"Receipt Bank offers a wonderful service" - by Steve Ampleford, Group CEO of Aorta.
Previously expenses were dealt with through spreadsheets. All staff would key them in individually for approval along with a huge bundle of receipts. There would then be the usual challenge of checking the receipts (an envelope of 300! ). It was a serious pain to reconcile them! It drove myself and the support team up the wall.
We then had somebody doing the bookkeeping, but it wasn’t always as accurate as I would like, and we would be running up to three months behind actuals. After a period we moved to Xero to consolidate our accounts across the Group. Then having moved to Xero, we found Receipt Bank!
Receipt Bank offers a wonderful service. It saves far more time than the amount they mention in their emails - not only is the keying time saved but also the procrastination. Things are up to date in a maximum of 72 hours rather than up to three months behind. One forgets how much time it took - I used to spend the week prior to doing the expenses just putting them off.
I love the fact Receipt Bank is just there. I send stuff off and it just happens. An invoice or receipt comes into my inbox. I just hit forward. I don’t sit there 3 months later digging through my inbox for receipts – without the word receipt I often wouldn’t find them!
It’s quite refreshing. It synchronises straight into my accounts system. Xero becomes my single source of information – definitely a convenience!