By Emily Win
An EASY way to manage and have visibility of your expenses and costs! I bet you didn't expect to see all of those words in the same sentence ... but it's true!
Using Receipt Bank technology allows you to manage your day to day expenses in an efficient way which can then provide timely visibility of your costs.
Here are 5 key ways Receipt Bank can help you use the word EASY when you are talking about your expense and cost processes.
#1 Timely Capture equals timely visibility
Using the Receipt Bank App on your phone allows you to take a picture of an invoice and payment receipt as soon as the purchase has happened.
All invoices and receipts can be forwarded by you or your supplier directly to your Receipt Bank email address.
Once published in Receipt Bank an item will feed Xero within seconds
#2 Automatic feed of Supplier invoices into Receipt Bank
The Fetch service within Receipt Bank allows certain suppliers (e.g. Amazon, Adobe, Google, The trainline) to be set up to automatically pull invoices into Receipt Bank.
#3 Efficient processing
Receipt Bank technology automatically captures all the key pieces of information (e.g. Invoice date, VAT amount, Net and Gross amounts, Supplier name, payment method).
Suppliers with the same type of costs can be set up to automatically publish from Receipt Bank to Xero as soon as the invoice arrives in the Receipt Bank inbox, with no human intervention.
#4 Automatic identification of personal vs company expenses
Receipt Bank technology automatically captures what card is used on the invoice or receipt (if paid).
Receipt Bank can be set up to state whether that card is company or personal allowing easy processing of an expense to Expense claims (if a personal card is used).
#5 Expense Claims Processing
Receipt Bank allows any invoice or receipt to be added to an expense claim for a Receipt Bank user which can then be published to Xero and paid to the employee.
Take a look at our article Top Bookkeeping Tips for other ways to streamline your bookkeeping.
If you would like help in setting up Receipt Bank in your business get in touch