KMA Goldmine TV – Episode 32 – Receiptbank App

“KMA GOLDMINE TV EPISODE 32 – Receiptbank App “

 

 

Here, Kim Marlor talks about The Receiptbank App, what it is , what it means to you and how to use it.

Receipt Bank. What is it? In essence, it’s an app that works hand in hand with online accounting software systems like Xero, QuickBooks and countless other online accounting software packages. It’s a platform which it uses to manage the receipts, invoices and other documentation that businesses depend on these days to keep accurate and useful financial records. Receipt Bank uses OCR, Optical Character Recognition, and templating technology to extract written data on receipts and invoices, or other financial documents and presents the visible data in an electronic, easy to read, managed format. Perfect for publishing onto other accounting software. It’s an app that you can have on your phone and desktop. You can really easily use the mobile version whilst you are out and about, and you can take a photograph of a receipt bill and upload it into your software. The good news is it complies with all the tax authorities like HMRC, who will accept the digital storage of financial documentation as proof of purchase. You can also email directly in any bills, receipts or other documentation that comes in via email to a dedicated email unique to you and your business.

You can also use the latest online fetching technology from other online platforms. It is so simple to use. You just place the receipt down and photograph like this. Let me demonstrate. After you’ve clicked the button to submit Receipt Banks’s automated extraction engine will read all the key information and display it in an easily manageable format. Perfect for downloading or processing onwards to connected accounting software, like Xero, for example.

Receipt Bank extracts the following: original document image, type of document, whether it’s a receipt, invoice, credit note, et cetera, document date, supplier, currency, total, tax amount, invoice number, payment method, dependent on which level of Receipt Bank license you have though. An image of the document and its associated data will be kept on file for 10 years. You can now throw the receipt away if you wish. You will, of course, need to make sure it’s gone through without any hiccups first. So, Receipt Bank provides the answer to saving documents securely online, where they can be shared and stored with your colleagues and your accountant. There are different packages available, either direct as a business owner or through your accountant. You can find further information here.

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KMA Goldmine TV Episode 32 – Receiptbank App

That’s it for this week’s edition of KMA Goldmine TV until next week.

If we can help with anything included in this edition or if you’d like to talk to us about anything Accountancy or Business development, then call us now on 0161 410 0020.

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0161 410 0020
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KMA Accountancy
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Altrincham
Cheshire WA15 9NZ

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