Howard Marks
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Receipt Bank Accountant pricing

Receipt Bank Accountant pricing

Do Receipt Bank charge Accountants on a client by client basis or is it a usage fee that can effectively be used across various clients?

I'd use it here and there, i'd struggle to commit any one particular client to it though.

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03rd Mar 2016 11:37

Client by client
Receipt Bank charge you on a client by client basis, and the cost per client depends on the volume of receipts entered.

They don't seems to offer a discount if you have x number of clients on it like Xero plus they charge you extra for the use of their dashboard.

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By nelson
03rd Mar 2016 13:45

Accountant Pricing

Hi Howard

Nelson here from Receipt Bank. The quick answer is yes we do charge per client on a fair usage basis (50 items per month calculated as a 3 month rolling average). We do have a comprehensive partner program which includes an array of rewards depending on your partner status.   My recommendation would be to establish the value of the Receipt Bank's service to your business and then decide if the value outstrips the price. We are more than happy to show you the value of performance managing the bookkeeping and enabling you to provide effortless bookkeeping. 
Hope that answers your question Nelson

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By Glennzy
03rd Mar 2016 13:56

They should allow an accountants subscription

For me Receipt Bank miss a trick and could get a lot more people on the system where accountants doing the bookkeeping would be charged in batches but split over a few clients.

For clients  who only have 25/30 invoices per month they probably would not use it as they are under the minimum charge, or offer accountants a discount over groups of subscriptions they have brought in.

 

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03rd Mar 2016 13:59

It's not clear from the pricing, but do RB do one-off jobs? For example someone with 150 receipts total in a bag for their self assessment?

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By kjd
03rd Mar 2016 14:04

Accountant pricing

Fully agree with Glenzy

 

If RB came along to me as a practice and quoted £x pm [even at a premium to the usual per client cost] i'd sign up in the morning.  I sporadically get batches of receipts from clients but across my whole client base I can probably only think of one who I could justify the individual charge to.

 

We use OCRex for converting PDF bank statements when needed.  I couldn't commit to a per client fee but their pricing is for practice usage as a whole which makes more sense.

 

Hopefully RB might take this on board.

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03rd Mar 2016 14:06

OCrex

I notice that OCrex have an invoice scanning service now too, I haven't used it so couldn't comment on how well it works, but if it is as good as the bank statement software it would be a different option.

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By Glennzy
03rd Mar 2016 15:19

@Cheeky

I don't think they do cheeky but that scenario is one for me they miss out on by not having the accounting subscription.

I have a few jobs where they maybe have 50 invoices per quarter which on current pricing would cost £30 to process but I would put them though receipt bank if only charged £10 for doing the 50.

For me any cloud accounting software provider looking to step ahead of the field should build a receipt bank type function within their software as oppose to relying on an add on, so you scan directly into the software which for me would be better.

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By Marmite
03rd Mar 2016 14:41

Agreed

The option of an accountants subscription would be ideal and I for one would certainly sign up and use the service on a regular basis.

I know £10 for 50 invoices may not seem an awful lot to pay each month but we have many clients who only sporadically send over records and often not until the year end so the ability to be able to "smooth" this sporadic work amongst our client base would be a big help.

Currently we have a number of "data" inputters who extract data from invoices and can process around 150 per hour into VT (which we then import into Xero)  - cost £10 per hour

I agree RB are missing a trick! 

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03rd Mar 2016 14:42

Receipt Bank

I would of had no problem paying their fees. The problem was I spent quite of time doing corrections to nominal codes it was a waste of time

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By DMGbus
03rd Mar 2016 15:22

ReceiptBank miscoding!

In a Daze wrote:

I would of had no problem paying their fees. The problem was I spent quite of time doing corrections to nominal codes it was a waste of time

Same here, there is constant ongoing miscoding and VAT errors, eg.

Claiming VAT on airfaresA computer is bought - coded to sundry expenses instead additions to fixed assetsAn invoice showing non VAT and in Euro or US$ has UK VAT claimed by RB's mis-coding

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By marks
04th Mar 2016 00:29

datamolino

You should have a look at Datamolino who are a competitor of Receipt Bank.  They work on a invoice basis rather than a client basis.

So say for example you had 10 clients a month with 10 invoices ie 100 invoices in total

Receipt Bank would charge £90 based on £9 for the first 50 invoices per client

Datamolino would charge £23 based on 100 invoices in the month.

