If you would like to spend less time organizing your records and more time growing your business, you should automate your document retention with Receipt Bank.
Receipt Bank is a website application that extracts key information from your invoices and receipts and publishes it directly into Quickbooks Online (QBO).
Some of the benefits of using Receipt Bank are:
- More timely information.
- Instant receipt scanning with the mobile app. All receipts are usually captured within days or hours. Depends on you.
- More accurate capturing of information.
- Ability to easily designate receipts to specific classes or projects and also easily add notes to a receipt.
- Integrates with QBO.
You can submit invoices and receipts to your Receipt Bank account in multiple ways including mobile apps, email, computer upload, DropBox and more.
How to use mobile app:
Using either the iOS or Android app
1) Open the app
2) Take a picture
3) Tap to submit the photo of your receipt for processing.
Receipt Bank will extract all key information including the item type (invoice, receipt or credit note), date, supplier, invoice number, total, sales tax and payment method. You can also add information including client, description, currency and project to your receipts before submitting them.
If you don’t have an Android or iPhone smartphone, items can be submitted by email. Every user is automatically provided with a unique, personalized @receiptbank.me email address. Invoices or receipts sent to an @receiptbank.me email address upload to your Receipt Bank account as separate items. Regular invoices from suppliers or providers that are received via email can be emailed directly to your @receiptbank.me email address.
Once all the key information from your receipt has been extracted, your receipt will be transferred to the ‘Ready for Export’ section of your ‘Inbox‘ in your Receipt Bank account. From here, all the data can be downloaded as a CSV file, or published to Quickbooks Online (QBO).
When you submit a receipt for a supplier for the first time, Receipt Bank will make a best guess and assign the receipt a default category it thinks is most appropriate, for example office expenses. You can change the default category and it will remember this for all future receipts from this supplier.
For more information, please contact your trusted LCA accountant.