Blu Sky recently held our own App Day, and Receipt Bank, PLEO, Chaser, Connectably, and Capitalise came along to demo their products and tell us more about what's coming next.
In this video, Sam interviews Mike Phillips about Receipt Bank. You can find the transcript below.
[Samantha Grigg] Hi everyone, I’m Sam from Blu Sky and I’m here with Mike from Receipt Bank.
[Mike Phillips] Hi!
We’re just going to talk a little bit more about Receipt Bank today.
Mike, do you want to tell us a little bit about yourself, about Receipt Bank, your history and Receipt Bank’s history?
Sure! So for those aren’t familiar with Receipt Bank, we’re a bookkeeping productivity tool essentially, but really our whole product suite is focused around saving time, driving efficiencies.
So my job as an account manager is essentially to help accountants, bookkeepers, SMEs, make the most of new technologies to drive efficiencies in their firms.
Sounds good. Automation – we all love it! Tell us a little bit more about the automation Receipt Bank offers.
Absolutely! So our core is data extraction, so what we do is we automatically extract the data from receipts and invoices using AI-assisted OCR technology, so that’s optical character recognition. So what we’re doing is we extract the data so it’s ready to be published in to your online ledger but beyond that there’s a lot of other automation functionality that means that based on, say, a particular supplier, you can set rules so that everything’s coded up correctly.
What problem does Receipt Bank solve?
So, a number of problems but primarily for the for the business owner we’re removing any reliance on paperwork.
So is it really as simple as just taking a photo of a receipt?
Absolutely yeah! Especially for physical documents so all you need to do is take photo the receipt and it’ll be submitted to Receipt Bank. If you’ve got digital invoices all you need to do is forward those onto a specific email address. And we’ve just recently released another piece of functionality called Invoice Fetch, which will actually integrate your Receipt Bank account with suppliers online.
Do you want to tell us a little bit about how you came to be working with Xero?
Absolutely! So we are a UK-born company but we very quickly moved out to New Zealand and Australia because that’s where the market in cloud and accounting etc sort of began mainly at Xero. So when they properly came over here what we did is partner up with them as well, so we’ve grown with them, we’ve been Xero App Partner of the Year multiple times and now we’re sort of stand-alone working with them as well.
So who should be using Receipt Bank?
So really any business can be; we’re optimized for small and medium enterprises, that’s just the way we were built but as we grow we’re sort of also expanding into the larger more complicated firms.
What would your top tips be for someone new to Receipt Bank?
For the SME I would say just put everything, all documents through Receipt Bank immediately, as soon as you make a transaction. What that means is you’re going to have a real-time view of your business and your accountants can also advise you based on that.
The second thing is if you’re actually doing your own bookkeeping, the key is in the setup, so it’s an initial time investment, and make sure you get the integration settings right with Xero.
Finally then, last question, if you could sum up Receipt Bank in a sentence, how would you do so?
Saves you time and saves you money.
Thank you very much!