Never used Datamolino but would be useful for clients that only have 10-20 invoices per month if the volume of clients justify it.

Was pointed to Datamolino by an accountant i know earlier this week so going to have a look at it in due course.

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04th Mar 2016 09:06

RB duplications

I have a few clients using RB.  The biggest problem I see is duplication.  

Eg, client buying £50 of fuel from a garage by card.  There are two receipts, one for the fuel, the other being the credit card slip.  Unless the client actively removes the credit card slip, RB enters both, meaning a duplication.  Same can happen with restaurant bills.

Another example is hotel bookings.  Where there is an "initial" invoice/advice note for the advance booking, and then a final invoice issued upon leaving.  Again, both bits of paper entered by RB meaning duplication.

I've told my clients that they have to go through all their paperwork and remove these kinds of  duplications before sending the paperwork to RB.  That kind of defeats the point as the client has seen the marketing and believes all they have to do is send RB all their paperwork - no mention of having to sort through it first!

 

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By nelson
04th Mar 2016 09:15

Coding & Tax Rules

Hi Daze and DMGbus

Nelson here from Receipt Bank.

You can setup coding, tax and many more rules within Receipt Bank in order to have the information published across to your accounting software as you would expect it. 

In terms of automated data extraction, there are many options available. Your choice should be driven by your aspirations for your bookkeeping business and its future growth.

Without performance management of the bookkeeping process, automated data extraction on its own is not enough to create a truly profitable, scalable and sustainable business. 

 

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By DMGbus
04th Mar 2016 11:25

Set up special codes & RB still get it wrong

Following issues with ReceiptBank (RB) mis-coding things last year advice from RB was to set up special codes in Xero, which I did...

#  493 - "Travel - fares, congestion charge - no VAT"

#  492 - "Travel - meals, hotels - with VAT"

#  429 - "General expenses - TRY NOT TO USE THIS a/c"

Despite doing the above RB people still code things wrongly - a computer is bought and gets coded to 429 (despite an additions code being present for Computers);  Air fares get coded to 492 and VAT wrongly claimed.

The impression gained is that the quality of coding staff used by RB is variable, unfortunately my client who is suffering RB coding issues (creating work for me) might have one of the ability-lacking staff allocated to them - staff who can't read or undertstand what a low grade bookkeeper could.

 

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By kjd
04th Mar 2016 09:23

@marks re Datamolino

Certainly looks interesting - thanks for the suggestion.

 

It'd be good to know if they can handle posted copies of docs - it makes no mention of that anywhere.

 

Will have to give them a call next week.

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By sash100
04th Mar 2016 10:37

discounts

I really like Receipt Bank and like any fairly new product there will be minor hiccups.  However, I don't see why I have to pay extra for a platform.  

RB should actually give discount rates per client to accountants. Similar to what accountants receive on book-keeping packages.  I also agree that should be based overall on transactions than a monthly charge.

I will check out Datamolino too

I hope RB is taking the comments on board

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04th Mar 2016 11:09

Exact online allow you to scan your invoices into the cloud software as part of their package.  I am going to give it a try on my own books first.   It works the same way as receipt bank but is part of the monthly package and the exact cloud software. 

They are starting to push hard into the market.    They gave a very good talk at ICB Glasgow Aspire last week.   I think they are one to watch and will give receipt bank a run for their money.  Their CRM is quite good as well. 

 

 

 

 

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04th Mar 2016 11:14

@Sarah

Scans only?  If so, that probably defeats the object for most of us - it's the bag of papers we want to get away from.

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04th Mar 2016 16:50

it does more then only scans

Howard Marks wrote:

Scans only?  If so, that probably defeats the object for most of us - it's the bag of papers we want to get away from.

Their is extra small fee in Exact online if you want it to populate the accounts screen or you have the choice to fill in against scan if you do not want to pay.  I saw in action last Wednesday at ICB Glasgow Aspire tour.

 

Feedback to Neilson Receipt bank 

 

I actually like your software but could  you ask your support not to send emails out to us when we ask a question.    " Thanks for reaching out to us "  the only reaching out  I wanted to do was to throw the rep in the river for that response.   I got 3 emails with that because they could not answer the question. 

Why does receipt bank have problems with US receipts it keeps putting Vat in and codes it too weird codes.  I can accept the code going wrong every now and then but surely if it picks up the foreign USD  then it should not  to treat American tax as Vat.   This completely messed up one of my clients vat records. 

