by Connor | Jun 11, 2020 | Accounting, Bookkeeping
It doesn’t matter if you are an established company or a startup trying to find your feet. All businesses require financial data and forecasting to ensure their success. Keeping track of invoices and preparing tax returns used to be difficult. But now any business, small or large, can make tax time a doddle if they use Receipt Bank.
Learn everything you need to know about Receipt Bank and the app – right here!
Receipt Bank is a platform used by businesses, bookkeepers and accountants. Sole traders and businesses can use it to upload receipts, invoices (both sent and received) and other important financial documents. It can be used in multiple currencies and send you important reminders too.
Uploads can be made in various ways. The most convenient is using your smartphone camera to scan the document to your Receipt Bank account. You can also email documents or import them from other online platforms. For example, you could send across invoices from your business PayPal account to your Receipt Bank account with just a few clicks. You could even make the process automated.
Yes – many businesses owners choose to use the Receipt Bank app because of its scanning function. With the app, you can scan your receipts and invoices swiftly. This makes using the account and its services even more convenient.
Once your receipt has been sent to your Receipt Bank account, the original document is stored on the platform for ten years via a secure cloud service. However, you should not feel obliged to keep the original as Receipt Bank will make a new copy by transforming all the key information into a new format by itself. This new format is ready for download, and just as important, accepted as proof by HMRC.
Some people prefer to keep the original copies as well. If you ever decide to delete your Receipt Bank account, it may be worth downloading all your originals just in case you ever do get audited by HMRC.
The main benefit of Receipt Bank and its overall purpose is to make your tax obligations less stressful. Its other benefits include:
• Save precious business hours
• An effortless hands-off approach
• Helps you and your accountant avoid misunderstandings/errors
• Fewer paperwork tasks during the year
• Better for the environment!
Before you commit to the tool, you can book a demonstration from their official website. This will give you first-hand experience of the platform and help you make the right decision for your business.
The platform offers three different packages with varying functions. The right package for you will depend on your size of business (i.e. how many documents you need to scan each month) and the number of employees who will use it. You can pay monthly with no obligations or opt into a yearly plan that is also paid monthly. The latter is the cheapest and sole traders/single users can enjoy the software for as little as £10 per month!
There is a second type of Receipt Bank Account known as a Partner Account. These accounts are held by administration and financial professionals such as bookkeepers and accountants. Their single account allows the user to access all of their clients’ account information from a single place. Your account will be merged with your accountant’s. This means when you upload invoices to your own account, the partner account will also be updated.
What does this mean for you? It means that when it comes to tax time, all the heavy lifting has already been completed by the app and your accountant can easily do your taxes and any other relevant documentation quickly.
If you already use our services, already have a Receipt Bank account, or are interested in either, do not hesitate to contact our savvy team.
Our door is always open!