Five of the top new features in Receipt Bank
If you don’t move forward, you start to move backward. That’s been our philosophy for the last 8 years, and 2018 was no different.
Last year saw a rebrand, plus more products, features and updates than ever before. All of this was only made possible with our partners’ support.
Here’s a rundown of the biggest product features to hit Receipt Bank last year, and what you can expect from us when you log into your account this year.
1. Our new submission method: Invoice Fetch
Last summer, we launched our new submission method, Invoice Fetch, which automatically collects your clients’ digital invoices from any supplier that bills via an online portal, such as e-commerce receipts, energy bills and mobile invoices.
Invoice Fetch saves time as there is no need to log into your clients' supplier accounts to look for digital bills, and there’s no more chasing clients to send you information.
Following the feedback provided by the users who beta tested this feature we made a few updates to Invoice Fetch, including the possibility to choose whether you want to fetch all historical invoices, or just the invoices from the past 30 days, or the ability to request a new Fetch connection from the Fetch tab.
2. Bank Statement Extraction
In November, we were excited to launch our new Bank Statement Extraction feature, which offers you a straightforward, secure solution to get your clients bank data into your accounting software.
Simply upload your bank statements to the Receipt Bank web app, and we’ll do all the data extraction for you – so you can get on with the reconciliation process with no delay.
We are looking to introduce some of the changes suggested by our beta testers in the new year. These are some of the changes we have made so far:
- Only want your bank data in one place? Not a problem, you can easily delete bank statements from the web app
- If you notice an error in a bank statement extraction, you can report it from the web app
3. Match tools
When your client submits an already paid item, Receipt Bank’s Match tools identify items that match the transaction lines on the bank feed and publish them in a reconciliation-ready state. If the transaction line has already been cash-coded, you can even send just the paperwork image across.
Even better, this means that you’ll be able to defend these transactions in an audit scenario, plus remove the risk of duplicate transactions if your client submits them to Receipt Bank at a later date.
With Match, you can be sure that Receipt Bank’s extracted information correlates 100% with the bank feed, so there’s no need for review beyond tracking and categorisation.
In May 2018 we released Match tools including Bank Match, Paperwork Match and Outstanding Paperwork for Xero integrated accounts and in October 2018 we released Paperwork Match for Quickbooks Online integrated accounts.
Coming soon in 2019 we will be releasing Bank Match and Outstanding Paperwork for Sage Accounting.
4. Request outstanding paperwork directly to your clients’ mobile
One of accountants and bookkeepers’ biggest pain points is having to spend valuable time chasing clients to submit their paperwork. That's the reason why we launched Outstanding Paperwork in 2017, which creates an accurate reconciliation report of all the items awaiting submission, which can be exported as a PDF, CSV or Google Sheets to send to your clients.
In May 2018 we decided to make it even better with an update that included the ability to send your customized reconciliation reports straight through to your clients’ Receipt Bank mobile app. This means no more chasing as it provides your clients with a list of everything that requires submission, so all they need to do is find the receipt and submit.
And that wasn’t all. Read this release blog to learn about the other update made to Outstanding Paperwork.
5. Receipt Bank for Android 3.0.0
In April 2018, we released a new look for our Android mobile app. The aim of this update was to give the app a cleaner look and feel without compromising on functionality.
Benefits of the redesign included making it easier to identify which items are not ready for export in your item inbox, publish the item from the same screen, when reviewing your items’ details and autosave, so you’ll never worry about losing your work again.
New to Receipt Bank? Find out how you can go paperless and drop the data entry at receipt-bank.com