 

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05th Mar 2016 07:08

Document source

sarah douglas wrote:

Howard Marks wrote:

Scans only?  If so, that probably defeats the object for most of us - it's the bag of papers we want to get away from.

Their is extra small fee in Exact online if you want it to populate the accounts screen or you have the choice to fill in against scan if you do not want to pay.  I saw in action last Wednesday at ICB Glasgow Aspire tour.

 

I wasn't really talking about what happens with the data afterwards, more how it gets there in the first place.  Reading the website it makes no reference to being able to post physical docs to them so I can only presume they want emails/scans?

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By Cleggy1
04th Mar 2016 11:58

Problems with RB

I was told that my practice would get free use RB for my own invoices. I was charges, queried it and was told I was charged in error. It continued for a further 2 months. Queried it again and was told that I would receive a credit for it that was over 2 months ago.

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By Cleggy1
04th Mar 2016 12:00

More Problems with RB

I have processed over 600 invoices through RB for one client and had the initial problems with mis-postings, VAT errors, date errors etc but nothing to major, or so I thought. My client buys a lot from abroad so no VAT on invoices which was generally extracted from RB so I processed them to Xero happily and carried on. 600 invoices later I discovered that despite being processed in Receipt bank as no VAT they are recorded in Xero with VAT. It would have been quicker to travel the 40 miles to the clients enter them manually go out for lunch and return than has been to process them and then correct them through RB.

My Account manager couldn't even be bothered to ring me up, instead got someone else to who was no help. 

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By cbp99
04th Mar 2016 12:15

.

I add my voice to those who would prefer to subscribe as a practice rather than per client. Hopefully RB will take this on board, especially with the various competitors that have been mentioned.

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By Marmite
04th Mar 2016 12:24

Thanks for the tip

Datamolino contacted, demo organised and we'll wait and see if the reality is as good as it sounds!!

RB really need to take note as I will be jumping ship unless they offer a practice package.

 

 

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By nelson
04th Mar 2016 12:50
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04th Mar 2016 12:53

@Nelson

But absolutely nothing more to add at this point based on all of our comments?

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By Glennzy
04th Mar 2016 13:15

@Cleggy

Have you actually been charged for your own invoices or is it the charge they apply for the agent dashboard which I think is £25 per month, which again I think its a bit off as Xero dont charge you for that.

If they effectively want us to push there software making the dashboard free for accountants goes a long way.

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By nelson
04th Mar 2016 13:20

This year...

As mentioned above - this feedback is really useful. Our aim is to help our Partners become as efficient as possible - part of this to make sure we get our pricing right.

Pricing is a difficult topic (what is right for one is not necessarily right for another) but we are actively looking at our pricing right now! The comments in this thread are hugely useful (and I mean that - each one is being reviewed and considered).

I don't want to say anything more just now but we will be following up with many of you in the weeks and months ahead to get more detail to make sure we continue to improve...

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By Glennzy
04th Mar 2016 13:32

@nelson

You know it makes sense.

Supporting accountants is your fastrack to success a free dashboard and a discount of in house work is peanuts to have someone on board pushing your product compared to paid for advertising.

 

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By sash100
04th Mar 2016 14:36

totally agree

Glennzy wrote:

You know it makes sense.

Supporting accountants is your fastrack to success a free dashboard and a discount of in house work is peanuts to have someone on board pushing your product compared to paid for advertising.

Exactly everyone else sentiments. Look at how Intuit, Sage and Xero are promoting their products and one of the reasons they are so successful is they are getting accountant selling for them by heavy discounting.

I am not paying £25 + VAT for a platform which should be free and then having to pay the price as per the website when it should be discounted for accountants.  Furthermore, I am looking at other options too.

 

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04th Mar 2016 20:40

Rubbish Bank

If Receipt Bank is getting things wrong then they should be manually reviewing everything to make sure that the computer mistakes are corrected and the manual mistakes are corrected. Oh, you wont make a profit if you do that? Tough!

I talked to a Receipt Bank rep at an event and they were making out that everything was perfect. I got the impression they were bullshitters and it seems I was right. Receipt Bank shouldn't be selling their software if they cant get it right.

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30th Mar 2016 18:26

Filter working

petersaxton wrote:

If Receipt Bank is getting things wrong then they should be manually reviewing everything to make sure that the computer mistakes are corrected and the manual mistakes are corrected. Oh, you wont make a profit if you do that? Tough!

