Receipt Bank

I'm wearing some Receipt Bank swag that I got at Xerocon 2015 in Denver today so I thought it would be an appropriate time to post about the 'how' of Receipt Bank.

At The Tunstall Organization, Inc. (TTO), we use bunch of different 'apps' aka 'add-ons' to help our clients run their businesses - and send their transaction activity to the accounting system - more easily and digitally. One of those apps is Receipt Bank (RB). Receipt Bank aka RB is exclusively for the 'expense' side of the business. i.e. RB doesn't invoice clients and/or do Accounts Receivable or anything like that...only expenses. 

On the expense side, it solves a few problems:
 1. Receipt Bank (RB) captures a digital copy of receipts when you purchase things for your business on the go. 
RB has an app for iPhone and Android that can take a picture of any receipts for purchases made for your business.

2. RB takes the captured image, reads it and stores a copy of the receipt.
After the photo is taken, you are automatically prompted to 'submit for processing'. This sends the .pdf to RB's website and they read it with Optical Character Recognition (OCR). RB then stores the processed .pdf on their website.

3. RB then sends the captured image to your accounting system to be coded, attached to the transaction, approved and reconciled to the credit card and/or bank statement.
After an initial set-up of the settings in Receipt Bank, the receipt images will sync to the 'draft bills' section of the accounting system (we're using Xero for the purposes of this exposition). There will be an image icon noting that the receipt is attached to the transaction. 

It can be viewed by clicking the icon.

Once approved, the transaction will hit the GL (be live in the accounting system) and then then bill can be matched (reconciled) with the transaction records of the credit card statement.

The benefits of having a receipt attached to a transaction is mainly for compliance purposes. It can make an audit go smoother, for sure. But also for quick reference internally to clear up any confusion about what the transaction was for, where it happened, what time, etc. and having that data attached to the transaction.

Killer feature: you can use RB to email or upload bills, however, where RB shines is really in their smart phone app. It handles taking a picture and submitting the receipt for processing in literally 3 clicks. Please reach out to The Tunstall Organization, Inc. (TTO) if you'd like to see if RB is right for your business or to find out how to better automate your operations to the back-end accounting system. Contact us here.