A cloud software innovation Receipt Bank automated bookkeeping, with the incredibly efficient receipt bank process, is easily one of the best things to happen to small to medium-sized businesses.
The days of handing a contract worker a garbage bag of receipts to sort out for your overworked bookkeeper have been banished with Receipt Bank’s processes! So too are the time-consuming errors associated with incorrect entries and lost receipts. Your dog simply cannot eat any more receipts with Receipt Bank!
But what’s involved in the Receipt Bank process? Because time is money, right? And the faster things are processed, the easier is to achieve error-free real-time accounting.
Here is a quick overview on the Receipt Bank process:
Receipt Bank data capture process – from a few minutes to a few hours:
- You or your bookkeeper uploads each invoice using a mobile app to take a picture and send a JPG, or by emailing the original.
- Each invoice, or small batch, can take as little as ten minutes to be ‘extracted’ and displayed in your inbox. However, the average time is 30 minutes.
- This can vary at busy times, with processing taking up to a few hours at most.
- If you are in a hurry, you can take advantage of Receipt Bank’s ‘Boost’ functionality. This will ‘skip’ your uploaded invoices forward in the processing queue.
More efficiency with Receipt Bank:
Receipt Bank also speeds things up as you’ll no longer need printed receipts for every transaction – internal or external. Your vendors can submit their receipts directly to Receipt Bank – including vendors in other countries, trading in other currencies.
Quick and easy, Receipt Bank reduces the time you need for data entry dramatically. It reduces the amount of data you need to enter yourself. It is also fully integrated with other cloud software like the Xero accounting package. You are already ahead! More detail on how Receipt Bank works can be found here:
You might also be interested in
Company compliance with legislation – What at you should know
All companies, large and small – from one-man businesses to corporations – must adhere to a core set of legal requirements. These requirements ensure that all companies in South Africa are in compliance with legislation and compliant with government rules on company...
Share Sales – What happens when you sell them
Share sales are subject to Shareholder Agreements that protect a company and the individual shareholders by restricting the transfer of shares. In effect, this makes selling shares subject to a cascade of legal agreements, documents and processes – all stemming from...
Tax advisor – how to choose one and why you need tax advice
Tax hurts, as does doing your taxes. That’s a given. That’s why we use the word ‘taxing’ to describe something that is tiring and drains you. However, paying your taxes can also cost you more than it needs to. In some cases - a lot more! This is the fundamental reason...
With over 23 years of unwavering expertise, I am a seasoned Chartered Accountant committed to financial excellence. My journey in the realm of finance has been marked by astute strategic insights, meticulous attention to detail, and an unyielding dedication to precision. Over the years, I've navigated the complexities of financial landscapes, providing invaluable counsel to diverse clients. My proficiency extends across auditing, taxation, and financial management, coupled with a profound understanding of regulatory frameworks. As a registered professional, I have consistently upheld the highest standards of integrity and ethics, earning a reputation as a trusted advisor in the dynamic world of finance.
