Great way to collect documents from clients on the go or in remote locations
So far I really like the program, it's improved a lot since I first started using the program. The surprise feature/pricing structure change was not pleasant, working with another accounting firm I know they felt the same.
I love that my clients can use their phones to send me documents. During audits and reviews it's easy to download excel spreadsheets with links to corresponding document images. It syncs with QuickBooks Online which is a definite must.
The program has a hard time with tax codes, especially custom tax codes used for Charities, NPO's, and Meal/entertainment codes. The document fetching and statement fetching is lacking, the only thing it has been able to fetch (for all my and my clients businesses) is one Rogers account and my Receipt Bank invoice.
From paper to digital dreams
Everything we need at the right price
Very easy to use. The interface is clear and user-friendly.
The lack of mandatory expense reports is a big plus in my view. When we used Expensify we had various issues dealing with expense reports. They aren't really necessary for our process, so eliminating them saves time. Also, now an issue with one transaction won't hold up the rest of the report.
The OCR is very accurate compared to our previous software (Expensify and Veryfi), and did seem to learn how to read different vendors' invoices when I had to make some corrections (e.g. pulling invoice date instead of order date).
Customer support was responsive and had a great attitude.
Pricing is transparent and inexpensive compared to some competitors.
Works well for both employee expenses and general accounts payable.
OCR processing time is slower than we would like. Items can be processed manually when needed, however.
Multiple approval flows would help manage expenses by department.
Doesn't integrate correctly with our bank. This seems to be an issue with our bank and the third-party integration software, but still.
I use this to input all of my receipts for my business.
Ease of inputting receipts into accounting software.
I can auto-forward bills and invoices I receive via email to Receipt Bank, the ones which are consistent, I can even auto-publish to my accounting software (XERO)
I'm in Canada and have a few bills I pay in US funds. Occasionally a receipt will spontaneously switch currencies for no apparent reason.
Good software but could be cheaper for smaller practices
My practice used to receive paperwork by various channels and we were always chasing clients. This has made it easier for the client to submit paperwork, though there is still definitely some chasing! Overall, a good product.
This software has streamlined the ways clients supply paperwork to my practice. Clients are generally happy with using it and it is very intuitive.
The pricing structure doesn't differentiate between different sizes of practice except for single users so the savings scale massively for larger companies.
Clients can be confused about submitting multiple invoices by email.
Doesn't split across classes/departments in basic product
Easy expense tracking for small business
I love how easy it is to use Receipt Bank! Simply taking a photo of my receipts has alleviated so much stress when it comes to month end and just the general brain space it takes to keep track of paper receipts.
I honestly don't have any complaints about the software.
So easy and versatile!
Accountability and record keeping is greatly improved!
My company started using this to keep us in compliance - and keep our accountant happy.
IT IS AWESOME! There are so many ways to upload receipts - it makes this extra step in our work day so much easier. You can scan and upload the receipt via their website. You can send it to a personalized email address to upload the receipt, you can use their app... it is fantastic. And our accountant is super happy with the results!
I can honestly say there isn't anything bad about this program. It stinks we have to take the extra time to be more diligent about our receipts, but the program really helps ease that hassle.
Overall it is a good software that focuses on the end user vs employee entering the expenses.
Receipt bank is great for organizing expenses. You snap a photo and when processed you can organize by date.
I use the software for expense reimbursement. It can get annoying taking a picture then waiting till later in the day for it to get processed.
Receipt Bank Review
VERY BAD, EXTREMELY DISAPPOINTED.
SALES TEAM SAID TECH SUPPORT WERE SUPERSTARS, THEY DON'T EXIST. YOU HAVE A WEB PAGE AND A CHAT ROOM. UGH SO FRUSTRATING!!!
SALES TEAM LEADS YOU TO BELIEVE YOU GET MORE THAN YOU REALLY ARE. USELESS IF YOU USE QUICK BOOKS DESKTOP.
the ocr technology is very good. i get my own free account
ZERO CUSTOMER SUPPORT.
SALES TEAM MISLEAD CAPABILITIES OF INTEGRATION TO QBD.
EXCESSIVE SET UP TIME.
NO ASSISTANCE TO HELP YOU GET YOUR CLIENTS SET UP AND RUNNING WITH THE APP.
Useful tool that assists with efficiency
This app is perfect for anyone needing a reduction in the hassles of keeping up with receipts or invoices for ongoing or recurring expenses, especially when needing to submit expense reports and be reimbursed. Although it could use a few enhancements on intuitiveness and user experience, this is a great tool which drastically reduces time consumption for compiling and saving receipts, invoices, etc., by minimizing time spent compiling, tracking and submitting those items. It also allows payroll personnel to easily manage and facilitate employee or contractor expenses and/or reimbursements. Very useful.
Seamless upload of receipts/invoices
Intelligent handling and rendering of scanned/copied files
Makes creating and submitting expense reports very simple and quick
Moderate learning curb
Help tools are for admin side, not really applicable to user-end inquiries
Safes times and helps to be organized
This application has helped me to be organized with the receipts and invoices for the bookeeping, it saves me time with all the filing and input. I have done a trial session and will keep trying it, it has made a difference in the amount of time i spend on bookeeping and my bookkeeper is also happy.
Sometimes there are some errors when I try to upload receipts and email them, nothing mayor so far, but it doesn happen. I haven't encountered too many other faults yet, but I just started.
Massive time saver
Much quicker than inputting receipts manually. Integrates with different accounting software. Can read emails as well as pdf and pictures.
Expensive unless used a lot as have to pay a set monthly fee rather than pay per usage. As accountant/bookkeeper works out more expensive than another app i use. Sometimes changes things when it sends across to accounting package so uses time up rechecking.
