We’re lucky to have been treated to Christmas in October with a couple of amazing updates coming through recently. Here we’ll take you through a couple of them and explain why you should be as excited as we are.
You know how in disaster movies there’s always sheets of paper flying around everywhere? Well, in a world where everybody uses Receipt Bank, this post-apocalyptic setting would be a lot cleaner. This automated bookkeeping app does away with all the painful paperwork. You simply take a snap of your receipts, which are then processed and uploaded securely for your accountant to access.
Now, while this already sounds like a dream, there is some new functionality that comes with the latest update. Receipt Bank already covered your accounts payable, and now they’ve added accounts receivable to their repertoire. With the update comes the ability to automatically extract the information from your sales invoices and transfer it to accounting software like Xero.
The latest Receipt Bank update can extract all the information you need so you can let those accountants go to work. It includes: customer details, currency, total amount, tax amount, invoice date and invoice number. All this functionality from simply snapping a photo of your invoice. It’s a wonder to behold. Processing invoices on the go is sure to save business owners hours of time.
In case you missed the other two recent major Receipt Bank updates:
Bank Fetch is a recent addition to the extensive capabilities of Receipt Bank. When a new client comes on board, Bank Fetch collects all their historical digital bank statements from their online banking service, while also regularly checking for new statements. This allows you to keep accurate and up-to-date records, eliminating the need to chase up your clients for long-lost statements.
Automatic Line Item Extraction:
This update allows you to automatically extract and process line items for any cost document, doing away with tedious data entry. BlueRock is all about helping our clients live better lives. That’s why we love this update in particular - because it allows you to focus less on admin, and more on the things that really matter to you.
Payment gateways like Stripe are a great way for small businesses to receive payments and orders in a simple, automated way. This software is now even more powerful and useful as our hombres at Xero have added a direct integration between Stripe and Xero accounting software.
This newly streamlined reconciliation process means that when a payment occurs via Stripe, it will automatically import this information directly into Xero as two different statement lines: the gross amount and the Stripe fee. How handy!
This update is all about reducing the time your bookkeeper or accountant has to spend rifling through records, with the payments now conveniently broken down for them (a dream come true for many bookkeepers we’re sure!). Part of the beauty of Xero is its various integrations with other apps, making it a true one-stop-software-shop for all of your business needs.