Uploading your bills to your accountancy software can be a time-consuming process and is not the most exciting task for business owners. Wouldn’t it be great to reduce admin time and focus on the work that you’re passionate about? Corrigan have been trialling an app-based solution that has significantly reduced our bill processing time, allowed us to view our bills in one place and has contributed to reducing our paperwork.
Receipt Bank supports 300,00 businesses worldwide to make their processing effortless. All you have to do is photograph, email or upload your bills and receipts into the Receipt Bank platform and the app will take it from there. Using OCR technology Receipt Bank extracts all the important information such as supplier name, date, amount due and VAT amount to create a bill to be posted into your business’ Xero account.
If you’re tired of rummaging around in your filing cabinet for receipts, Receipt Bank enables you to quickly search their archive to locate this, and even attaches a copy of the bill to Xero allowing you to access them from your accounting software.
HMRC requires that limited companies keep their records for 6 years from the end of the last company financial year, but this is a lot of paperwork to protect. Documents saved to Receipt Bank are held on the cloud which means that not only are you able to access them at anytime from anywhere, but they cannot be damaged, lost or degraded.
The app extracts data with 99% accuracy meaning that little manual input is required by you. Receipt Bank will also make suggestions based on previous invoices uploaded for that supplier, so the more you use it the more automated the process becomes.
If you like the sound of using Receipt Bank in your business, we are really pleased to be able to offer our clients a 50% discount on Receipt Bank Extract. Please contact us for more information or visit the Receipt Bank website.