There are always events that help you remember why you do things in a certain way. ?Today it was we recommend?Receipt Bank to our clients – it more than a expenses claim tool and can?automate accounts payable, or if you like robe-bookkeeper. ?But here’s the story.
Sitting with staff of a large multinational client today I whitnessed first hand the trouble many have with handling receipts. ?Employees were sitting there pulling their hair out over an expense claim process that was well inefficient. ?It’s funny isn’t it, we value the humble receipt and invoice as a record of a transaction and link trust in accounting results back to them, but we often?spend more than the transaction cost handling the document. ? It’s just a waste.
Businesses even loose loose money and?employees cover expenses?out-of-pocket every year thanks to unclaimed expenses from misplaced receipts.? Does this process sound familiar; a receipt or invoice is received, and excel form is completed, the receipts are numbered, the excel form is printed, the form is signed, sent ?back to an approver, who then forwards to AP, who then check its, send it back if there’s an error and finally enters the information into the businesses accounting system. ??What a pain – I thought tools like Expensify and concur has replaced this archaic process, but I was wrong. I guess businesses kept the painful approach as means staff a reluctant to spend.
It doesn’t need to be that way, there are options to improve the whole process for big businesses and ?for small business automate the expense claim and accounts payable process.
Let’s step back for a minute. ?Keeping track of expenses in small businesses used to be inefficient process that hurt productivity. ?The back office stuff should just happen, until now it has got in the way of delivering great products and customer services. ?Xero managed to fix this on the accounting side with?their Cloud accounting software. With Xero reconciliations are simple, ?bank data is feed in automatically and depending on your sales system, sales data too. ?Accounts payable, or should I say the manual entry of invoices, has been left to the bookkeeper. No more.
Let’s clear one thing up first, I’m not saying this is the end for the bookkeeper, there will always be a need for a skilled set of eyes who can add that human touch when things don’t go as planned. For all businesses though there is a need to reduce time spent with?data-entry, double handling and correcting errors. ? This is where robo-bookkeeper tools like Receipt Bank become an invaluable business tool.
Diagram 1: ?Receipt Bank Process
Receipt Bank gives you an amazing set of options to process your receipts and invoices automatically. ?Whether you use Dropbox, prefer email or love taking photos, all you need to do is send your electronic invoices and receipts to Receipt Bank as you get them. ?Once in Receipt Bank, just like the diagram above:
- ?the invoice and receipts are read automatically by the software;
- ?relevant data extracted;
- expenses allocated to your present codes;
- and then all data is?transferred to your cloud accounting software such as Xero.
Don’t believe it, it took me some time too. ?How could software get it right. ?It just does. ?But when you think about it more, in business we tend to use the same suppliers, visit the same cafe for coffee and buy the same software over and over again. ?This repetition can be predicted and all you need is smart software to read the invoices and receipts. ?Receipt bank performs well and gives you an easy to use interface to do it, not that you’ll need it. ?Receipt Bank sits in the background, working.
What does Receipt Bank cost.
For a monthly subscription that starts in the low $20’s for 50 transactions you get a powerful robe-bookkeeper that comes with:
- Built in integration for popular cloud accounting software, like?[geot country=”Australia”]Xero[/geot][geot exclude_country=”Australia”]Xero[/geot].
- An app that allows you to take photo’s of invoices as you receive them and have them processed almost instantaneously. Making bank reconciliation easy.
- Your own Receipt Bank email address so supplier invoices can be sent directly to Receipt Bank
- Ability to process receipts from email, dropbox and the app.
- Reduced space requirements as you no longer need to store physical documents
- Improved ability to manage your businesses finances, wth faster reporting cycles.
Think about it for less than $100 and in many cases less than $50 per month, you can automate most of your data entry. ?The cost is very little compared to the cost of employing a bookkeeper in a data entry role. ?Instead your bookkeeper can add value by helping you make sure your accounting system is providing you accurate realtime data.
Diagram 2: ?The Receipt Bank simple user interface and option to send receipts to?Receipt Bank.
How to set up Receipt Bank
Like any of the cloud accounting applications, setting it up correctly can have a dramatic impact on the usability of the data and the trust you have in the data it produced. ?That is why it’s always best to have your accountant or bookkeeper set it all up for you. ?The process is easy and the best part, you can usually access better pricing from your Accountant or Bookkeeper than buying direct. ?We buy it in bulk.
A CFOSPOT advisor can help you setup a [geot country=”Australia”]trial Receipt Bank subscription[/geot][geot country_exclude=”Australia”]trial Receipt Bank subscription[/geot] and Integrate it with Xero and don’t worry if you prefer Quickbooks, we can help you too.