Smart Solution to manual bookkeeping entry
Time. This saves time . It also provides peace of mind.
The AI behind this software is smart and adaptive. The OCR recognition can identify the debit/credit card used on a submitted receipt and match that receipt payment to the specific bank account in your accounting software so you can avoid sending payments to the wrong account. For accounting firms, the bundled pricing is a great value to share with your clients. It does not just push the data to your accounting software, but will search your transactions in the software to try to find matches and will sync up the payments with ease.
While they are doing good with the fetch option for online invoices (they can pull the statements and invoices from online billers, such as cell phone or internet), they do not have the capability, currently, to pull bank statements. Add this feature and we have an unmatched solution to this expense capture sector in my opinion.
Receipt Bank review
the ability to upload your bills, receipts, invoices and bank statements from your phone makes it easy to work even out of office. This can be integrated into your accounting software that you use seamlesly without any hussles.
you can use it for free and very easy to use when extracting data that you require and it is a very good fit small businesses and you can do your work at home on your fone, laptop through your email and integrate when you are at work
It may be costly in the long run if amount of transactions increases with the growing of the business as the cost is related to amount of transactions that you undertake
Waste of Money
Ended up wasting more time then it was worth.
Not cheap either.
Photo recognition is very accurate and customer service is helpful and existant.
Where do i start. The system is very clunky, looks great from the outside but there are better solutions out there especially for the price. Upload a reciept and approve it. Then wait 24 hours for it to enter your accounting software. Nightmare when your trying to reconcile.
Doesnt link with QB Projects so have to go into each reciept in QB and add project. This defeats the whole purpose of the app. Oh and you have to wait for it to push to QB.
I use this to input all of my receipts for my business.
Ease of inputting receipts into accounting software.
I can auto-forward bills and invoices I receive via email to Receipt Bank, the ones which are consistent, I can even auto-publish to my accounting software (XERO)
I'm in Canada and have a few bills I pay in US funds. Occasionally a receipt will spontaneously switch currencies for no apparent reason.
Good software but could be cheaper for smaller practices
My practice used to receive paperwork by various channels and we were always chasing clients. This has made it easier for the client to submit paperwork, though there is still definitely some chasing! Overall, a good product.
This software has streamlined the ways clients supply paperwork to my practice. Clients are generally happy with using it and it is very intuitive.
The pricing structure doesn't differentiate between different sizes of practice except for single users so the savings scale massively for larger companies.
Clients can be confused about submitting multiple invoices by email.
Doesn't split across classes/departments in basic product
Does exactly what is needed
It has vastly saved time and effort determining my expenses meaning I can spend more time on real work.
the software is very capable at image recognition and determining exactly what was charged. It also does a good job of archiving said expenses.
I think there could be more done to notify the user of the expenses once they have been succesfully processed. I also think that it could do a better job when it comes to determining exchange rates for expenses. It would be great if they could find a way of linking the exchange rate used to the card that is paying, rather than guessing or using a value from another source.
Receipt Bank frees up time
I've worked with Receipt Bank for over a year. First used it for my business, then for other businesses. It's basically the best product currently on the market. It frees up time for SMEs, I can see how it worked in our practice and also for other clients. Instead of having to manually type all the details, Receipt Bank will scan it all for you and help you manage this process. The development team is very progressive and they are very keen on making this product work for your business.
It can scan hand written receipts. Taxi receipts are a headache and we've put the system to the test, it's absolutely brilliant at recognising even the odd receipts.
We had a few cases where the receipts were coded with the wrong currency, instead of GBP we had AUD. You just need to make sure you review these receipts and make sure you spot such errors.
Receipt Bank Does Not Work
A total waste of time and money.
Not worth it.
Receipt Bank promised a lot and delivered extremely poor service. It simply did not do what it said it would do.
It combines multiple receipts into one entry, entirely in error.
It fails to recognise the currency of the receipt.
It mis-reads the receipts - inputting incorrect numbers and names.
It corrupts easily, locking a lot of entries inside the app but unable to generate a spreadsheet. There is no way to extract the data from the corrupted app, so you have no choice but to enter all the data again or create your own spreadsheet and enter it there.
