Do you sometimes feel like your paperwork is getting on top of you? Or that your books are a mess and you’ve got receipts all over the place? Or maybe that you’ve not got enough space to store your receipts?
These are just a few problems that Receipt Bank will eliminate from your life! Using the app on your phone, you can manage receipts and invoices you get for your business expenses.
Is Receipt Bank easy to use?
If you can take a photo on your phone and use email, then you’ll find it very easy to use. All you have to do is, when you get a receipt > open the app > press the orange camera symbol > take a photo of your receipt > press submit! If you get any invoices as email attachments, you just forward the email to your receipt bank email address.
Here’s a video of us using it to go and get some cleaning stuff for the office!
How does Receipt Bank work?
Every time you get a receipt or invoice and submit it via the app or email, it goes into a secure portal that your accountant has access to. They then process the receipt and push it through to accounting software like Xero to do your VAT return or accounts.
How does Receipt Bank help me?
- Saves time! No more having to collect receipts and get them to your accountant!
- Saves money! All receipts are claimed for, which reduces your VAT and tax bills!
- Saves storage space! You won’t have to keep your receipts in files, bags or boxes and can throw them away once submitted.
- Saves even more time! If you need to check a receipt or invoice, just log in to the secure portal, do a quick search and it’s there! No more rooting through files or ringing your accountant to get a copy!
- More control of your business! If your accountant has your books on a live basis, you’ll get what you need from them faster! Accounts can be done a month after your year end, instead of 6 months after. VAT returns can be done 2 weeks before the deadline instead of 2 days. Having more time to know what you’ve got to pay HMRC will help you plan and make better decisions
Can other people in my business use Receipt Bank?
You can add up to 5 users, so if you’ve got business partners or staff who buy things for the business, all receipts are in one place as soon they make the payment and upload the receipt.
Can I get rid of paper receipts?
Yes, every time you submit a receipt, you can throw it away! They are stored securely in your Receipt Bank account for at least 7 years (required by HMRC). If you need to find a receipt to get a refund or return stock, log into your account via the Receipt Bank web page and there’s a search button that will find it in seconds.
How much does it cost?
Subscribing to Receipt Bank directly with them will cost you anything between £20 – £70 per month based on the level of transactions. As a partner, we pay a lot less and only charge our clients between £5 and £20 per month, which is added into one monthly fee with their other services.
Do I need Receipt Bank?
If you’re happy doing things the messy way (even though you might think you’re well-organised with neat files) you may see Receipt Bank as a luxury. Things may change in the future if HMRC have anything to do with it! Making Tax Digital is a scheme they’ve got in the pipeline.
The initial plans were that by April 2018 everyone who does a tax return would need to take photos of receipts and submit regular updates of their income and expenses to HMRC every quarter using software. They soon realised that this timescale was a bit far fetched and decided it would only be the case for VAT registered businesses and delayed it until April 2019. If you’re business is VAT registered, are you ready to store your records digitally by next April?
We’re here to help and if you’ve got any questions get in touch!