Cloud accounting services and platforms have gained great traction across the world in recent years, with a growing number of businesses realising the tremendous benefits which automation offers through things like electronic invoicing and automation made possible through technology such as machine learning and artificial intelligence.
Receipt Bank is one such online software platform which offers an easy and efficient solution to replace mundane data capturing, promoting the principle of effortless bookkeeping. With the use of optical character recognition (OCR) technology, information is extracted from uploaded documents and converted to machine-encoded text. Information can be extracted from various document types, including .pdf, .jpeg and .png formats.
Through seamless integration with other cloud accounting platforms, such as Xero, businesses gain many further advantages such as development of a paperless environment, while real-time financial information is always at hand to aid decision making processes.
Each Receipt Bank user has a unique email address, through which all their submissions are tracked, providing a constant paper trail. Supplier invoices and receipts can be uploaded directly from your computer or Dropbox, submitted by e-mail or by taking a photograph with a smartphone and uploading it through the Receipt Banks’s mobile app, when you are on the go. Data is then extracted and published to Xero as a payable invoice, from where it can easily be reconciled through electronic real-time bank feeds in accounting packages such as Xero. Original invoices are also attached to each transaction, where it can be viewed and downloaded on both Xero and Receipt Bank, for later reference. This also aids compliance processes such as statutory and VAT audits.
Data is encrypted through a 256-bit encryption format, in compliance with all provisions of the Electronic Communications and Transactions Act of 2002, and can only be viewed and accessed by authorised users, providing Receipt Bank users with piece of mind that their data is safe and protected.
Probably the most important benefit of cloud accounting services is that it enables an environment where collaboration is promoted based on real-time information, allowing you and your accountant access to current financial information and better business insights, aiding decision-making processes.
Gone are the days of those fading restaurant receipts, tree filled folders and paying for human resources manually slaving away printing, capturing and re-capturing data. We invite you to an efficient, paperless and automated new age of digital accounting.