Bank is part of our core app stack
Even though there are hundreds of apps available that link with Xero, QuickBooks and Sage, it’s rare to come across an absolute no brainer. But, spending the past 4 years looking into apps has led me to the conclusion that Receipt Bank is just that – a must for all accountancy firms and their clients. Here’s why I think you should make Receipt Bank (“RB”) the number 1 core app in your app stack…
An easy, quick win
RB was the first app we used. Straightforward to set up and simple to use, RB was immediately popular with everyone – team members and clients.
At first, I was hesitant to recommend RB, I didn’t think it could possibly be as accurate or as quick as they claimed. I spent hours testing the software, putting through huge numbers of different invoices including those in foreign currencies, confident I’d discover that it couldn’t process with the promised accuracy – how wrong I was!
The only time RB incorrectly processed an invoice was when it misread my handwritten “£” symbol for “$”. In hindsight, my writing wasn’t very clear and I’m amazed RB picked up anything at all.
After thoroughly testing RB, it became clear that it was going to be a game-changer for us, our clients and the wider world of accounting.
The power of the demo
Giving our clients RB demos is (and I do know how sad this sounds) actually enjoyable.
I have the app on my phone and connect it to one of our smartboards so that clients can see exactly what I’m doing. They follow me taking a picture of an invoice and within minutes see that all the data has been accurately extracted.
The live demos are fantastic opportunities and the looks on our clients’ faces say it all, they can immediately see significant time savings for their businesses.
Since deciding to make RB one of our core apps in 2016, we haven’t had one single client say they don’t want to use it.
Our RB client numbers grow month on month and we now process approximately 15,000 transactions and save in the region of 500 hours per month and have been named as one of only 17 Diamond partners in the world.
Bookkeeping in the black
Bookkeeping work used to present a challenge for us; we couldn’t service it efficiently, we wasted a lot of time chasing for information and, unless we charged huge fees, we couldn’t do it profitably.
Partnering with RB means we can now provide a bookkeeping service for our clients at a fair fee that works for all of us. We generally encourage our clients to take the pictures of their receipts and invoices, then we go into RB and process the transactions.
For clients who prefer for us to deal with everything, we do all the processing and bring in “fetch”, another RB feature that affords us further time savings.
Since introducing RB, our workflow is streamlined and has changed for the better. In simple terms, I refer to this as “scanning” and “matching”. RB will even tell you whether you have a match in your accounting software or if the invoice has already been scanned and is a duplicate.
It doesn’t get much better than this, as you can very quickly and easily correspond with your client over any missing paperwork.
Extra help on expenses
It didn’t take long for me to realise that RB was capable of so much more, take the expense report function for example; we had clients who would spend hours going through expense claims and chasing for supporting documentation.
One client would spend 2-3 days a month dealing with expenses, but RB has reduced that to 3-4 hours a month.
We set up each of their 30 employees on RB and asked them all to take a picture of their personally incurred receipts for business expenses.
Each month the client filters RB by employee, checks and collates expenses to create the expense report, then emails it to the employees for agreeing.
Connecting to tripcatcher means that tracking mileage is also a breeze.
Banking your time
Being able to take pictures on the go via the mobile app means that if you can get into the habit of taking a picture as soon as you have the receipt, the month-end task of going through your wallet pulling out old damaged receipts becomes a thing of the past.
RB gives you those hours back – what could you do with those extra hours every month?
Other ways to use RB to save time include forwarding any invoices received by email directly to RB for processing and just taking a picture of invoices on your computer screen for processing like any other invoice.
In summary, RB is a low cost, efficient, accurate app and that’s why we think it’s an absolute no brainer.
If you still haven’t added it to your app stack, I strongly recommend you do. You will soon be hooked and wondering why you didn’t implement RB sooner.
With the recent round of funding completed and more resource being thrown into product development, the big question is what will RB be able to do in the future?