Receipt bank works like magic!
One of the most phenomenal tools that I have encountered in my cloud accounting journey so far is Receipt bank. They say great software works like magic, well enter Receipt bank. Receipt bank is an expense management tool that automates your data capturing process.
It works as follows:
- You upload your slips or invoices by:
- Taking a photo of your expense slip using the receipt bank app;
- Forward your creditors invoices to your unique Receipt bank email address, or
- Connect Receipt bank to your on line suppliers directly
- Receipt bank then reads the details from your slips and invoices and then categorises it according to your chart of accounts using Optical character recognition (OCR)
- Review the data and publish it to your cloud accounting software. Receipt bank integrates seamlessly with all leading cloud accounting tools such as Xero, Quickbooks and Pastel.
Receipt bank can be used for creditors capturing and as an expense management tool for your staff to automate the process of capturing expense claims.
In my experience the automation benefits could result in savings of +/- R15k per month for the average small business. If you relate this to the costs to invest in this technology, assuming a worst case scenario where the business is using desk top accounting software and would need a cloud accounting tool implemented, this would require an implementation project costing in the region of R60k (this is an estimate for a small business of 10 – 20 staff members). This is a payback period of 4 months which is a financial no brainer!
If you would like to find out more about how you could explore these benefits contact the 118Accounting team at admin@118accounting.co.za