A review of Receipt Bank e-receipt scanning software

Receipt Bank is an innovative tool, designed to allow its users to scan in receipts and other paperwork related to expenses and store them electronically for easy retrieval when needed. Further to this basic service, Receipt Bank also provides analytical functionality, extracting the relevant numerical data from receipts and presenting it to the user in an easy-to-understand format, ready for adding to accounts or submitting to HMRC

In this online age, the relevance and popularity of receipt scanning software like Receipt Bank is increasing, along with the rise in demand for accountancy IT programmes and spreadsheet software with automated functions to allow accurate and easy recording of financial transactions and other data. There are many advantages to programmes like Receipt Bank, both for professional accountancy firms and bookkeepers, as well as individuals and businesses of all sizes seeking to streamline their digital receipt scanning provision. Here are a few…

Clear, accountable storage

When complex financial data is involved, it is important that everyone who needs access to it can see, understand and use it whenever required. Accountability and visible, ethical operations and financial management are a key focus for businesses nowadays and having a straightforward, visible tool such as Receipt Bank allows immediate access to the relevant receipts and expense paperwork in their original format, with no manipulation of the figures or additional calculations added that could cloud the overall view. Additionally, Receipt Bank is an ideal way to keep track of an organisation or individual’s spending across an extended period of time.

Efficiency and economic

Using receipt scanning software with the added analytical functionality that Receipt Bank offers means that you can enjoy reliable accuracy and efficiency for your financial data storage needs at a competitive price that doesn’t break the bank. More financial savings can be made with the elimination of manual data entry and the cost cuts that can be made by no longer employing an extra person to handle this laborious administrative task. Filing systems can become more efficient too without the need to keep hold of hundreds of bits of paper that must then be submitted to HMRC or the auditors for assessment. All in all, a much less stressful way of managing your receipts.

Catching errors

They say that, ‘to err is human’ and we can all recall occasions when a simple error caused serious problems further down the line. Losing vital receipts or damaging them to the point of no longer being able to read their contents is one such mistake that can cause headaches when it comes to entering the transactions into the accounts. By scanning receipts in straight away, you can protect the information they contain and provide evidence in the case of any disputes over expenses or use of available funds. This can also pay huge dividends when it comes to resolving customer complaints or settling concerns of the senior management team about responsible spending – not only to identify irregularities, but also to prove certain amounts have indeed been spent, and on what.

Passing it on

Businesses are increasingly required to interact with their customers long after the initial transaction or business has been completed. Therefore, having a better idea of what is being spent by your company’s employees and more crucially, where they are conducting these business transactions, allows you to build stronger relationships with your suppliers in order to secure valuable discounts or deals related to repeat custom. These discounts can then be passed on to your own customers in the form of special deals, thereby enabling ensuring continued customer relationships and repeat business of your own. Receipt Bank makes this process easy and intuitive through its clear, easy-to-understand storage process and data retrieval format.

Time to spare

Every single business owner finds themselves sooner or later pressed for time. Time is one of the only commodities of which everyone has the exact same amount. So, it is in our best interests to use time wisely and to save it wherever possible through automated accounting systems. Simply scanning paperwork into Receipt Bank as we are presented with it saves valuable time later on as we don’t have to retrieve it, file it or record it separately on a different system. Receipt Bank allows the data contained in scanned receipts to be easily extracted for use in future accounting analysis or assessments straight from the online app, thus saving you even more time.

For these reasons, investing in Receipt Bank software for small businesses, accountant and bookkeepers is well worth the money – not just for the short-term peace of mind that it will bring you, but also for easier and more accurate future financial planning and forecasting that it will assist you with in the longer-term. It is more than just an online receipt scanning tool. Receipt Bank’s additional functionality and intuitive approach will quickly become an indispensable part of your accounting process.