Tuesday, 15 December 2015

Ditch your paper receipts, there’s an app for that

Save time • Save money • Save space • Increase accuracy

At Vivid Chartered Accountants, we aim to live by our vision of making our clients’ lives better. We know that you’d rather be getting on with business than coding receipts or sorting through paperwork.
By now, you’ll have heard us rave on about Xero – Beautiful accounting software for beautiful people. But have you heard about the award-winning Receipt Bank?
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Receipt Bank, using what can only be described as black magic, extracts and uploads all the data you would otherwise have to manually enter into Xero. No more carpal tunnel syndrome from all that data entry – save that for tweeting about how much you love your accounting software.

Instead, using the Receipt Bank iPhone or Android app, take a picture of your receipt, and let Receipt bank do the rest.  

Since you already know how to take the perfect selfie, taking pictures of receipts is a breeze - no selfie stick required! But instead of having a picture of yourself that will be the envy of all of your friends, Receipt Bank will have found the receipt’s supplier, date, receipt number, amount spent, GST, and more.

Receipt Bank can do the same for supplier invoices too – once the data has been extracted, these can be exported directly to the Purchases tab in Xero, ready for you to approve and schedule for payment.
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Save time– cut down on data entry and sorting through paper records

Taking a photo of your receipts as you get them will remove the dreaded weekly or monthly sit-down in front of your computer to reconcile your accounts. Receipt Bank will become a better friend than your favourite contact on Snapchat.
Receipt Bank doesn’t stop there, it can implement different rules for each supplier, so once you’ve set up the rules you want, such as the payment terms and method, you can trust Receipt Bank export the data automatically and accurately.

Save money – capture every expense to maximise your claimable expenses

These little purchases can add up, and when filing a receipt is easier than instragramming your lunch, there’s no need for you to miss a thing. By the time you’re back in the office and logged on to Xero, Receipt Bank should have extracted all the data you need to code your purchase. #nofilter

Save space – your receipts are linked to the bank expense, and archived in accordance with the ATO’s requirements

Possibly the best feature of Receipt Bank for those who love the environment or those who hate paperwork, is that Receipt Bank uploads an electronic copy of the receipt which is compliant with the ATO standards. Receipt Bank will keep each receipt archived for 7 years, so you can throw that receipt in the recycling bin. It’s your own personal Pinterest of sweet tax receipts.

Xero and Receipt Bank are like really good Facebook friends, constantly tagging each other in status updates. If Receipt Bank finds a purchase in Xero that matches, it will let you know.

The receipt is automatically exported and attached right alongside the purchase, so there’s no flicking back and forth between records.
If you want to hear someone rave about Receipt Bank non-stop, call Tamara, our practice manager. If you want to learn more, and try out the software to see just how much it will benefit your business, contact our office.
Our office will be closed from 12pm on Thursday the 24th of December and will re-open on Monday the 4th of January.  We will also be closed on the afternoon of Friday the 18th of December for our Christmas party. We wish you all a safe and happy festive season.