How to Use Receipt Bank – Best Tool for Bookkeepers

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If you want to relieve yourself from the tedious task of data entry when performing your routine bookkeeping, Receipt Bank is the option to consider. It allows you to update your books in a hassle-free manner with the help of AI. 

Receipt Bank allows you to speed up your bookkeeping and cuts down the time that you usually spend entering data into spreadsheets. 

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It will help you maximize your efficiency and save precious time.  

How to Use Receipt Bank - Best Tool for Bookkeepers

Features Of Receipt Bank

Whether you are a sole trader, running a small or medium-sized business, or an accountant, bookkeeping can be a breeze with Receipt Bank. It has tools that will make your accounting painless and simple.

With Receipt Bank, you can snap, store, and keep a record of your business invoices, bills, receipts, and bank statements. It relies on innovative and impressive technology that was developed after extensive and rigorous testing. 

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You can use your phone to capture the receipt or any other important data. Furthermore, you can send the receipts, bank statements, invoices, or bills on-the-go.

You won’t have to spend most of your time managing the accounting documents and entering the data into spreadsheets. The most amazing feature of this tool is its ability to scan all the data by itself. 

It will draw out the data with pinpoint accuracy. While extracting, storing, and organizing the data, Receipt Bank utilizes a mix of human sorting and AI.

Receipt Bank takes into account the machine learning abilities to customize the bookkeeping procedure for you. This is essential, as every business utilizes a different approach while performing bookkeeping. 

You can connect with any of the top-notch cloud accounting platforms, including QuickBooks, Xero, and Sage. Through its automated transaction matching and publishing features, you can easily reconcile all the data.

With the provision of ‘Advanced Expense Reports’, it is possible to create, finalize, and approve your expense reports quickly. Overall, bookkeeping with Receipt Bank is simple and straightforward.

In short, using Receipt Bank is a simple and seamless way to manage your bookkeeping. It comes with features that render your bookkeeping routine a less daunting task. 

Who It’s Suited To

Receipt Book is highly recommended for bookkeepers, accountants, and all types of small to medium-sized businesses. Moreover, if you are self-employed, this accounting software can minimize the hassle of bookkeeping. 

Accountants can take advantage of the innovative features offered by Receipt Bank. For instance, accounting firms can track the client’s activity and share any data with the client. 

Furthermore, it also allows managing the workload, performing in-depth analysis, and boosting overall efficiency. 

Cost

As for the cost of using Receipt Bank, there are different plans available to you. You can also use its free trial to analyze its performance. However, if you want to purchase a plan right away, just choose any of the following packages.

  • Business plan – £10.00/month 
  • Business plus plan – £20.00/month
  • Premium plan – £40.00/month

Pros

  • Complete your reports quicker 
  • Extract essential information through your documents in just a few clicks 
  • Experience incredible accuracy when extracting data
  • Manage your expenses and keep a track of all your spending 
  • Store data and submit it directly into the accounting system
  • Connect or integrate to your desired accounting software 

Cons 

  • Business plan offers only 50 invoices/receipt scans per month 

How To Download and Use It

To download Receipt Bank, you have to visit its official website. After landing there, you have to sign up by creating your account

Once done, you can choose the appropriate plan depending on your business needs. After that, you can unlock its capacity by using the advanced automation feature.

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Summary

As a whole, Receipt Book is a great tool to lower the hassle associated with bookkeeping, and it helps streamline and optimize the accounting procedure. The product relies on the combination of AI and human sorting. Although you have to pay for a plan, it can save you a lot in terms of your precious time.

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