The Receipt Bank Blog

"Receipt Bank is the future of bookkeeping for small businesses!" - a testimonial by Max Accountants, Receipt Bank Bronze Partner

Before using Receipt Bank, handling the bookkeeping for our clients was particularly time-consuming. We had some clients who were manually entering their own data themselves and in some cases, hard copies were being sent to our offices for us to key in. It was certainly taking us 2-3 minutes per item, and on top of that, monthly on-site visits took a day or so of our time. Just the time spent travelling was a real waste, especially for a fixed fee practice like ours.

We came across Receipt Bank at Xerocon last year, and began speaking to the founders. We already had a vague idea of the concept, and the initial attraction was simply a potential labour saving. What we actually discovered once we began to use the system, were other huge benefits such as access to the original image in Xero itself. This is just massive for us - especially when preparing management accounts. We can simply click on the attachment, and up pops the invoice!

Clients just forward any relevant emails directly to Receipt Bank, or we use the Direct Upload function which is really quick. We use a variety of different features depending on the needs of the client, and the feedback has been incredible! One client mentioned that just by being able to send 30 purchase invoices directly to Receipt Bank through their office scanner, what would otherwise have taken at least an hour has been reduced down to a 2 minute job. 

Receipt Bank itself is just so simple to use. That’s the key thing that has really struck us. We don’t have to spend a huge amount of time searching for things. I can be sitting at the kitchen table at 10 o’clock at night, and I have the ability to drill down into the exact areas in which a particular client has been overspending, without the hassle of having to make a mental note to pull out the physical invoice when I’m back in the office. We thought saving on time and labour would be the biggest benefit for us, but actually what has proven to be really key is the simple, easy access to all information whenever, and wherever we need it.

Once you’ve set up your Supplier Rules and gotten the hang of it, Receipt Bank is truly fantastic. Clients are amazed at the information that is pulled through just from a scanned image. They give us this astonished look as if it were magic!

Tools like Receipt Bank are quite simply the future of bookkeeping for small businesses. It’s a total no-brainer.

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Martin Hickman & Lisa Devere-Summers

Max Accountants - a Receipt Bank Bronze Partner