They simply do not listen to accountants i.e Pricing.
Hi Jim,
I'm sorry to hear you feel this - we do make significant efforts to speak with our Partners and the wider profession at all times. Could you PM me your details and I will give you a call?
I think there may be some confusion here. Receipt Bank is a business that almost totally works with accountants. We have not been privy to any privileged information from HMRC but we have attended the open days, webinars, etc. that they have organised.
To state, once again - the aim of the app is to get the data into the hands of the accountant. The app (and the accountant's interface for the app) have been built to ensure that the data is shared with the accountant who we believe has the experience and expertise to deal with the wide range of scenarios that occur in sole trader accounting.
A number of apps are being developed for sole traders that have the explicit aim of removing the accountant and attempting to do the Self Assessment automatically. 1Tap is not amongst them. 1Tap is designed to equip the profession to successfully compete against these applications.
It is an app to bring the data to the accountant....
It is also worth noting that the whole aim of the app is to bring the data (and the supporting evidence) to the accountant more quickly than ever before. The accountant is still expected to bring their expertise to bear on the data...
At Receipt Bank we gave all our team the opportunity to use Mondo from early on to get a good idea of how banking will evolve over the next few years. I would recommend any accounting firm to do the same as it really is very different from the banking experience that we all know and, as this article highlights, these changes will affect bookkeeping & accounting in time...
"we need to pay for the practice platform in addition to the subscriptions for clients using Receipt Bank" - We do indeed charge for Practice Platform. We would love to be able to include it in the core product but we have created a separate development team in order to create this product that saves further time and money for firms. We believe this team will deliver more and more features that make running a practice easier and easier. If the product has value then clearly it will be bought; if it doesn't then we need to work harder to ensure it does!
I am pleased to say that straight away it has been a hit with a huge range of firms - from sole practitioners to the Big 4 - becoming subscribers.
With regard to the likely use cases of the Apple Watch. It may well be that "This really isn't the purpose of the Apple Watch, or any Smart Watch". However each new tech platform has sprung surprises in how it is used. It may be that displaying key data does not end up being one of the main use-cases for the Apple Watch, but I think its notifications and alerts will end up being a key part of the experience.
This is a good article with good advice but I think it creates some unnecessary doubt on HMRC's position with regard to storing electronic records and discarding the paper originals. HMRC's position has been stated as:
“Records may be preserved on optical imaging systems, and the originals discarded, provided that what is retained in digital form represents a complete and unaltered image of the underlying paper document.”
This means that scanned documents, or indeed documents produced electronically (such as pdf invoices) are sufficient. For more information:
DropBox for temporary sharing, specialists for secure docs?
At Receipt Bank we have had a DropBox integration since last year. We built it because we were asked for it by so many firms. Their experience of DropBox was that it was an excellent mechanism to share files with clients and they wanted us to connect to it so that documents and data could flow straight from DropBox to FreeAgent, KashFlow, Xero, etc.
From our experience we know that many firms trust DropBox as a mechanism for file sharing. For file storage my impression (from the firms I speak to) opinion seems to be a bit more split with many firms preferring industry specialists such as DocSafe for the sharing and storing of key client docs.
My answers
Happy to add more details...
It means that Sole Trader bookkeeping will become more of an ongoing, year-round process and less of a once-a-year process.
Thanks,
Michael
Distinguishing payment methods
1Tap won't, at launch, distinguish payment methods.
Thanks,
Michael
Receipt Bank
Listening to accountants
Hi Jim,
I'm sorry to hear you feel this - we do make significant efforts to speak with our Partners and the wider profession at all times. Could you PM me your details and I will give you a call?
Thanks,
Michael
Receipt Bank
Reply to Tim Vane
Tim,
I think there may be some confusion here. Receipt Bank is a business that almost totally works with accountants. We have not been privy to any privileged information from HMRC but we have attended the open days, webinars, etc. that they have organised.
Regards,
Michael
Receipt Bank
The need for an accountant...
To state, once again - the aim of the app is to get the data into the hands of the accountant. The app (and the accountant's interface for the app) have been built to ensure that the data is shared with the accountant who we believe has the experience and expertise to deal with the wide range of scenarios that occur in sole trader accounting.
A number of apps are being developed for sole traders that have the explicit aim of removing the accountant and attempting to do the Self Assessment automatically. 1Tap is not amongst them. 1Tap is designed to equip the profession to successfully compete against these applications.
Michael
Receipt Bank
It is an app to bring the data to the accountant....
It is also worth noting that the whole aim of the app is to bring the data (and the supporting evidence) to the accountant more quickly than ever before. The accountant is still expected to bring their expertise to bear on the data...
Thanks,
Michael
Receipt Bank
Mondo
At Receipt Bank we gave all our team the opportunity to use Mondo from early on to get a good idea of how banking will evolve over the next few years. I would recommend any accounting firm to do the same as it really is very different from the banking experience that we all know and, as this article highlights, these changes will affect bookkeeping & accounting in time...
The Apple Watch opportunity
Hi, Michael - Receipt Bank founder - here.
Happy to respond to the points raised:
"we need to pay for the practice platform in addition to the subscriptions for clients using Receipt Bank" - We do indeed charge for Practice Platform. We would love to be able to include it in the core product but we have created a separate development team in order to create this product that saves further time and money for firms. We believe this team will deliver more and more features that make running a practice easier and easier. If the product has value then clearly it will be bought; if it doesn't then we need to work harder to ensure it does!
I am pleased to say that straight away it has been a hit with a huge range of firms - from sole practitioners to the Big 4 - becoming subscribers.
With regard to the likely use cases of the Apple Watch. It may well be that "This really isn't the purpose of the Apple Watch, or any Smart Watch". However each new tech platform has sprung surprises in how it is used. It may be that displaying key data does not end up being one of the main use-cases for the Apple Watch, but I think its notifications and alerts will end up being a key part of the experience.
Thanks,
M
HMRC do accept digital versions of records
Hi,
This is a good article with good advice but I think it creates some unnecessary doubt on HMRC's position with regard to storing electronic records and discarding the paper originals. HMRC's position has been stated as:
“Records may be preserved on optical imaging systems, and the originals discarded, provided that what is retained in digital form represents a complete and unaltered image of the underlying paper document.”
This means that scanned documents, or indeed documents produced electronically (such as pdf invoices) are sufficient. For more information:
http://blog.receipt-bank.com/do-hm-revenue-customs-hmrc-accept-scanned-r...
Regards,
Michael Wood
Receipt Bank
DropBox for temporary sharing, specialists for secure docs?
At Receipt Bank we have had a DropBox integration since last year. We built it because we were asked for it by so many firms. Their experience of DropBox was that it was an excellent mechanism to share files with clients and they wanted us to connect to it so that documents and data could flow straight from DropBox to FreeAgent, KashFlow, Xero, etc.
From our experience we know that many firms trust DropBox as a mechanism for file sharing. For file storage my impression (from the firms I speak to) opinion seems to be a bit more split with many firms preferring industry specialists such as DocSafe for the sharing and storing of key client docs.