"It's allowed us to move significantly to an entirely paperless solution" - by Fergus Macdonald, online retailer - Macdonald Sporrans
Previously, invoices were entered manually into a spreadsheet. We then used this to control which invoices needed to be paid. Accuracy was an issue – no cross checking or notification of mistakes, accountability – no record of who entered what. It was a makeshift solution at best.
Our accountants recommended that we use Receipt Bank. It’s allowed us to move significantly towards an entirely paperless solution. Previously it made little difference for us whether we received paper or digital invoices – now digital invoices are much better for us, because they flow through the system much more easily.
We actively encourage our suppliers to email us invoices and it’s very simple to save them into Dropbox to be picked up by Receipt Bank. This alleviates a lot of the daily time consuming tasks associated with paperwork.
Xero is leading the way in an adjustment of how people think about bookkeeping and accounting. It’s allowing people to have ownership and control of their information. Rather than sitting on a system in their accountant’s office, it’s on the cloud and it allows you to pick and choose who you give access to.
Receipt Bank definitely saves us time entering invoices manually. We save probably about 5 hours a week on this, although it also allows us to easily outsource the checking of the data as it's all cloud hosted now.
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Fergus Macdonald runs Macdonald Sporrans, an online retail company focusing on specialist stores including: buyakilt.com, buyahipflask.com and buyatankard.com
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