A few months ago I received an email inviting me to try out Receipt-Bank…
The company’s marketing was geared towards bookkeepers and small accounting firms.
Would we appreciate eliminating data entry? – Of course!
The problem is that simply giving our clients the tools doesn’t mean that they’ll use them – or even understand how to use them. If we’re lucky our clients will keep copies of receipts and supplier invoices. It’s very unlikely though, that they’ll upload them to Receipt Bank until some time after we’ve nagged them just after the year end.
What’s more it isn’t any easier for our clients to upload files to receipt bank than to scan them to DropBox or Google Drive and log them into a spreadsheet.
I get my wife to scan my receipts into a CITRIX SHAREFILE Inbox and then categorize by type of expense.
When I needed to provide audit evidence, I had my colleague categorize them more thoroughly:
Is it better to work in real time? – Of course?
But accounting doesn’t get done in real-time unless you have a full-time bookkeeper. If your business is big enough to support a full-time bookkeeper, your first priority should be to hire a good one. RECEIPT BANK is aimed at outsourced bookkeepers who, by definition work for multiple clients. THAT MEANS THEY DON’T WORK IN REAL TIME!
Would your company appreciate a ‘seamless accounts payable process’? – Why not?
To be honest I’ve never seen such a thing for a company with fewer than 50 employees.
At the prices RECEIPT BANK is charging for a 150 transactions a month, there are plenty of alternatives at little or no cost. From our perspective RECEIPT BANK is attempting to insert themselves into a process between external bookkeepers and their clients – while offering little of any real value.
If your bookkeeping practice wants to provide effective solutions to your small business clients, ask us about how we use SMARTSHEET for a variety of functions like – expense reporting – documenting SR&ED work – timesheets and deposit books.