Hi, it's been a while since I've been on here. Just wondering if anyone out there has any experience with Receipt Bank? I don't want to shell out about a hundred quid a month if it's not worth it.
I've heard some good reports about Receipt Bank but they have been from accountants, not bookkeepers, and we all know we are the ones who take care of the donkey work and have a better grasp on how efficient a process is!
I know it's based on clients scanning or taking pictures of their receipts and loading on, how good is the process after that? I looked at similar software some years back but it was still in its infancy and complete pants, you uploaded the receipt but still had to manually check and enter it into your bookkeeping software as the OCR recognise was so bad then. I need a system that will save my data entry time and make it worth while.
I've read that receipt bank has an issue with not recognising duplicate invoice numbers, that's something that would be an issue for some of my clients. It seems to have come on somewhat from the systems that were advertised a few years ago, it appears the clever part is the actual integration with whatever software you are using, just been speaking to AutoEntry, I hadn't heard of them, thanks for the tip, have booked in for a demo next week, it sounds good from what he has said so far, they are cheaper and their system seems to have more functionality. Will keep you posted.
We have used both but now just use autoentry for following reasons (though still use RB for my own accounts as I like to just print everything out and post it away each month. Autoentry can only use the app or email);
1. Credits can be spread across your clients rather than just pay a fixed fee per client so makes it cheaper option. We pay £75+VAT for 500 credits and buy extra each month where necessary.
2. Autoentry can read and convert purchase invoices, sales invoices and bank statements. RB can only do purchase invoices.
3. Autoentry much better at picking up duplicate invoices eg invoices where you get the invoice and a credit/debit card receipt, and statements. RB tends to count duplicates twice.
4. Both can do auto publishing. We didnt know Autoentry could do auto publishing until a couple of months ago.
5. Autoentry links will all the main cloud providers.
6. If you dont use all your credits in the month they get rolled forward for 3 months (dont know if RB does this or not).
RB recently got a lot of funding so expect its marketing will be flashier going forward but from a practical and usability viewpoint Autoentry is much better.
We are going to get a refresher demo done soon as expect we arent using everything that it can do. For instance we only found out yesterday that we can upload sales invoices on the app (they get uploaded to the purchases folder) and then move them to the sales invoice folder before pushing them into Xero.
We use between 500 and 750 credits a month across all our clients. Some of these we use ourselves ie we take pictures or scan in and some the client does the picture taking and we do the allocating in the background.
After visiting XeroCon last week decided to move across to ReceiptBank.
Before Receipt Bank just wasnt cost effective for us as was at least £20 per client per month.
They have now brought in an accountant version which is £199 a month for unlimited clients and unlimited submissions.
With over 200 clients we will sell Xero and Receipt Bank for £20 per month to clients (when would cost them at least £42 if they bought themselves) to get them submitting their purchase invoices/receipts via Receipt Bank so they can push into Xero themselves. Will give Xero and RB away free if client takes our bookkeeping service which will start at £50 per month if less than 10 sales invoices, purchase invoice and less than 20 bank transactions per month.
