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How SMEs can save time with Receipt Bank

No-one wants to spend hours each month searching for receipts and invoices

by Jaspreet Lally

Being a start-up, a growing, or even a well-established business, there is always one thing there never seems to be enough of – time.

No-one wants to spend hours each month searching for the receipts and invoices their accountant is chasing for when there are a million other more important things to do. To be honest, we here at Blu Sky don’t want to spend our time sifting through a bag of receipts or chasing our clients to send over their information.

Time saved

Advancement in technology and the progress in application development means there is an ‘app for everything’ – but as Sam discussed in a previous blog on ‘Cloud Integration’, the key is in quality not quantity. At Blu Sky, there is one staple app we set every client up with – Receipt Bank. Chances are if you are reading this, you’ve likely already experienced the wonders of the app.

The advantages of Receipt Bank to both us and our clients are massive. Here are a few reasons why I personally love the app.

1. Real Time

We get to have Real Time Information – within hours of making a purchase, we can get the transaction coded to the Chart of Accounts, analyse the VAT impact and advise clients who are then able to make real time decisions about their business.

2. Accuracy

With the ability of snapping the receipt with your phone after being handed it or forwarding on the invoice you’ve just been emailed, the information we receive from our clients is consistent and accurate. It results in not only our job becoming easier, which frees us up to spend more time adding value to our clients, but also means there isn’t a loss of unclaimed expenses. For my clients who are ‘expert users’ of Receipt Bank, I love being able to say that their Management Information or VAT return is as accurate as can be! This in turn allows our clients to make valuable management decisions to make their business more successful. It really is a win-win all around!

3. Ease

It’s so easy to use – we use the app ourselves at Blu Sky and know how it seamlessly integrates with your daily tasks!

4. Improvements

The developers at Receipt Bank listen to our feedback and are constantly working on making the process of managing costs more efficient. We had Mike from Receipt Bank come along to our recent App Day and he introduced us to the latest Receipt Bank updates:

Invoice Fetch – there is now the ability to connect your Receipt Bank account to your suppliers which have online portals e.g. Amazon, eBay, utilities companies (the list is very, very long!). Instead of clients having to log in download and forward these invoices to Receipt Bank, the app will collect any new invoices from the portal and automatically and extract the data from them! We love this new feature and are excited to see how much time this will save!

Effortless Expense Reports – Receipt Bank already had the functionality for us to manually create expense reports for employees but this process has now been automated! Employees can upload receipts which automatically gets added to their individual expense report. We can set up approvers within the company who can have access to their employees’ expenses within hours of the transaction! Again, providing Real Time Information to allow for real time decisions.

Within the time I’ve spent at Blu Sky, I’ve already seen how much Receipt Bank has developed to make bookkeeping more efficient. I’ve been able to see first-hand, the amount of time that we save internally and the impact having accurate financial information has had on the success of companies. If you didn’t already know – we love Receipt Bank and can’t wait to see what they come up with next!

You can watch Sam interview Mike from Receipt Bank here.

Click here to find out more

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