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You'd have to be mad to allow Receipt Bank to post to your ledger automatically; their error rate is too high.
I have considered RB, I am assuming you talk from experience. How do you think they operate?
Do you think information sent in goes through an attempted auto-post AI/algorithm, then if it fails it is passed to a human?
Or do you think they have an army of humans allocating and making judgment calls? And so there is a variable level of competence?
I have considered RB, I am assuming you talk from experience. How do you think they operate?
Do you think information sent in goes through an attempted auto-post AI/algorithm, then if it fails it is passed to a human?
Or do you think they have an army of humans allocating and making judgment calls? And so there is a variable level of competence?
I understand from Receipt Bank that it is semi-automated. Some machine recognition and categorisation and some manual processing in India. I don't know if there is a variable level of competence but there is definitely inconsistency in how the same type of expense from the same supplier should be categorised.
I also understand from RB (and this is confirmed by my experience) that they will book anything labelled on a receipt/invoice as "Sales Tax", "IVA", "TVA" etc as if it were UK VAT.
I don't think you can say that without going into a bit more finer detail.
Whilst I would agree 100% auto publish straight to approved is not something you would do selecting certain suppliers with consistent invoice styles and submissions where previous accuracy has been 100% for say last 3 months or so is suitable for selection for auto publish especially where you have setup supplier rules and also the CoA in Xero appropriately.
It is not a binary thing to have all or nothing auto published but each client and their suppliers can be review. If you can get to a third auto across the overall client base your doing pretty well in my book. Every little helps.
I'm not even sure what was being measured- what's a 'client delay'?
None of these automatic recognition software programs are worth it at the moment unless your affairs are so simple you probably don't need software at all, or you use the same 5 suppliers (all UK based) and 5 customers every year.
The issue that arises quickly is as you can't have 100% confidence that it is correct, you as the accountant then spend longer checking the entries than it would have taken you to put them in in the first place.
Then you have to explain that to the client who was expected little to no fees from you as he thought he had done everything themselves.
Expecting a client to scan a receipt then spend minutes making sure they have it in the right category or even the right VAT amounts where some items are vatable and some aren't is just waiting to be burnt. They will glance, be 'guided' by the software recommendation, and click.
I'm having this very issue with a client now involving around 6000 transactions...
Don't agree.
Receipt Bank used correctly (which requires a minimal amount of client education/training/support) is a huge advance.
Using RB with Xero I'm actively looking for bookkeeping work now as it does become (more) profitable.
A client with 6000 transactions - I'd suggest they need a bookkeeper