Technology keeps getting better, especially regarding new software and applications that assist small businesses in accounting and bookkeeping. Now, owning a small business is made easier by taking advantage of these new technologies. One of our favorite time and money savers is Receipt Bank. We use this application daily in tandem with Xero to run our small business and constantly are recommending it to our clients.

Receipt Bank makes bookkeeping a breeze, and here is a quick breakdown of the features of the app:

Organize Receipts Online

It’s in the name, but it is important to note that you can easily organize all of your receipts at the touch of your fingertips with Receipt Bank. Just snap a picture of your work-related transaction on your smartphone, upload it, and the application will automatically extract pertinent information from the receipt for your records. From there, you can quickly move the data over to it’s designated file— for example, files dedicated to specific bills, projects, clients, etc.— all within one mobile application!

Easily Track Bills and Invoices

Not only does Receipt Bank help keep track of your paper receipts, but it can help you organize your electronic receipts as well as any format for bills and invoices! This is an incredible feature that will help your business keep impeccable financial records, which is integral to running a successful small business. Now, all your documentation has a safe place to be kept, and you’ll always be prepared come tax season. 

Upload in Multiple Formats

If uploading on your phone isn’t your thing, don’t fret! To add data to your Receipt Bank account, you can elect to email documents, scan them in on a traditional scanner, or automatically fetch documents from other online platforms. Whichever method works best for you, Receipt Bank is accommodating. 

Always Accessible

Since you can easily integrate all of your documents, invoices, bills, and receipts into one quick-to-access application, you’ll always have your financial data available to you— even on the go— anywhere at any time. Instantly get ahold of your business’ financial status on your mobile or desktop devices and readily pull records directly into your Xero dashboard in a flash whenever necessary. Staying on top of your expenses for your small business has just been simplified with Receipt Bank and Xero.

Small businesses will always have a need for excellent bookkeeping, and Receipt Bank is an awesome application to help your business keep organized financial records. Consider looking into this app today to help make storing your financial data easier, and you’ll realize how much time and money you’ll save every week!