This morning on my way to work I stopped at the local petrol station to fill up. I paid with my work Visa card and was handed my receipt.
In the past this receipt would have joined a number of other receipts in my wallet; until such time that I get them out and file them at work.
However my new process is so much better. I simply opened an app called Receipt Bank on my mobile phone and took a photo of the receipt before throwing it in the bin.
Receipt Bank will then use algorithms to process the receipt, by picking up the payee, total amount and GST and import all of this information into your accounting software. If it is a payee that you have used before the system will also code the transaction for you. My receipt this morning was directly put to fuel expense.
So what does Receipt Bank mean for business owners?
- No more wallets full of receipts
- No more receipts lost on the floor of the car
- No more worries about fading on carbonated paper receipts
- No more fights with the bookkeeper over lost receipts
- No more messy folders full of receipts
Contact Clifton accountants if you would like more information on how modern software can improve your business. Kurt Clifton