Receipt Bank – Why We Recommend This App
When a new client comes into us here at Ecommerce Accountants, whether they are an Amazon Seller, or a Shopify Store Owner, one of the first apps that we always recommend is Receipt Bank.
What is Receipt Bank and what does it do? Here are some of our most common client questions, answered.
1. What is Receipt Bank?
When it comes to improving processes, saving time and reducing headache, Receipt Bank is our go-to app.
Gone are the days of having to keep folders of paperwork and giving them to your accountant or bookkeeper.
Now, with Receipt Bank, all you need to do is take a photograph of your receipt/invoice and it will automatically be uploaded to our cloud-based dashboard. From here we, as your accountants, will work out what needs to be done with it, whether or not it contains VAT and then push it straight into your Xero account.
2. What will Receipt Bank do for me and my business?
It means that you now no longer need to keep physical records for your business.
Think about it…
You have just received an expense invoice in your inbox, what do you do? How about when you buy something in an actual shop?
Most accountants would have you print out the invoices and, together with the physical receipts that you were given, put them all in an envelope/folder/shoebox for review and later, storage.
What is the end product of all of this effort?
The whole lot gets boxed up, transported to your accountant, who then manually has to deal with everything and then stuck somewhere for 6 years in storage.
As I am sure you all will agree, this process is outdated, time-consuming and worst of all, bad for the environment.
For those of you who are slightly ahead of the curve and use digital filing systems, it also means that you do not need to worry about manually uploading these documents from your inbox either. Just setup a filter with an automatic forwarder and you never have to worry about inbox invoices again!
3. Do I need to download or install anything on my computer?
Fortunately, Receipt Bank is browser-based, so you do not need to download anything if you want to manage files/documents that are on your computer or laptop.
If you have physical receipts that you want to photograph and send to us then you will need to download the Receipt Bank app. This is available for both iOS and Android.
4. Is it easy to use and do I need to learn anything?
Receipt Bank is simple and intuitive to use. There is nothing special that you need to learn.
That being said, if you have any questions or something does not make 100% sense, as your accountants, we are always on hand to help you out.
5. How does it work if I have a physical purchase receipt?
Simple, just open the Receipt Bank app on your smartphone and take a photo of the document. Once you have done that the document will be uploaded to our dashboard for us to deal with.
You may need to wait a couple of seconds for the file to upload, but once that has completed, you are done!
6. How does it work if I receive a purchase invoice via email from a supplier?
When we create your Receipt Bank account, you will be issued with a unique Receipt Bank email address. Any emails that get sent to this address will be scanned for attachments and uploaded to us.
So, if you receive an email with an attachment on it, all you need to do is forward the email, including the attachment, to your unique Receipt Bank email address.
If you want to be extra efficient you could even set up an automatic forwarder so that certain emails are automatically forwarded to Receipt Bank as soon as they arrive in your inbox, meaning you won’t ever have to think about filing an expense invoice again!
7. How does it work if I have already downloaded my purchase invoices onto my computer?
If you want to upload invoice files to us from your computer then you can do this via your Receipt Bank account using their file-upload tool.
All you need to do is log in, click add items and then click add files by upload.
Once the files have uploaded they will be left in our capable hands!
8. How do I find my Receipt Bank unique email address?
See our step-by-step instructions on how to do this here LINK.
9. How much does Receipt Bank cost?
You can see a breakdown of Receipt Bank’s pricing structure by clicking here.
As we are a Receipt Bank partner, we are entitled to a discount on their software. Since (for all of the reasons above) we encourage you to use it, we pass our savings directly on to our clients.
We are accountants for Amazon Sellers and ecommerce businesses. If you are an Amazon Seller or own an ecommerce business then please do not hesitate to get in touch with us here at Ecommerce Accountants.