Receipt Bot targets accounting data revolutionby
Robotic data entry assistant Receipt Bot is expanding its services in 2024, aiming to transform how accountants pull in accounting data, process it and detect discrepancies.
Receipt Bot was originally developed as an internal tool based on the needs of accounts outsourcing company Excelsious, and eventually pivoted to be the founders’ main business. The firm’s customers (and ultimately those customers’ clients) provided accounting data in a plethora of different ways, including photos, PDFs, email and shared drives such as Dropbox.
“This huge variety of inputs meant we struggled to find a consistent approach to managing and processing such a diverse range of data,” co-founder Irfan Sharif told AccountingWEB. “Much of our time was spent on manual data entry, which slowed us down, particularly around tax deadlines where the pressure inevitably increases.”
And the idea of Receipt Bot was born.
What does Receipt Bot do?
The cloud tool is built to cut down on manual data entry work by automatically extracting accounting data from bank or card statements, invoices and receipts.
Users can input documents through web or mobile apps via drag and drop or photo tools, set up email inboxes or connect to Dropbox via an integration.
Similar to tools such as Dext, Autoentry by Sage and Hubdoc, data is then extracted using optical character recognition (OCR) software, auto-categorised based on vendor type and transaction history, and “validated” to pick up anomalies such as duplicate documents or missing information.
Users can then export data to cloud accounting software via two-way integrations with QuickBooks Online, Sage and Xero. Receipt Bot pulls supplier, expense category, payment method and VAT rate data from QBO, Sage and Xero to record transactions against correct suppliers, predict payment methods and accounting categories with a greater degree of accuracy.
The tool can also convert pictures, scans or PDF statements to Excel, CSV, OFX, QFX and other accounting software formats. It automatically links statement pages to bank and card accounts, flags duplicate and missing pages and uses reference recognition technology to identify date, cheque references, line text and, most importantly, money in and money out values.
Receipt Bot also offers a multi-user expense tracker app where multiple users can record spending and claim reimbursements, and a practice overview dashboard where firms can review the bookkeeping status of all clients on one screen and prioritise their tasks.
Those without dedicated tax filing software can also use Receipt Bot to submit VAT returns. The returns are auto-generated based on uploaded purchase and sales invoices and submitted via an integration with HMRC’s VAT MTD system.
2024 development focus
Receipt Bot is now looking to expand its feature set in 2024, with a stated goal of “revolutionising how accountants detect and address discrepancies”. The team hopes to achieve this by using a Generative AI-powered error detection and correction tool featuring a natural language interface.
The developers are also targeting the extraction of line items from bills and receipts, and looking at flat-rate and cash accounting, allowing users to cut down the time it takes to prepare VAT returns using bank statement data – something they told AccountingWEB is much in demand from accounting clients.
The team is also looking to develop integrations with other major cloud accounting vendors, along with software such as OneDrive, Google Drive and Zapier.
Receipt Bot’s pricing starts at £7 a month, which buys the user 45 “document credits” – one document credit is charged per invoice and three document credits are charged per bank statement page.
A single pricing plan buys the user unlimited businesses, clients, users and staff members. Unused credits on paid plans are carried forward to the next month, up to six months.