Handling paper receipts and invoices is a tedious task that most businesses struggle with.
Receipt Bank offers an innovative solution that automates receipt and invoice processing to save time and money.
In this review, we’ll explore Receipt Bank’s key features, such as intelligent data extraction, accounting integrations, reporting tools, and more. You’ll learn who Receipt Bank is best suited for, how to get set up, and why it’s transforming receipt management for businesses of all sizes.
Introduction to Receipt Bank
Receipt Bank is a leading receipt and invoice management platform designed to simplify and automate financial data capture for small businesses. This software helps companies streamline the organization and reporting of expense receipts, bills, and other financial documents.
Overwhelmed by Paper Receipts and Invoices
Many small businesses rely on paper receipts and invoices to track expenses, which can be extremely time consuming and prone to errors. Sorting through piles of crumpled receipts and keeping everything organized is a common pain point. Receipt Bank offers an automated solution to this problem.
Key Benefits of Using Receipt Bank
- Saves time by extracting key data from receipts and invoices automatically
- Eliminates manual data entry using optical character recognition (OCR)
- Provides centralized financial visibility with interactive reporting
- Integrates with popular accounting software
- Offers anywhere access to financial data via mobile apps
Core Functionality and Key Features
Receipt Bank enables users to simply snap a photo of each receipt or invoice. Then it automatically extracts key details like transaction date, merchant name, total amount paid and tax details. This data is securely stored in the cloud and integrated with accounting platforms.
Other key features include:
- Customizable categories and tags
- Receipt and invoice approvals
- Expense reporting
- Mileage tracking
- Multi-currency support
Ideal Users of Receipt Bank
Receipt Bank is designed for small businesses looking to simplify financial admin. It's especially helpful for companies with high volumes of receipts and invoices. Service-based businesses like marketing agencies, consultants, architects and nonprofits are ideal users.
It's also a practical solution for business travelers who need to track expenses accurately. Integrations with iOS, Android, and Windows phones allow easy capturing of receipts on-the-go.
Pricing and Plans
Receipt Bank offers paid plans starting at $85 per month for up to 250 scanned documents. Volume-based discounts are available for higher quantities. One-time setup fees apply. They also offer custom enterprise pricing.
Free trials are provided so businesses can evaluate the software's fit prior to purchasing.
Streamlining Receipt and Invoice Processing
Manual receipt and invoice processing can be hugely time consuming for small businesses. Solutions like Receipt Bank aim to automate much of this work to boost finance team productivity.
Intelligent Data Extraction
Receipt Bank uses optical character recognition (OCR) and AI to instantly extract key details from receipts and invoices scanned or photographed through its mobile app. This includes:
- Supplier names
- Date
- Amount spent
- VAT amounts
- Product/service descriptions
By automatically capturing this financial data, the app eliminates the need for manual data entry.
Integration with Accounting Platforms
The extracted receipt and invoice data integrates directly with popular accounting platforms like QuickBooks Online and Xero. This allows for streamlined coding and reconciliation without needing to manually enter transactions.
Key benefits include:
- Reduced double entry of financial data
- Automatic population of ledger accounts
- Simplified expense reporting
Receipt and Invoice Management
All scanned or photographed source documents are securely stored in the cloud. This enables easy access by finance teams from anywhere at any time.
Receipt Bank also enables quick search across all receipts and invoices. This simplifies tasks like:
- Auditing expenses
- Tracking expenditure
- Reviewing supplier spending
Mileage Tracking
Users can track mileage across multiple vehicles using Receipt Bank's mobile app. Key features include:
- GPS-based mileage tracking
- Vehicle and purpose tagging
- Integration with accounting systems
This saves accountants significant time previously spent on manual mileage log analysis and vehicle expense processing.
Reporting and Analytics
Built-in reporting and analytics provide real-time financial insights. This empowers better decision making through:
- Cash flow analysis
- Budget vs actual spending
- Departmental spend overview
- Supplier expenditure tracking
By centralizing documents and extracting key data, Receipt Bank enables streamlined financial processes and informed business analysis for small firms.
