Improve business efficiency with Receipt Bank

Stacks of invoices and filing cabinets jam-packed with receipts - the worst nightmare of any business owner.

Processing such data is a very laborious procedure with receipts and invoices having to be manually inputted into spreadsheets and software. It’s very repetitive, very time-consuming and very much prone to human error. On top of this, it can be expensive to employ extra staff to perform these low-level data input tasks.

Imagine if this data entry process could be automated, freeing up time for both you and staff to carry out higher value tasks. Well, let me introduce you to Receipt Bank…

The solution

Receipt Bank is an app that extracts the key data from your bills, receipts and invoices and publishes it directly into your accounting software. It can be ‘bolted-on’ to cloud based software packages such as Xero and Quickbooks Online.

Simply take a picture of a bill, receipt or invoice on your phone and Receipt Bank will accurately extract the necessary data from it, then upload it to your cloud accounting software. Simple and effortless.

Receipt Bank is ultimately here to make the life of a business owner easier:-

• It unlocks time by providing easy automation for collecting, processing and publishing receipts and invoices
• It seamlessly integrates with online accounting software and provides secure cloud storage
• It allows you to use your time more effectively to bring in more customers, spend more time with clients and ultimately stay competitive

Why now?

Making Tax Digital (MTD) means that if your business has a turnover above the VAT threshold (currently £85,000) by April 2019, you will be required to keep digital records in order to submit your VAT return. If no solution is in place by April 2019 then you will not be able to submit your businesses VAT return and you may face a fine.

MTD provides business owners with a unique opportunity to review their business and its processes. In many respects, it gives business owners a chance to put in place measures to cut the time they spend on bookkeeping and spend more time growing their business.

What are the next steps?

Haines Watts is a Xero Platinum Partner. We can help you and your business make the transition to MTD, and ensure your business . Get in touch with Chris Hird for more information or to discuss your current software capabilities.