UHY Hacker Young | Chartered Accountants

Cloud accounting app of the month: Receipt Bank

6 December 2018

Each month we’ve been putting the spotlight on our favourite bolt-on cloud accounting apps. In November, we have been focusing on Receipt Bank. In this blog, Holly Davies, our in-house Receipt Bank expert, takes a closer look at the app and the benefits it can bring to business owners.

What is Receipt Bank?

Receipt Bank takes a snapshot of the important information from invoices and receipts submitted by users and transfers it directly into their accounting software.

The extracts data from bills, receipts and invoices and publishes the information gathered directly into the users accounting software.  Once the items have been sent they will go through a data extraction process, which extracts key data from a digital image of the item. Completely removing the need for someone to type up the purchase invoice as in days gone by, thus saving hours of processing time.

Why do we recommend our clients use Receipt Bank?

At UHY Hacker Young, we recommend our clients to use Receipt Bank because:

  • It will save them time and is cost effective. Receipt Banks AI-powered system reads receipts quickly and accurately
  • You can make sure you claim every expense. Receipt Bank helps to ensure you never lose your paperwork, just snap your receipt with the app, submit on the go and you’re done
  • All data is saved in the cloud, meaning there is no duplication or lost information
  • Seamless integration, linking directly to the cloud software, so you can build a seamless accounts payable process.

How does Receipt Bank work with the cloud?

Receipt Bank integrates with Xero, Quickbooks and other cloud accounting software, ensuring that there is an automatic workflow of your expenses 24/7. Linking up Receipt Bank with your accounting software is highly recommended as it prevents any errors in data extraction.

Holly Davies is an AAT trainee and joined our Manchester office in September 2016. Holly is our Receipt Bank app champion, which involves training all new staff at every level from junior to Partner on how to use the software as well as visiting clients to provide onsite training and being their main point of contact for product support. She is a key member of our Cloud Accounting conversion team and has been involved in over 50 conversions saving clients on average at least 4 hours a week processing time.

Should you have any questions about this blog or wish to discuss your options when it comes to Receipt Bank or cloud accounting please do not hesitate to contact Stuart Hurst or speak to your usual UHY adviser.