Garry Green, Director of Green Accounting in NSW tells us that Receipt Bank has easily halved the time he spends on his clients’ accounts. “You just set up the job and it all flows through to Xero,” he says, “If you have to do 170 BAS due by the 28th, and 130 are already done, it’s so easy. And if you do get audited, they have everything reconciled on the file.”
Garry began to move his business into cloud accounting 12 months ago, and is now introducing Receipt Bank to his clients. The combination of Xero and Receipt Bank has proved a huge cost advantage for Garry’s business. “We can now downsize workwise because it is so much quicker, it’s paying for itself," he says, “It’s $1 a day to use it but no paperwork so it saves money. A lot of my clients are tradies and don’t want to have to store paper or save receipts.”
One of Garry’s clients is a landscape gardener with three members in his team, each incurring out-of-pocket expenses. Garry rarely ever saw these expenses as they’d often “have thrown them in the glovebox in the car or lost them.”
But now things have changed. “People are looking to use their phone for everything. They can head back to the car, take the photo of the receipt and throw the paper away,” he says.
This has been especially valuable with suppliers that have printed receipts that fade quickly or with providers like Coles, where they are purchasing fuel rather than groceries.
“I don’t think there is a product that’s comparable to Receipt Bank,” he says. “The advantage is, the client is more in touch with the accountant. It used to be the more paper you gave them the more justified you felt in charging them, but now if you don’t go to the cloud, someone else will and the client will go with what is easiest for them.”