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Receipt Bank feed back

Can I please ask others opinions on receipt bank and how useful it is?

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We have a large number of book-keeping clients and it is an area where we have seen a lot of growth - and I want to make th process as efficient as possible to make it profitable and cost effective for the clients. 

Does Receipt Bank work well for practices that use it? 

 

For those that do use it, what book-keeping software do you use? And how many transactions do you tend to have per month?

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By DMGbus
06th Dec 2016 08:57

Coding errors are the most problematical area for ReceiptBank, I don't know if it is an entirely humanless roboto OCR process at RB, but I see on a day to day basis errors in coding of purchase invoices fed into Xero by RB.

What to the human eye is obvious is all too often oblivious to RB's operatives (be they unintelligent individuals or OCR robots I know not which).

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By stratty
06th Dec 2016 09:15

I am not a fan but it is useful for some of our clients.

One in particular a general builder uses it to snapshot all receipts and invoices when out and about and finds it very handy.

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By chatman
06th Dec 2016 14:11

The accuracy is not high, but good enough to use. We use it with Xero.

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By dbowleracca
06th Dec 2016 17:57

Thanks everyone.

It was as I suspected, good but not perfect. I'm afraid it's manual entry then, until there's a better system, as we provide detailed MI from the book-keeping we do so accuracy is paramount.

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By chatman
06th Dec 2016 18:11

I still think it is good enough to use with a thorough review of the results.

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By NLB
06th Dec 2016 20:39

I think this comes down to how you implement it in a practice. Using the practice dashboard and internal resource to review prior to publishing you can get very good results. It is not a black and white tool in that it can do it all for you. You must work at it with each client and have someone managing it. You also need to setup well with Xero or QBO. Over time you can increase the % of submission auto published (so no review) once you build up confidence on a supplier by supplier basis for the client.

As implementation and ongoing management is key I think that is why you will get mixed feedback about effectiveness as everyone will have different expectations and different implementations for their clients.

We are pretty tech savvy (if we don't mind saying so ourselves ;) ) and have found we had to work hard to get things streamlined but found the results worth while. You can probably double or triple the client contention ratio of a bookkeeper using this which is a real win and the client interface is slick so it's up to you as to how you manage it in the practice as to how much you will get out.

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By Glenn Martin
06th Dec 2016 21:21

I find it works best when the client does it, as they know what all the expenses are for, and as they not working on the clock have a bit more time than if you were doing it in house.

I had a construction client who was terrible to get small invoices for fuel and builders merchants from but he actually uses the app to photo the bills and now works quite well.

It works best for someone like him where 95% of the invoices are for materials.

Whereas I have one client who is a franchise who gets 3 different invoices from the master franchiser and they tend to go to wrong accounts and need to be checked a lot more.

My main gripe is that there is no accountant pricing plan which datamolino and entryless offer.

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