In all Receipt Bank was a complete waste of money and an enormous waste of my time.
I strongly recommend anyone against buying Receipt Bank. It is easier to create an excel document of your own which you can run on your phone. If you want to you can add in drop-down menus to make data entry quick and easy. That is much easier than trying to mess around with the grossly faulty Receipt Bank app.
Receipt Bank makes expense reports a more painless process.
Ripped us off to the tune of £2,500
Awful, we use free versions like Hubdoc now.
It's easy to implement. The app is ok but a lot disappear into the ether when you look in the online site.
They overcharged us by £2,500 and have refused to refund us. Also, it doesn't remember a great deal of 'pre-saved' accounts selections. Also duplicates invoices.
Forget the rest Receipt Bank is the best! Save time and gather more data!
I have been using Receipt Bank alongside Xero for at least 5 years now and I have tried the alternatives but for me RB is the best! It is easy, accurate and intelligent. Its super simple app alongside the emailing in, drag & drop, dropbox link etc makes adding receipts and bills easy so you are more likely to capture more items. The OCR works well and learns (it is however worth keeping an aye on things as sometimes it can go awry!). The supplier rules work well, it has a great user interface and is simple to navigate. I know that they do line by line splits on some supplier invoices and I would like to see that get more accessible. Overall Receipt Bank saves so much time and I think that they are still developing more and more features. I have had clients that hate it and there are a few nuances that you should pay attention to at the start but once you have it works brilliantly!! I have tried Datamolino, Autoentry and Xero direct for the day to day receipts & invoices but have always come back to Receipt Bank.
Customer support has always been good, friendly and relatively speedy. I use Receipt Bank with all my clients - we insist upon it!
I would probably say the thing that comes up over again is the price (I argue that rather pay them that than me for data entry!) but maybe if there was a lower starting price? I would love to see a Bill to client button and the option to break an invoice into lines as a standard option.
Accounting Made Simple with Receipt Bank
The experience so far has been pleasant. Paperwork can be really daunting especially at the end of the month when you have to account for all the business transactions and present accounting and financial report on time. This software basically saves you the trouble by making things simpler and saving you a great deal of time.
All you have to do is take a photo of receipts and bills, make use of the drag and drop feature and get them into an accounting system for easy and quick reference.
It saves you a good deal of time in accounting. With the OCR feature, you can easily get both the debit and credit card identified when receipts submitted show they have been used for payment. Moreover, you can find out the exact bank account for the debit/credit card used to ensure there's no error when making payment or tracking transactions.
Receipt Bank simplifies bookkeeping in that you can be out and about and still be able to get things into the system without any constraint. This is actually possible thanks to the mobile app that lets you work as normal even when you are on the go.
User-friendly and easy-to-navigate interface. The dashboard also simplifies bookkeeping and lets you gauge or track your customer's activity level from time to time.
It captures accurate info. Just snap a photo and relax. The rest will be handled by the tool.
Data mining may exhibit a bit of issues sometimes. So it should definitely be checked.
Useful app that makes bookkeeping much more efficient
This software makes bookkeeping very easy, even when on the go. The mobile app is perfect for tradespeople and those on the road.
The dashboard feature is particularly useful to us a bookkeeping business as we can monitor that activity level of our clients as well as ensuring the correct uploading of their documents.
We have found ourselves paying over the odds for this software on behalf of clients whose business sees peaks and troughs in terms of activity and so some months can be charged at a higher rate because they reflect the previous month's activity, despite little to know uploads taking place in the month following. We would much prefer to pay for the software on a credit system whereby we pay for what we use.
Saves me so much time and keeps me on top of my bookkeeping
Fast, efficient, and I am always on top of my bookkeeping.
I scan receipts with the iOS Dropbox app and place them in a shared folder. The next day my receipts have been data-mined, and are ready for me to double check before pushing them to my FreeAgent account.
This process shaves hours off my monthly bookkeeping.
Occasionally there is a small error in the data mining, usually due to a receipt displaying information in an unusual place or style.
Finally accounts are paperless
This app saves so much time and messing about with recipes and invoices when you are doing accounts. It is very easy to use with the iPhone app, online and via email. Whenever I buy something I can just take a photo of the receipt in the app upload it and forget about it. I can also email receipts for online purchases directly to my receipt bank account.
