Accounting is Changing. Don’t Fall Behind.
Receipt Bank helps small to medium-sized businesses save valuable hours by pulling information from receipts and invoices quickly, accurately, and efficiently.
How We Streamlined Processes and Improved Productivity Using Receipt Bank with One Client:
Accounts Payable Before: Office Manager, Michelle, would gather piles of receipts and invoices and sort them according to whether they were already paid by credit card or whether they still needed to be paid by cheque. Cheques would be written by Michelle for Canadian vendors and given to Owner, John for signature. Wire transfers would be arranged (by physically going to the bank) for U.S. vendors at a cost of $80 US each. Then copies of all transactions would be placed in a big envelope that we would regularly stop by to pick up. For all receipts and invoices, manual entries were made into QuickBooks Online, after the fact. Monthly bank reconciliations were tedious and time consuming.
Accounts Payable After: Now, Office Manager, Michelle uploads invoices and receipts into the appropriate Receipt Bank inbox as they come in to the office, where they are digitally stored. Receipt bank recognizes key information and with just the touch of a button, they are electronically moved/integrated into QuickBooks Online. Items that have already been paid, will automatically match up to transactions on the banking tab and items requiring payment will be seen as bills requiring payment. Now Michelle can easily print cheques for Canadian vendors at the appropriate time. Owner, John receives an email asking him to review and approve payments and cheques are then generated in QuickBooks Online. In the case of U.S. vendors, electronic transfers are set up using Plooto, at a cost of $10 US each. Monthly bank reconciliations are done instantly.
Benefits: Saves time and money! Improves workflow productivity, documentation and recordkeeping. And it’s paperless and integrated with QuickBooks Online.
Expense Reports Before: Salesperson, Sean, saves receipts for expenses then enters them into a Excel spreadsheet for approval and payment. It’s a labour intensive process that takes time away from selling.
Expense Reports After: Salesperson, Sean scans and uploads receipts for expenses into his Receipt Bank “inbox” as they happen. Receipt Bank recognizes key information and with just the touch of a button, an expense report is easily built, and digitally integrated into QuickBooks Online. Owner, John receives an email asking him to review and approve the Expense Report for payment. John, can click on any entry to see details. Super efficient!
Benefits: Saves time for everyone! It’s fast, easy and receipts don’t get lost or missed. Improves workflow process, documentation and recordkeeping. And again, it’s paperless and completely integrated with QuickBooks Online.
Best Practice – Set up different In-boxes in Receipt Bank:
1. Accounts Payable – Canada
2. Accounts Payable – U.S.
3. Credit Card 1
4. Credit Card 2
5. Salesperson 1
6. Salesperson 2
Would you like to learn more about Receipt Bank and other Technology Ecosystems that can improve the profitability and performance of your business? Talk to us! We’re here to provide process driven financial solutions that focus on you – so you can focus on growing your business! We are conveniently located in Burlington, Ontario and offer expert advice for small businesses in and around Halton, Hamilton and the GTA.