Receipt Bank- What and Why?
Receipt Bank is an app that as hit the market promising to simplify data entry and provide an easier alternative to expense tracking software. This app strives to minimize data entry time and also integrate seamlessly with other accounting apps. Small to medium size businesses are their target audience as these owners are strapped for time and have to prioritize bookkeeping duties over growth. This app works in 4 different ways:
1. Clients first submit their items to the bookkeeper by taking a photo with the mobile app, email, or simply upload receipts and invoices via their desktop. As with numerous other expense tracking applications, you enter data into Receipt Bank using the mobile app, a browser upload, or even by corporate or personal credit card synchronization. Receipt Bank can import receipts and invoices from PayPalFree at iTunes Store or Dropbox. “
2. Relevant information is then extracted accurately so the bookkeeper doesn’t have to do data entry. This data then appears in the Practice Platform. “You take a photo of a receipt, click on "submit for processing," and a while later the parsed data shows up for you to double-check and send to the approver. Receipt Bank does its best to identify the transaction date, currency, tax, supplier, and category, (source).”
3. “Client’s receipt and invoice data is automatically sorted and categorized once it arrives, (source).” The bookkeeper can then set their own rules to apply nominal codes, categories and more.
4. Receipt Bank’s auto-publish tool can then publish items straight into cloud accounting software. “We also pull data from your software to make quick work of bank reconciliations, payroll and sales, (source).”
According to PC Reviews “It works mightily—and successfully—to respond to individual receipts rather than formal "reports." It permits anyone granted "approver" status to give an OK for reimbursement. And it relies heavily on integration with third-party applications, particularly cloud-based accounting applications, to perform the heavy back-end lifting, (source).” This blend of resources has some serious perks but I also want to highlight a few of the drawbacks.
1.Receipt Bank service doesn’t enter the invoice’s specified due date.When I enter a payable into Xero I want to know when the supplier is asking for the money to be paid. This helps me manage their expectations and my cashflow. But Receipt Bank just adds ‘x’ days to each invoice (where you specify the ‘x’), (source).”
2.Receipt Bank does not accept .doc files. Although only a few invoices come in this form (most are paper or pdf) this could be a problem for some businesses.
3.Receipts stored as images. “While Receipt Bank does actually post files to Xero directly, it stores documents in an image format rather than PDF (which would contain the text it parsed out in the first place), (source).”
Overall Receipt bank has some incredibly easy, and desirable features that save time and money. It simplifies the complex expense tracking process by minimizing data entry, making this app accessible for a variety of people and business types. More questions about the Receipt App? Contact me at https://www.emergeservices.co/contact!