Choosing an expense management tool for your business can be confusing.

As the owner of a bookkeeping company that has been around for some time, we feel your pain! We have done many hours of research into how best help our clients with this aspect of their accounts.

We work solely with Xero. We believe that of all the cloud-based software options that it is hands down the best option. Once it has been set up correctly, we find many clients are confident in doing their day to day work and only need our help at BAS time. There are clients of course who ask us to manage their day-to-day Bookkeeping needs and we are happy to do so.

There are a number of Expense Management Tools available that allow you to manage your bookkeeping and the handling of your receipts much easier than ever before.

To ensure that your day to day activities run more smoothly we recommend the use of Receipt Bank, one of these cloud-based data capturing tools. The capabilities of Receipt Bank include such things as:

  • receipt recording and data extraction
  • push bills & receipts to Xero
  • bill matching, bank feed matching & more

All this is achieved in three very simple steps:

1) Snap it – Use your phone to snap and extract all the important data, and then scrap the physical copy of your receipt. Simple and paperless!

2) Send it – You can upload bills, receipts, invoices and bank statements. Do this on-the-go from your phone, laptop or email account. Your accounting software can be connected to Receipt Bank via their seamless integration.

3) Sort it – The time you would usually spend on your financial admin? The great news is that you have now won it back. Now you can focus on what really matters to you — like growing your business.

What other benefits does Receipt Bank give me?

So, we now know how it benefits you, the Business Owner, with regards to your end of the books but there is more!

Because of the seamless and intuitive actions of Receipt Bank, your bookkeeper will love you! The ease with which the information is available means they will spend less time doing your books. The receipts give them all the information that they need to have to complete your books. No more spreadsheets asking what this payment relates to or questions around whether you paid GST. It is all there, on the receipt and now in your Xero file. How cool is that?

There are a number of options available to both business owners and bookkeepers that it can be difficult to decide which way to go. The next big question and a crucial one is ‘What is the cost?’

The truth is that what you pay per month will be saved in spadefuls by the lower charges from your bookkeeper! There are a variety of options available. These depend on the number of transactions that you process each month. It is a very transparent pricing policy and one that your bookkeeper will be happy to discuss with you. Don’t be afraid to use their knowledge and experience.

Bookkeepers can take even more advantage of the options available in Receipt Bank – for transactions already reconciled in Xero but no pdf attachment, Receipt Bank will find the reconciled transaction and attach the PDF for you!  For bank transactions not reconciled, Receipt Bank will match this with the PDF from Receipt Bank and enter both a bill and the payment with the PDF!  Plus!! Many more reporting tools for the bookkeeper!

As I said earlier, my team and I have done the hard work and the hours of research. If you do need convincing, please give me a call and let’s talk about your circumstances. For us, the success of using this software was always going to be whether we could save money for our clients while keeping the quality. The answer, in short, is yes!

To speak to Liz Peacock please call 0405 801 119. Or you can email Liz and book an exploratory conversation.

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