Save time and money with automatic receipt processing. So how do you automate receipt processing?
It’s easy to fall behind as a business owner or executive with the demand for your time and attention. Sometimes, it’s possible to completely drop the ball and miss filing your business expenses.
When it comes to business expenses, even the most organized business owners can fall behind. Receipts and invoices can easily be misplaced before you get them to the right person. Time and effort spent looking for receipts can be better spent elsewhere.
When staff don’t file receipts promptly, it results in tax overpayment reducing what you get to take home, but more importantly, it’s harder to track how well you’re doing. Luckily, there’s a way for you to keep your money and improve your record-keeping without wasting resources trying to stay on top of filing or scanning receipts.
Previously you had to collect and organize paper receipts. The issue is, frequent distractions come up and your process gets interrupted. A small distraction and you leave the receipt behind, forget about it entirely, you lose it before you store it safely.
However, there’s a second issue. The information from the source documents that don’t get lost and need to be entered into excel. This too is full of potential problems. Some common issues include double entries and human error. There’s also the cost and wasted productivity of having staff enter the data into excel when it can be done quicker and more reliably using this software. Add this to the time lost trying to track down those lost and misplaced receipts. Wasting staff hours doing something mundane and error-prone is just a bad business decision. If you understand what’s available on the market, it’s just not an effective use of time or money.
There are a lot of disadvantages to the old method, but when everything was done by hand, it served a purpose. Today, companies can’t afford to keep doing it. Organizations that utilize modern automation will overtake those still operating with traditional methods as they make better use of their time.
The new, streamlined process to save time and money:
Receipt Bank is a mobile device app that aids small business owners save time and increase their productivity when it comes to filing receipts. Instead of stressing out over receipt tracking and then submitting data manually, Receipt Bank does this process for you. Just snap a photo of the receipt and you’re done.
The software then processes the information on the receipt using advanced optical character recognition (OCR) to convert the image into useful information for Xero or Quickbooks. No manual entries are needed and no storing of paper receipts, and lots of time saved.
The Receipt Bank app is available on all mobile platforms, so you can send receipts and invoices from anywhere using your device. It’s incredibly convenient.
It also works for any team size. You can add multiple team members and give them different access permissions and analysis reports for every staff member. You can also create rules that instruct Receipt Bank where and when to direct transactional data, suppliers and payment methods. The software can adapt to your business processes.
In under a minute you can achieve what used to take a significant amount of time, a massive productivity increase. There’s also almost no chance of losing receipts after you capture it – which you can do immediately. With the data uploaded directly to the cloud, you won’t experience any issues such as duplicated or lost data entries either.
If your business requires advanced data security, you can rest assured because Receipt Bank protects your data with 256-bit SSL encryption – the same level of security that banks use.
In short, Receipt Bank presents a service that automates your receipt bookkeeping and saves you and your employees time.
With competitors taking advantage of the best in data analytics and automation, your time is far too valuable to be spent handling receipts and manually entering data. Bookkeeping automation gives your team more time to do more valuable and innovative activities that make an enormous difference to your customers and your financials. The less time you can spend on bookkeeping, and the more time you can spend growing your business.