How ‘Receipt Bank’ Will Revolutionise Your Office

A screen shot of receipt bank
This site freed up hours of time for me. It's a 'Paperless Office' essential!

Recently I talked about how to go paperless in your office. I touched on Receipt Bank but I wanted to go into a little more detail.

Because without Receipt Bank, my paperless office system wouldn’t work.

What Is Receipt Bank?

Receipt Bank takes information from scanned or photographed documents and converts them into usable information.

It processes invoices, bills and receipts into exportable data. Essentially eliminating any manual invoice processing.

Yes, you did read that correctly – It eliminates manual invoice processing.

Lets look at my original system for inputting against my new system.

Old System (Paper Based)

  1. Open envelope/print emailed invoice.
  2. Find correct folder, hole punch invoices, staple any two page invoices and place into file.
  3. Throw original invoice in bin
  4. Open accounts software, open invoice input tab
  5. Enter invoice data onto software
  6. Write number produced by software onto invoice
  7. Place Folder back onto shelf.

New System (Paperless)

  1. Open envelope or email
  2. Forward email to custom receipt bank address/ Scan invoice into dropbox folder
  3. Log into Receipt Bank (after 72 hours – usually alot less)
  4. Scan through invoices to double check data has been proccessd correctly
  5. Send to accounts system

The paper based system would usually take me around 20 minutes a day and the archives were out of control.

The new system takes around 5 minutes per day (if not less) and has meant I no longer have to keep physical records of invoices.

No More Physical Records?

The first question most people ask me is, ‘What do you mean you bin your invoices?’. Whilst you do have to keep records of invoices for inspection by HMRC, this can be done electronically.

This notice will give you more information.

I use Receipt Bank with Kashflow. When exported to Kashflow, Receipt Bank send both the data and and image of the invoice into the record. VAT inspectors and anyone else can find the original invoice directly below the record of the invoice.

Finding Information Fast

As well as saving me around 65 hours a year just in processing time, finding information is also rapidly increased. Instead of digging out old folders, flicking through the pages until I find the right document.

I can either search through a supplier by date on Receipt Bank or I can log in to Kashflow and pick the document up from below the record of the folder.

Available Everywhere

Receipt Bank is cloud based, so all  information is available everywhere. This means that:

  • Invoices can be approved by people out of the office.
  • You can retrieve invoices, receipt & bills anywhere in the world.
  • If you computer crashes – it’s all backed up within the cloud.

Imputing Receipts is Simple

If you have problem staff that can’t seem to bring back receipts, the phone app will allow them to take a photo of their receipt and submit it directly to the system.

This means those petrol recipients that never seem to make it to the office can be photographed immediately and disposed of.

It’s these small things that start to make your paperless office happen automatically. It suddenly becomes easier to not have paper than it does to retain it.

Compatibility?

When I first started using Receipt Bank there were a few accounts packages missing from it’s export function. This has changed now and most major account packages are included. Receipt Bank integrates with:

  • Bill.com
  • Business Backbone
  • Crunch
  • Free Agent
  • Fresh Books
  • Iris Open Books
  • Kashflow
  • Sage One
  • Quick Books Online
  • Sage 50
  • SortMyBooks
  • Twinfield
  • Xero

If you already use one of these packages, using receipt bank is a simple way to save yourself time.

You cam then use that time to do things that matter within your business.

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