Remember that scene in It’s a Wonderful Life where George Bailey’s uncle folds $8,000 in bank deposits (almost $100k in today’s dollars) into that morning’s newspaper and unwittingly hands it over to Mr. Potter?
Did you scream at the television the first time you saw that scene?
Most of us aren’t carrying around wads of bills anymore, but we’re still capable of throwing away chunks of money through carelessness. In fact, that’s exactly what happens when you lose receipts—it’s not misplacing an envelope full of cash, but if you’re not able to submit an expense report to banking payment receipt systems or provide relevant documentation on your taxes, it’s essentially the same thing.
Enter Receipt Bank, and a way to get more efficient with your bookkeeping processes.
We should stop right here to say that Reconciled isn’t getting any compensation from Receipt Bank for this post. We just love the product and use it with all our clients because it’s efficient and effective.
So how can Receipt Bank help you save time and money? Glad you asked.
Protect your money
With banking payment receipt systems, there is no more wading through piles of crumpled receipts in envelopes or shoe boxes come tax time.
With a quick tap on your smartphone, you can scan in any bill, receipt, or invoice, and Receipt Bank will send the relevant information directly to your accounting software. It also saves an image of the document for seven years in case you need a hard copy.
That means you never miss out on deductions or reimbursements, so there’s more money in your bank account.
Dig into the data
No company achieves its best financial success by just winging it. You need relevant data to help you understand where your money is coming from—and going to. Good news: you can input every single transaction into Receipt Bank and pull up a secure, searchable file to analyze whenever you need it.
Streamline your processes
If you’re on a mission to go paperless (who isn’t?) and simplify your processes, then receiving all your invoices in one program gives you double the benefit. You keep paper invoices off your desk and have a streamlined procedure for handling accounts payable.
Of course, convincing all your vendors to invoice you in the system of your choosing could be challenging. But Receipt Bank makes it easier by allowing you to invite them through a downloadable link sent via text message.
Speed through a backlog
Have you ever used a banking app on your phone to deposit checks and had to spend 10 minutes getting the picture exactly right before you could deposit it and move on to the next check? If so, you might shy away from programs that say they can easily scan in receipts and invoices.
But with Receipt Bank, it’s actually true. If you have a shoebox full of receipts, you can take picture after picture with no rest in between—up to 50 in a single go.
Help out your team
You’re not just interested in saving your own time. You don’t want your employees spending hours on expense reports—or coming to you six months after they made a purchase and asking for a big reimbursement that sends your books into chaos.
You can add your whole team to Receipt Bank—and control the privacy settings for all accounts—so that everyone can scan their receipts in on the go from their iPhone or Android phone. No more late expense reports, and you have happier employees with more time to spend on the work that matters to your business.
Automate your systems
Automation is the buzz word of the moment—and for good reason. When you automate a process, you’re essentially putting valuable minutes back on the clock. And you can use those minutes to reach out to clients or brainstorm your next big product launch. Or go out to lunch.
Receipt Bank allows you to create rules that tell the program when and where to transfer information for transactions, suppliers, and payment methods. All while you’re doing something else.
Cut out unnecessary steps
Scanning in a receipt or invoice is great when a server drops it off at your table or you receive it in the mail. But if you get a receipt via email, printing it out and scanning it in is a waste of your valuable time and interferes with your efforts to cut down on paper in your office.
With Receipt Bank, you can email the document straight to your account, and you never have to touch a piece of paper.
If you’re battling piles of receipts or trying to figure out how to manage your financial systems, consider getting support from a bookkeeping expert.