Do you find yourself scrambling to look for receipts every time you submit your tax return? Do you feel you may be losing out because you can’t remember all of your expenses? Do you still use an old shoebox as a receipt filing system? In this post, we’d like to share a tool called Receipt Bank that has revolutionised receipt management for us and our clients.
How does it work? Each time clients receive a new receipt or invoice, they take a picture and upload the image to the Receipt Bank app. All the key data is automatically extracted and sent straight to our accounting software with the image. Our software securely archives all receipts and they can be submitted digitally to HMRC, so clients can bin receipts once they have been sent to us and never think about them again!
We’ve found that Receipt Bank helps clients to stay on top of expenses as they can submit receipts whilst on the go, whether they are at a business meeting or buying supplies. As receipts are uploaded immediately, there is no danger of forgetting which expenses are business-related and which ones are personal. Since there is no manual data entry involved, submitting expenses is no longer a tiresome, time-consuming task. Moreover, the fact that receipts are all safely stored on Receipt Bank means that businesses can access their complete records at any time and easily find what they need using the search function.
We’re proud to offer Receipt Bank to all of our clients as a complimentary service. We use the real-time data we receive from clients to make sure that their expenses are fully reimbursed, as well as offering informed advice on deductible expenses. If you’d like to get more organised with your receipts, get in touch with us here and don’t forget to follow us on your preferred social media platform for regular updates.