No matter how big or small your business, whether you’re just starting out or are an established SME, long-term success is based on being able to manage costs and predict performance accurately.
There are two ways of going about this. One is to spend hours going over your receipts each month keeping detailed accounts of all your spending and outgoings in a spreadsheet. The other is to take advantage of technology and use an automated service that extracts all the relevant info and processes it into easy to use and accurate information.
These kinds of software are dedicated to making your workflow smoother and freeing up your time to focus on what you do best. One such platform is called Receipt Bank and it could be the key to all your financial worries as a business. Below are just some of the reasons why you might need it.
Time
Receipt Bank frees up a significant amount of your time and, behind capital, this is probably the most important resource of any small business or start up. The figures for new businesses failing in the first year are frightening and this is often because aspiring owners underestimate the time it takes just to take care of all the little things such as paying bills, wages, invoices and more. Many people start out thinking it will be all fun and games, following their passion and dreams, only to find out that the admin side of things takes up all their time and energy.
Platforms such as Receipt Bank give you back this time, leaving you free to concentrate on the parts of the business where you really can make a difference.
Data entry
Accurate reporting all comes from data. To be able to see where you are as a business and predict where you are going you need access to all the information about your financial outgoings. This involves keeping regular records of spending and receipts, which involves the time-consuming task of creating and updating spreadsheets. Unless you get Receipt Bank to do this for you.
Receipt Bank allows you to upload your bills in variety of ways. You can take a picture using your phone, scan and upload it, email it or use Drop Box to save documents. However you provide the information, Receipt Bank will scan and upload the relevant information. The programme then works to sort and categorise all the data and sync to your business software, giving you access to detailed financial information as and when you need it.
Reduce costs
It might seem strange to say that paying money for software (or for third party businesses who use this software) can help you to reduce costs, but it only takes some simple arithmetic to realise how much you could save.
Think about how much you would take as a salary from the business or how much you would pay a member of staff each month to stay on top of receipts and invoices. Even at minimum wage (which for this kind of financial work would be unlikely) you would be looking at roughly £60 a day. Say it takes two days a month – that’s over £120 a month just to keep data up to date. Factor in all the costs for training, sick pay, staff benefits and more and it soon adds up. And at a higher rate of pay this could end up being a small fortune.
With Receipt Bank you can scan hundreds of invoices per hour or upload as and when throughout the month. Suddenly, your spend on Receipt Bank or third party accountants using the platform starts to look like very good business sense indeed.
Space
Sick and tired of paying for office space to store reams and reams of paper invoices, receipts and records? Then why not transfer over to a digital system and free up space, save paper and reduce storage space costs? It makes sense in a lot of positive ways.
No more lost receipts
Get to the end of the month and it’s time to do your accounts. It’s going well until you can’t seem to find that receipt for the big, important job. No matter how hard you look it just seems to have vanished. You’re searching through piles of paperwork and it just won’t turn up. With Receipt Bank, all that is a thing of the past and all your receipts are stored digitally online.
Easy accounting
Even if you always outsource your accounts, chances are you’ll spend at least a few hours each month answering your accountant’s questions, being chased up for receipts and more. Using Receipt Bank, everything is stored online with access given to people you approve. Communication is made easier and the relationship streamlined. What could be easier?
Audit ready
Whether you’re selling or have been selected for an audit by the tax authorities, it can be a stressful time trying to get everything in order. Not with Receipt Bank. Copies of all your transactions are stored online in easy to use folders. When it’s time for an audit, everything is ready and waiting.
Receipt Bank will save you time and dramatically improve the ease and accuracy of your bookkeeping. For the cost, it can save you a small fortune and couldn’t be easier to use. It improves the flow between you and your accountant, which it is why it comes highly recommended by us here at Together Accounting.
If you’re looking for a way to get your finances under control, save time and concentrate on your business, then Receipt Bank is a great option. This easy to use app lets you look after your finance wherever you are, so you won’t lose receipts or dread the end of the month accounts any more. Give Receipt Bank a try and see how easy it can make running your business, whether you’re just starting out or are a growing concern.