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Who is Receipt Bank Best Suited To?
Receipt Bank delivers the most value to small businesses with high receipt and invoice volumes. Retail, hospitality, construction, real estate and professional services firms stand to benefit greatly.
Hospitality Businesses
Bars, restaurants, hotels, and tourism operators often deal with large volumes of receipts on a daily basis. By streamlining receipt management, Receipt Bank can provide significant time and cost savings for these businesses. The automation helps minimize manual data entry while providing detailed reporting and analytics on expenses.
Retailers and eCommerce
With frequent inventory purchasing, retailers accumulate many supplier invoices. Receipt Bank can eliminate the need for manual data entry and reconciliation of these documents. This allows retailers to improve efficiency in accounts payable while maintaining visibility into inventory costs.
Trades and Construction
Construction projects involve many expenses, from materials and equipment to subcontractor invoices. Receipt Bank gives builders real-time insight into project costs while eliminating time-consuming paperwork. This supports better cost control and oversight for construction firms.
Real Estate Agencies
Real estate agencies have diverse expenses like marketing, services, supplies, and more. By automatically capturing and coding receipts, Receipt Bank makes it easier for agencies to track vendor spend. This streamlines accounting and provides better expense analytics.
Professional Service Firms
Law firms, marketing agencies, consultants and other service providers often reimburse high volumes of employee expenses. Receipt Bank reduces the manual workload of processing expense reports and receipts. This saves professional services firms substantial time that can be reallocated to billable work.
Getting Set Up with Receipt Bank
Signing up for Receipt Bank is straightforward, and the platform can be quickly integrated across devices. Ongoing support is available if needed.
Signing Up for an Account
You can easily create a Receipt Bank account using their free trial registration form online. No credit card is required to sign up.
Downloading the Mobile Apps
Receipt Bank offers iOS and Android apps that allow you to scan or photograph receipts and invoices for instant uploading to the cloud.
Connecting Accounting Platforms
Integrating Receipt Bank with accounting software like QuickBooks Online or Xero takes just a few clicks through their integration panel.
Configuring Users and Settings
Manage user permissions, access controls, and personalize platform settings to match your business needs using Receipt Bank's configuration options.
Getting Ongoing Support
Friendly customer support and an extensive help center with articles, videos, and how-tos are available through Receipt Bank if you need assistance.
Conclusion and Summary
In summary, Receipt Bank is transforming financial admin automation for small businesses. Key benefits include massive time savings, superior reporting for insights, reduced accounting costs, and easier regulatory compliance.
Automates Manual Tasks
Receipt Bank eliminates the hours small businesses waste on manual data entry, reconciliation, and tracking for paper receipts and invoices. By automatically extracting key details from receipts and invoices, it saves accounting teams significant time. Rather than typing information into accounting software, the data flows directly from receipts and invoices. This automation enables accounting teams to focus on more strategic initiatives.
Financial Insights
The reporting and analytics within Receipt Bank offer real-time visibility into spend. Small businesses can view interactive dashboards showing expenditure by category, supplier, location, and more. These insights help inform better financial decisions and cost control measures. The data can also simplify regulatory compliance through detailed tracking of expenses.
Compatibility and Integration
Receipt Bank integrates directly with leading small business accounting platforms like QuickBooks Online, Xero, and Sage. It works seamlessly with these existing workflows. The solution is suitable for all types of small businesses from retailers to professional service firms. Support for mobile receipt capture through iOS and Android apps also makes it easily adaptable.
Risk-Free Trial
Signing up for a free trial of Receipt Bank is simple and easy. It allows small businesses to experience the solution firsthand. They can test out features like automated data extraction, reporting, and accounting software integrations at no cost. This makes it low risk to validate if Receipt Bank is the right financial automation solution.