The system then picks out all the information and passes to my accounts software (Xero) I don't have to worry about loosing receipts or searching for emailed invoices. It saves me loads of time and avoid boxes of receipts at the end of the year.
I don't really have any downsides to this product does what it says on the tin easy to use and reliable.
The accuracy really is superb! It is amazingly how accurately it gets the information required from what is often messy, crumpled or poor quality receipts
The main criticism is that I need a totally separate account per business. Would be better to handle multiples from one login. Also seems bonkers to have to pay extra for more users, has no bearing on the required server time or functionality's...eg zero benefits to just sharing a login .so to charge for it seems wrong. Lastly, the GUI could be modernized slightly
Easy expense tracking for small business
I love how easy it is to use Receipt Bank! Simply taking a photo of my receipts has alleviated so much stress when it comes to month end and just the general brain space it takes to keep track of paper receipts.
I honestly don't have any complaints about the software.
Excellent Soo Far
This software has made organizing my receipts very painless and efficient. I like the fact that a copy of my receipt is kept in this database and another copy in my accounting software when receipts are pushed over.
I find that sometimes when I send invoices directly from my email into receipt bank, not all the invoices are recorded or even appear. My accountant has to notify me to resend them to her personal email when she reconciles our books monthly.
Time Saving tool
I have been using Receipt bank from last 2+ years, its a great tool to save time & a lot of data entry. My client are also happy to save time & cost due to using Receipt Bank.
In some case its mixes currency sign and user need to review receipt and verify currency to avoid later issues.
Effective, bit pricey, bit complex
Well, you get the same functionality but better with Xero Standard. So why buy this? Just get Xero
It works! The OCR was very good at reading receipts and storing data in the right ledger code. Saved me lots of time
Tricky to set up, costly. Now there are other products with same functionality but cheaper
Simple to use and convenient, but could be fine-tuned to make it even easier.
This software has a mobile app which is incredibly useful as you can just take pictures of the receipt while you're out and about so don't have to worry about keeping them safe. the app itself is simple to use, though could be fine-tuned. The accountants at receipt-bank are switched on and will follow-up with any outstanding or incomplete expenses, and answer any question you may have about the status of a particular expense very quickly.
In the app there are some unnecessary fields that you don't have to fill in, but they are named the same as one which you do, which was confusing at first, but now I am used to it. Also the accountants ask how you paid e.g. personal card / cash, or a company card etc, but there is no option for this so you have to remember to write it in the notes section, which is not an issues, but something to bear in mind to avoid hassle further down the line.
It is also worth noting that the expenses take a while to verify, so submit then and maybe check on it in a day or so rather than expecting it to accept it then and there.
Receipt Bank is a Cool Software
Receipt Bank is really a time saver software in term of keeping records of your expenses receipt. Moreover, its integration with accounting software like Xero is very useful.
Negative points on Receipt Bank is the Invoice "Fetch" functionality that is a very good idea but never worked properly since I am using the software. This functionality is creating more problem by creating duplicates than actually saving time.
No more paper clogging the filing cabinet!!
Time and money saving
This software is so helpful in clearing all the receipts/invoices/statements from my desk. I either photograph with my phone or attach from email and then I can shred or delete. I've gone from spending hours filing to minutes uploading. Awesome program!!
Sometimes it takes awhile for the invoices to be processed but I don't find that a big concern as I have plenty of other work to get on with.
Absolutely love the way it can OCR, use rules I set up, and then export the data to QBO
Handling of taxes... while it reads the tax amount, we in BC have a challenge with it seperating our PST and GST amounts. (But the promise a fix is coming).
Receipt Bank--Help Code Expenses
Overall pleasant experience. Using this platform helps eliminate a great deal of the back and forth questioning between our team and our clients' spending. Holds the client somewhat responsible for accurately capturing expense data. Somewhat works as a digital filing cabinet as paper receipt retention is not needed.
Ease of use and I'm able to manage from my mobile device on the go.
I don't believe it accommodates classes in case you have difference locations you're tracking in GL.