Wonderful for using a phone to track receipts
Super simple concept take a shot of a receipt, let OCR read it and enter in, save it onto a server and don't think about it again. Pulls receipts from amazong and G-suit which saves time logging in.
For me Quickbooks Desktop sync was tough and at the current moment after trying for 5hrs to get going not working. But, I found that it's easier to manage once I gave up on that feature.
A must-have product for your book management
Receipt bank is a great tool for business owners and accountants. It archives the supports on the cloud. Therefore, when it comes to an audit, the support could be easily pulled.
Receipt Bank is easy to track bills and receipts and useful to publish into accounting software. Also, Receipt Bank could assign different roles among users, which saves time for review and approval of reimbursable expenses. Last but not least, it keeps adding features like bank statement fetch, which creates efficiency for bank reconciliation.
If bills or receipts are denominated in foreign currency, the exchange rate used by Receipt Bank is different from that by Accounting Software. To have a consistent rate across the book, we have to manually refresh the bill date to have a consistent exchange rate.
Fantastic. Extreme time saver! Easy integration with Quickbooks
I have several clients that I have signed up to use Receipt Bank and they are all satisfied. Customer service is better than their competitors! I look like a hero to my clients that now use Receipt Bank!
I recommend to my accounting clients as a quick way to get their expenses recorded. Take a picture of the receipt with your phone and auto publish straight into Quickbooks. Game changer for small businesses that still use the shoe box method! It is a very easy integration with Quickbooks online! Very cost efficient for small businesses.
May not be the best choice for larger businesses with multi level approval of expense reports. I have not signed up a larger client so it may be fine, but I do not think it has this feature.
Receipt Bank makes accounts payables a breeze
Expense reports allow for multiple line items and attachments to each saving time with reconciliation
Approval tier for expense reports for compliance
Matching invoices/receipts to Quickbooks softare when transaction located makes it easy
Does not download statements, e-transfer details, or cheque images from financial institution like Hubdocs
Good Experience, It is very easy to use and to connect to the accounting system of your choice.
sync with my software, wholesale pricing. Great system to be organized and save all receipts to maximize deductions.
hard to contact customer service, when I have questions is hard to get in touch with them because they are located outside of the US.
Accounting Made Simple with Receipt Bank
The experience so far has been pleasant. Paperwork can be really daunting especially at the end of the month when you have to account for all the business transactions and present accounting and financial report on time. This software basically saves you the trouble by making things simpler and saving you a great deal of time.
All you have to do is take a photo of receipts and bills, make use of the drag and drop feature and get them into an accounting system for easy and quick reference.
It saves you a good deal of time in accounting. With the OCR feature, you can easily get both the debit and credit card identified when receipts submitted show they have been used for payment. Moreover, you can find out the exact bank account for the debit/credit card used to ensure there's no error when making payment or tracking transactions.
Receipt Bank simplifies bookkeeping in that you can be out and about and still be able to get things into the system without any constraint. This is actually possible thanks to the mobile app that lets you work as normal even when you are on the go.
User-friendly and easy-to-navigate interface. The dashboard also simplifies bookkeeping and lets you gauge or track your customer's activity level from time to time.
It captures accurate info. Just snap a photo and relax. The rest will be handled by the tool.
Data mining may exhibit a bit of issues sometimes. So it should definitely be checked.
Receipt Bank review
the ability to upload your bills, receipts, invoices and bank statements from your phone makes it easy to work even out of office. This can be integrated into your accounting software that you use seamlesly without any hussles.
you can use it for free and very easy to use when extracting data that you require and it is a very good fit small businesses and you can do your work at home on your fone, laptop through your email and integrate when you are at work
It may be costly in the long run if amount of transactions increases with the growing of the business as the cost is related to amount of transactions that you undertake
Saves me so much time and keeps me on top of my bookkeeping
Fast, efficient, and I am always on top of my bookkeeping.
I scan receipts with the iOS Dropbox app and place them in a shared folder. The next day my receipts have been data-mined, and are ready for me to double check before pushing them to my FreeAgent account.
This process shaves hours off my monthly bookkeeping.
Occasionally there is a small error in the data mining, usually due to a receipt displaying information in an unusual place or style.
Does exactly what is needed
It has vastly saved time and effort determining my expenses meaning I can spend more time on real work.
the software is very capable at image recognition and determining exactly what was charged. It also does a good job of archiving said expenses.
I think there could be more done to notify the user of the expenses once they have been succesfully processed. I also think that it could do a better job when it comes to determining exchange rates for expenses. It would be great if they could find a way of linking the exchange rate used to the card that is paying, rather than guessing or using a value from another source.
Simple to use and convenient, but could be fine-tuned to make it even easier.
This software has a mobile app which is incredibly useful as you can just take pictures of the receipt while you're out and about so don't have to worry about keeping them safe. the app itself is simple to use, though could be fine-tuned. The accountants at receipt-bank are switched on and will follow-up with any outstanding or incomplete expenses, and answer any question you may have about the status of a particular expense very quickly.
In the app there are some unnecessary fields that you don't have to fill in, but they are named the same as one which you do, which was confusing at first, but now I am used to it. Also the accountants ask how you paid e.g. personal card / cash, or a company card etc, but there is no option for this so you have to remember to write it in the notes section, which is not an issues, but something to bear in mind to avoid hassle further down the line.
It is also worth noting that the expenses take a while to verify, so submit then and maybe check on it in a day or so rather than expecting it to accept it then and there.
Receipt Bank is a Cool Software
Receipt Bank is really a time saver software in term of keeping records of your expenses receipt. Moreover, its integration with accounting software like Xero is very useful.
Negative points on Receipt Bank is the Invoice "Fetch" functionality that is a very good idea but never worked properly since I am using the software. This functionality is creating more problem by creating duplicates than actually saving time.