Account Aspects has partnered with Receipt Bank since 2013, the year they expanded to Australia.
We met Receipt Bank when we attended our first Xerocon that year. Xerocon is an event where possibilities become reality. Meeting Add-on partners was eye opening to possibilities. We saw how cloud software would revolutionise our industry and it hasn’t stopped amazing us.
What is Receipt Bank?
Receipt Bank is a cloud software solution used to manage receipts, invoices and other documentation. You simply take a photo, email or upload your receipt to for processing. The key information is extracted and presented ready for processing into Xero.
Did you know, statistics show that over $330 million in unclaimed expenses is lost by SME’s every year?
This is because receipts are not kept or recorded as a business expense. One way this can happen is by paying with your personal account and misplacing your receipt. As bookkeepers, we struggle with business owners to see the importance of obtaining paperwork. We want to protect our clients from these alarming statistics.
Receipts are critical to claim a deduction for your business and comply to the ATO. Receipt Bank is ATO compliant meaning you no longer need to keep your paperwork. That means no more storing archive boxes in your shed or spare room for 7 years. Image what you could use the extra space for!
How is Account Aspects using Receipt Bank?
We are different in the way we use Receipt Bank to most partners. Automation and time saving on client’s work is not our main focus. In fact, we spend more time in Receipt Bank to ensure details are correct before sending to Xero.
Our focus is on communication and accuracy.
Business owners are busy doing what they love and servicing their clients. At the end of a long day they want time with their family and not dealing with paperwork. Obtaining receipts, invoices and other documentation is a consistent battle for us as bookkeepers. Receipt Bank is a way for us to bridge this gap and make it easier to do business on the go. It also enables us to increase the accuracy and the integrity of your financial records.
Our aim is for paperwork to be #effortless.
Why is Account Aspects strengthening their partnership?
The bookkeeping industry is constantly evolving. Since conception, Receipt Bank’s features and functionality continue to improve. The time it takes to extract the information averages at 18 minutes. In the past, this was 24 hours slowing down our processes. This enables us to provide real-time data for decision making in your business. The bank match feature helps identify the correct bank account increasing accuracy. With over 200 product enhancements and faster extraction, this is why we have strengthen our partnership.
How do our clients use Receipt Bank?
As part of our Bookkeeping packages we include a Receipt Bank subscription. When coming on board, Kate our implementation expert, will take you through the set-up process. You will then be ready to snap photos of your receipts using your smart phone via the Receipt Bank App. You will be given a unique email address to email invoices straight from your email system. Better yet, give this address to your suppliers for invoices to go straight into Receipt Bank. You can upload your documents or connect Dropbox for a seamless integration. We want to make this process as simple as possible, so contact us for the best solution for you.
How do you get started?
Account Aspects are committed to empower with purpose and passion. We listen to what our clients need and put processes in place to help them achieve their goals. To save you time and obtain your paperwork efficiently, we include a Receipt Bank as part of our Bookkeeping package. Our services are to support you and your business. Contact us today to get started.