Recently, I’ve been both working on client jobs, and my own business processes, and have been trialing some software which should come in handy. I’ve decided to offer it to my clients, free of charge. It will help you to achieve that holy grail of running a business, ‘The Paperless Office’.
Of course, it’s Receipt Bank, and you install it on your phone. (You’ve probably heard of it). It keeps electronic copies of your receipts for 7 years, meaning that you essentially take a snapshot of the receipt, and then upload to the software, all within the app. If you’d rather it not be on your phone, then you can also sign in on your desktop, and upload by scanning the receipts first. The beauty of this is that you can then simply discard the receipts, freeing yourself of one little bit of paperwork.
Why should I use Receipt Bank?
Well, you do want to streamline? Yes? And you want less paper? You want to be able to close your drivers door without that cascade of receipts threatening to spill out onto the road again? Then Receipt Bank is for you.
Photograph the receipt, upload, and stick the paper in a generic box of your choosing. Unless you’re supremely confident, in which case, ‘throw it away is the word of the day’.
Another great trick of Receipt Bank is a natty little process called ‘Fetch’. Do you have an Amazon account? How about Paypal? Or maybe a regular supplier? Receipt Bank will connect with your supplier accounts, and for any invoices that don’t require any authorisation, such as your phone bill etc., and upload the information for you.
Of course, if you’re anything like me, you’d want to double check that you’re happy with it for the first year, and I totally understand that.
So, bearing that in mind, I’d consider putting the receipts that you’ve processed into a box or file, and just handing them in to me when we start your year end. (If you’d like to arrange them into months, then that would be balm to my soul). Once you’re happy with the software, and the uploading process, you can then discard the receipts. For your peace of mind, it’s fully complaint with HRMC.
What happens to the information?
I’m glad you asked that question. I get to see your information at my ‘end’ of the software, and can identify bank payments etc., and hopefully remove the burden from you of keeping those pesky pieces of paper in order. It also means that if there are any receipts that haven’t been matched up to the bank, then they can be adjusted for in your accounts.
- Receipt Bank can save you time on manual data entry.
- It can save you space, you no longer need to keep receipts.
- It will capture all your information, not just the bit that you remember to keep.
Of course, if you’d rather not use this method, then I’m perfectly happy for you to simply drop your books off, complete with all your receipts as usual, no pressure. If you’re interested in having a play, get in touch, and I can set you up with an account and instructions.
Meanwhile, here’s the link.