I talked to a Receipt Bank rep at an event and they were making out that everything was perfect. I got the impression they were bullshitters and it seems I was right. Receipt Bank shouldn't be selling their software if they cant get it right.

Nice on Peter, sounds like your bullshit filter still works ;o).

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04th Mar 2016 21:24

The Above

The nature of the pub business is that the pubco may be your main supplier they were sending the beer purchases to the rent a/c. They do not actually read the invoices in my opinion

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05th Mar 2016 21:46

Just at the learning stage with exact online

As I say I am still only trying it out Howard and taking the training as I want to see what way it works.  They also have the app the same like receipt bank. 

However I am not aware of them providing a service like receipt bank where you can send them the receipts if your clients do not want to upload receipts or invoices. 

At the moment my clients upload their own invoices and small receipts using the apps on the phone are your clients and their suppliers can send a email directly to a email in receipt bank. 

 

 

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05th Mar 2016 21:15

Exact Online

Just took a look at Exact. It looks pretty good quite a bit to get my head around looks like some training for me.

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By Halex
30th Mar 2016 17:06

Receiptbank are still charging £25/mth to accountants

I contacted ReceiptBank to get a partner account set up fully expecting to be welcomed as an accountant. But

1. You need to have 3 clients on it otherwise they don't really want you - i.e. you've got to go out and sell their product.

2. They want to charge me £25 per month for the privilidge of being their sales man.

I have only just found this thread having been taken aback by the £25 per month charge on top of charging £10 per month for every client. It would be cheaper for the client to subscribe themselves which is what I did for the first client I trialled on REceiptBank.

Have signed up for a 2 month trial but it doesn't leave me with a good feeling about Receiptbank. so I will now be going out looking for an alternative which is how I found this thread in the first place.

Are you listening at ReceiptBank ? - We do not want to pay £25 per month to sell your product for you. If you don't listen we will look elsewhere. Believe it or not most business oweners have never heard of ReceiptBank. Without us you will not get new business.

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30th Mar 2016 18:24

Just me?

I don't see how/why this product is so great.

No time savings for any of my clients that I can see.

A couple who used it previously had lots of double counted invoices and statements treated as invoices. It caused more work...

Plenty of clients who use Xero save invoices/receipts in dropbox/google docs. Details entered via bank rec function in Xero. Only see the need to 'save' copy documents for fixed assets, legal expenses, large repairs invoices etc.

Emperors New Clothes and all that...

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By sash100
30th Mar 2016 18:41

complacency

@Halex

Totally agree with your views they tried to persuade me for months to sign up for £25 a month but I said for what. Benefits are dashboard and account management - yeah right. 

Once Exact get their App out in a month or two then it will be a genuine competitor to receipt bank as the products are very similar,  I really do like the receipt bank product but I don't feel exactly welcomed.

Though annoyingly neither OCrex, Exact or Receipt Bank offer discounts to Accountants.

What may help their growth is to follow the Cloud Accounting style of pricing and offer discounts to accountants who in turn offer their products to their clients.  

While there is huge potential for such companies to grow the only danger is if complacency sets in and they stop listening to accountants who will be selling their products like we do with Cloud Accounting.    

 

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30th Mar 2016 22:37

Exact

I have signed up with Exact Accountancy Portal as I was impressed with the Digital Box - App - which I have on my phone now and the free CRM in the accountants portal . 

  I am doing the training to be certified at no cost it takes a while.  They have given me two detailed personal webinars and I am having another with staff who are accountants so I could just get going.  This is very helpful.

   They came to the ICB inspire tour to demonstrate the digital box ,the app and the CRM with in the accountants portal .  They have  been exceptional helpful to the members and did do a ICB inspire tour deal.  

I think they will real be competition to receipt bank.   The person I have been dealing with in Exact is Nicki Dickinson as she  has been there every step of the way without being annoying.     Customer care is excellent.  Website is confusing but I suggest you maybe give them a ring. 

 My understanding is they will be giving receipt bank a run for their money.     I also have to say I have notice a big difference in my Sage One Manager for customer care huge improvement and I have clients who are very happy on it, but at moment  I am keen for some of my larger clients  larger volumes and more detailed reporting required  to give Exact ago.    

One of my big bug bearers with some of the cloud softwares is the - and + in suppliers activity makes it very difficult to complete creditors and debtors recs.    I want to see debits and credits easily which for my larger clients is what exact does.

I am on a learning curve so I am willing to give it a go like I do all softwares and different ones suit different clients.

 

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