Receipt Bank (“RB”) is one of the most popular online accounting software tools of modern accountants and business owners spearheading the trend of fintech in accounting. Traditionally, business owners would wait until the end of their bookkeeping period, (which could be monthly, quarterly, or even annually) to get their receipts to their accountants. This was quite inefficient as the accountants would not be able to do much work until they got the physical receipts. However, thanks to Receipt Bank, this has changed, and now clients can instantaneously transmit the receipts.
Receipt Bank offers multiple ways to submit receipts for effortless bookkeeping, which are read by its highly effective AI-powered optical character recognition (OCR) technology. It extracts all the necessary items from the receipt – such as, date, vendor name, total amount, tax amount, payment method and category.
Receipt Bank: Fintech in Accounting in Action
There are multiple ways to submit a receipt to Receipt Bank:
- Mobile App: By far, the easiest and convenient way to submit any receipts. Download the app on your Apple or Android phone and log in using your credentials. Click on the camera icon and start capturing all the physical receipts!
- Upload – Log in from your computer and basically drag and drop the invoices here and watch the magic happen!
- Email – Every user ID for each account will have a unique email address to which you can just forward your receipts, and Receipt Bank will process it.
- PayPal – Receipt Bank can integrate with your PayPal account, and it will directly extract all the transactions.
- Dropbox – Once you connect Receipt Bank to Dropbox account, it automatically pulls any receipts added there for processing.
- Invoice Fetch – There are over 1,000 suppliers which you can connect with Receipt Bank. Anytime an invoice is ready, it will automatically pull it into the system. Invoice Fetch is a great feature, especially for monthly recurring bills like telephone, internet, utilities and many more!
Why You Should Utilize Receipt Bank’s Fintech In Accounting
There are several reasons as to why a business owner should adopt Receipt Bank. Fintech in accounting isn’t just spiffy, it also saves you taxes! Just a few specific benefits worth mentioning are:
- Capture all expenses – It is very common for business owners to end up losing their receipts or they fade out after a few days. Result is a huge loss on the business’s end as they won’t be able to claim those expenses (especially GST/HST); as in case of an audit from the CRA it would result in disallowing of expenses without proof. This way a business will end up paying higher taxes.
- Claim Input Tax Credits – Thanks to RB’s remarkable AI technology that it can capture the tax amount with high accuracy. This way the business can be assured that it is not losing on claiming the tax expensed while filing for GST/HST return.
- CRA Audit Proof – Canada Revenue Agency requires that in case of an audit or review that the business documents may be available until six years from now. In the event of absence of proof, the CRA can disallow the business expenses that may have been claimed earlier. RB securely stores the receipts for a minimum ten years! So, if such an event occurs, you are just few clicks away from pulling all the necessary receipts.
- Searchable – There are many circumstances when you would want to look up a particular invoice from a certain vendor. If one was to go through the physical invoices, it could take forever to look up for the intended one. However, with the advanced search feature in RB, you could search receipts by different supplier names, date period, amount, invoice number and a whole lot more!
- Expense Reports – Receipt Bank enables business owners to add their staff as users and process expense reports for reimbursable expenses.
Receipt Bank’s Cloud Accounting Software Integration
Receipt Bank integrates with almost all the major cloud accounting software such as Xero, QuickBooks Online, Sage Online, etc. Once integrated, Receipt Bank effortlessly transmits the receipt over to the accounting software. Let’s take QBO as an example:
- Save the Data Entry – With all the data extraction done by Receipt Bank’s technology, you would need to eyeball the date, vendor, amount, category and push the receipt to your books. You can also get fancy by setting up rules for specific suppliers. For example; you can set up RB to automatically apply category as Fuel for any Petro Canada receipts, its tax rate, payment method, etc.
- Save Time – By avoiding the data entry, there is a lot of time saved on the bookkeeping.
- Source document attachment – There are many instances where you look at a transaction and wish that you could see the actual receipt to verify any information. Thanks to Receipt Bank that is now made possible. All those receipts that are pushed from Receipt Bank will be attached to each transaction and are easily accessible.
- Expense Reports – Expense reports published from Receipt Bank can easily be processed as such in Xero or QBO.
Alternatives to Receipt Bank
There are other software out there which provide similar benefits:
- Hubdoc – Hubdoc’s main feature is it’s bank and statement fetching capability. However, it also has the ability to extract data from receipts and push that into the cloud accounting software.
- AutoEntry – Very similar to Receipt Bank and one worth exploring.
To conclude, there are several advantages to adopting fintech in accounting with the advancement in cloud accounting technology, and tools like Receipt Bank amplifies such benefits. It’s a must use tool at our firm and our clients love it!
Get in touch with our team at Think Accounting so we can help you take care of you by streamlining your business workflow and you can focus on growing your business. Visit us at www.thinkaccounting.ca, email us at firstname.lastname@example.org or give us a call at 905-565-0095.