This month, we asked our partner community Orange Select for their top tips and tricks to make the most out of Receipt Bank.
In case you missed it, here’s the first ten of our Top 20 tips and tricks. Starting with downloading the mobile app and ending with investing in client training, it was packed full of helpful advice from our partners.
Ready for the next 10? Here we go …
11. INVEST IN THE CLIENT SET-UP
Always take the time to teach receipt bank rules to ultimately save time down the track. Never rush the Receipt Bank process. Make it work for you!James Webb, Link Strategies
It’s the same for almost anything. You get back what you put in.
Investing time in your initial set-up will save you dividends in the long-run. You can use tools like Supplier Rules to automatically categorise recurring expenses, such as your Uber receipts as travel expenses or an Adobe package as an IT cost. This may well save you and your team an incredible amount of time in processing repetitive bills.
12. USE RECEIPT BANK’S CLOUD ARCHIVE
Use Receipt Bank for data storage. Need your client to send you a bank statement? Have them snap a pic. You now have it quickly and can archive it for safekeeping.Jodi Tolborg, Nelson Alvarez & Co
No matter which product you choose, enjoy unlimited secure cloud storage for all your documents from day one. The archive is searchable and easily accessible, so you and your clients can quickly source the documents you need to close the books or prepare for an audit.
13. INTEGRATE WITH YOUR GENERAL LEDGER
“Integrate with a cloud accounting software before you upload receiptsRyan Park, Rotherham Taylor
Receipt Bank integrates with the leading general suppliers, including Xero, QuickBooks, Sage, MYOB and more. Instead of manually publishing receipts, bank statements and sales and cost invoices to your general ledger, you can use the advanced automation tools in Receipt Bank to get data in fast. After all, when you minimise time getting data, you can maximise time on insights.
While cloud-based general ledgers lead the way in speed and real-time data, Receipt Bank also integrates with QuickBooks Desktop and Sage 50.
14. EMAIL IN
My top tip is to set up an automatic forwarding email of invoices to the client’s assigned Receipt Bank email address.Mary Ballener, Ballener Ongoing Bookkeeping Pty Ltd
There are more ways than one to get documents into Receipt Bank. As well as snapping a photo of a receipt, you can forward receipts, invoices and bank statements to a dedicated Receipt Bank email address, use Drag and Drop or even connect them automatically.
For ultimate speed and convenience, Mary recommends setting up an automatic forwarding to save anything slipping through the net.
15. BULK EDIT
Bulk edits for suppliers that send hundreds of invoices at the end of the month is our lifesaver.Rachel Koch, Langtons Chartered Accountants
It’s all too common to receive tens of items to process at the same time, if not hundreds like Rachel. Bulk Edit takes the stress out of the equation. Navigate to the ‘Tools’ section in your Receipt Bank Inbox to adjust the category field for multiple items at once.
16. MANAGE YOUR PAYMENT METHODS
Payment methods were a game changer for us. Receipt Bank has made that process of allocating payments made through the owner’s personal account a whole lot quicker.Johan Potgieter, Acker & Maloney Inc
A game-changer for Johan, a potential game-changer for you too. You can add and manage Payment Methods from your Account Settings. Just click ‘Maintain Lists’ then ‘Payment Methods’ to make the reconciliation process that bit smoother.
Note: this functionality is only available for Business Plus and Premium Receipt Bank Accounts, or Streamline and Optimize partner accounts. Find out more about the different Receipt Bank products here.
17. INCLUDE DESCRIPTIONS
Always add a description before hitting submit. It makes the accounts much clearer if you’re syncing with accounting software.Georgia Gibson-Smith, Chaddesley Sanford
Two years on since this post challenging the description field, it seems accountants and bookkeepers remain divided on whether the time spent filling out description fields is really worth it. Yet, partners agree on one thing: it’s always useful to know the context.
For Melanie Dowie, our resident bookkeeping expert and Networks Account Development Consultant, “Adding description fields means you can analyse your reporting – for instance, reviewing the consistency of data or accuracy of posting transactions to the right categories. If you have a team of bookkeepers validating data in Receipt Bank, potentially in different ways, it is also still important to review your accounts in Xero before finalising them.
18. ALIX: AUTOMATIC LINE ITEM EXTRACTION
Sign up for Automatic Line Extraction, a great new product release that gives you more details on transactions.Sarah Pemberton, Jasmar Accounting Services
When you switch on Line Item Extraction, you no longer need to manually split your documents out onto line items. Instead, Receipt Bank magically lists the total, tax and description across every line. It’s essential when offering a service that cares about the details.
19. EXPENSE REPORTS
Staff Expense Claims are a huge time saver. No manual forms, and they just submit their invoices via phone and the rest of the work is done for them.Melanie Livesey, Live CFO
Say goodbye to expense claims drama and hello to winning back time. You can use Receipt Bank to build custom expense reports for individual reimbursements. Plus if you upgrade to Optimize or purchase as an add-on for Extract or Streamline, you can start creating expense reports automatically.
20. LOG INTO RECEIPT BANK DAILY
Plan ahead, so send your invoices, etc. to Receipt Bank in advance of processing.Lauren Farrell, Hello Accountancy Ltd
At the time of writing, Receipt Bank processes documents with an average turnaround time of just nine minutes. While you can always hit ‘Boost’ (a feature within Streamline) to jump the processing queue for last-minute items, it’s always good practice to plan ahead.
Why not block out half an hour in your calendar to send your expense paperwork? This might be daily or weekly depending on the number of clients. Building this habit into your working routine will give you and your clients more real-time data, plus better peace of mind.
Well, there you have it.
Start fighting lost time today and book a call with one of our efficiency consultants. Or if you’re already enjoying Receipt Bank, head on over to Orange Select to join the discussion here.