01 Sep The 5 things Receiptbank makes easy for business owners
Having lots of paperwork around me is a nightmare!
I dislike having letters, notices and other such bits taking up space around my workstation, my home, my dining table, my oven top…
It’s another thing to clean around for a start!
Why not email me, or provide me with a login to view messages , or even text me? I don’t want stuff that doesn’t arrive through the letterbox until days later, and then takes up space in my home before ending up in recycling (or worse the bin because the material is “not recyclable”). I feel sorry for the people responsible for printing, enveloping, stamping and posting all of this out, they must have lots of paper cuts!
The worst is, as a business owner needing to keep copies of invoices/etc for 7 years in case HMRC come knocking, and given the fact that I’ve only been using Xero and been paperless for 3 years, there’s unfortunately a mass of boxes from 4 years ago up to 7 years ago, taking up the whole of the end of the bedroom that I can only clear out once a year – meaning I can’t clean the windows easily, and I dread to think what creatures have turned these boxes that I’m lovingly keeping warm and dry into their home!
I’m sure I’m not alone in this struggle with “the dreaded paperwork”, so in the fight against it, there’s a cool add-on to Xero that basically allows businesses to be totally paperless….
…. it’s called Receiptbank, and it’s a great add-on to Xero. It takes all data from purchase invoices and receipts, turns them into accounting data, deals with the VAT, and attaches a copy of that invoice against the transaction.
It allows a business to be paperless, and saves so much time in both the bookkeeping and the running of the business.
Here are the top 5 reasons that you need to get Receiptbank integrated with Xero right now!
Get more time back
If either you or your adviser (or a mix of both) is spending lots of time getting copies of the invoices into Xero by other means (scanning & uploading, for example), there’s only so many hours in the day, and there’s only so many hours on the clock for your adviser within your current budget.
Flip: if you’re new to getting copies of invoices into Xero and you have 7 years worth of paperwork somewhere, a decision will need to be made with regards to what to do with all the backlog.
Copies of invoices are attached to the transactions in Xero
This keeps HMRC/you/adviser happy.
Immediate access to view the details from the invoice (from anywhere in the world!) just by searching for the transaction in Xero, and then clicking on the image of the invoice, takes a matter of seconds – and is so much easier and quicker than wasting lots of valuable time raiding through papers and files that you’re storing.
Need a piece of paper to hand to someone?: just print it out. No current access to Xero?: just ring your adviser up and ask them to locate the data, it’ll take a few moments.
Flip: what’s not to love about this feature?
Spend time and other resources more wisely
Don’t either allow or ask humans to spend very costly time doing a task that can be automated for the cost of one weekly coffee out! Instead, have one less coffee a week out, get Receiptbank in, and allow your adviser time within the current budget to instead provide you with rich advice and assistance where it’s needed (rather than number bashing).
Flip: you need regular coffee fixes – but how about bringing your own in a flask once a week?
No more lost invoices & receipts
If it’s in Xero, it’s there, it can’t be anywhere else. Also, there’s no risk of you missing any tax deductible expenses, or a cost being incorrectly dealt with.
Better business decisions can be made
More informed business decisions are only possible by having a robust system in place that’s providing continual live data about your business and ensuring that it’s all easily accessible for both you and your adviser.
Your costs are logged in your bookkeeping at source, so the profitability is readily available for you to see all the time (not just once a week/month/quarter). For example, you easily see who you owe money to, and of course that will reduce your bank balance at some point as you need to pay them.
FAQ: how do I get invoices to Receiptbank?
There are several very different ways to get your invoices into Receiptbank, depending on how you currently operate:
1) Post them off – if your suppliers post their invoices to you, or if you’re handed invoices or small receipts, just pop them in a pre-paid pre-addressed envelope and pop it in a postbox. Also, make it habit to ask suppliers to email you the invoice wherever possible, to avoid postal delays/issues.
2) Email them on – if your suppliers email you invoices, then just forward them on (added bonus, you have a copy of it, if you do need it for another reason).
3) Upload them – ideal for small receipts, download the Receiptbank app on your mobile or tablet and snap a picture.
The key for any business is to utilise resources (such as time and cash) in the best way possible, so you’re maximising the return on that resource/time/cash investment.
This is an age where there’s a very affordable app to automate simple and repetitive processes to a much better and quicker standard than a human that costs much more.
The decision to also allow more costly resources to bring much more value to your business has to be a very good business decision.