What are the pros and cons of using a Receipt Bank?

Effortless bookkeeping automation software that saves bookkeepers, accountants and small businesses time, money and time is known as receipt bank. It is a tool in the accounting category of the tech stack. It extracts the primary information from the client’s receipts, bills, and invoices to remove the need for any manual data entry.

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Features of Receipt bank:

  •       You can post your receipts and invoices for processing.
  •       You can also email your receipt and invoices for processing.
  •       It is easy to upload the receipts and invoices for processing.
  •       The tool stores your receipts and invoices safely as scanned images.
  •       The receipts and invoices are stored as searchable.
  •       The receipts or expenses data is available for export or sharing.
  •       The receipts are expenses data that is published to another software. The tool is also available for both iOS and Android devices.

There are plenty of digital apps specially designed to make the financial stuff a lot easier. You might have seen some ads on the TV about digital accounting or some other actors waving a mobile phone at you telling you to stop spending so many hours on paperwork, and it will be straightforward to go digital.

If you are using some financial app like Xero, then you might know it is straightforward to do all the financial stuff digitally, but cloud accounting goes beyond this app as there are several apps to replace those little time-consuming tasks that you have to do.

Receipt banks mean you don’t have to collect the receipts ever again

You are most likely familiar with the received bank technology if you have a 4G mobile phone and use it to click pictures.

The working of receipt bank

  •       Firstly, you need to download the receipt bank app on your smartphone.
  •       Then, you need to open the receipt bank account and take a photo of the receipt as they occur.
  •       The information from the receipt will be uploaded in red to the receipt bank account online.
  •       You can easily upload the chart of accounts to the receipt bank to read and accurately code the receipt.

Receipt Bank also integrates with Xero, meaning that the receipt’s financial information is entered directly into the financial accounting system. You can forget about keeping the receipts and stash them whenever you want, as once they’re uploaded on the cloud, you don’t need to have any paper copy.

The best part about receipt banks is running a paperless and painless operation. All the information is stored on the cloud and active securely, and you can use it whenever you need it.

Are there any cons?

There is no disadvantage of using this app, to be honest. You will also get into the habit of taking pictures on the go. In addition, you can get access to the invoices as soon as you send them means you have a quick and accurate understanding of the short-term cash flow.