Item: Dext Prepare (with Receipt Bank)
Rating: 10
Author: Nicola (Nicki) Morris

Use Cases and Deployment Scope

We use ReceiptBank across the organization for the tracking of receipts and expenses. It addresses the business problem of 'receipt overwhelm' - it allows us to be more efficient with the tracking of receipts and expenses. It also enhances the accuracy of our expenses and therefore the accuracy and timeliness of our financial statements.

Pros and Cons

The accuracy of the expense allocation is excellent
Very timely in having the receipts/expenses ready for publishing to Xero (our accounting system)
The Android app is very good - the image capture feature is very easy to use

It would be great if the receipt/expense could be published through the Android app rather than having to go the web version to publish expenses
At times the currency is not captured accurately from the receipts (but this is a rare occurrence)

Return on Investment

100% of our receipts and expenses are now captured and tracked accurately
100% of expenses are allocated to the correct cost centre
100% of sales tax is captured and reported accurately

Alternatives Considered

Accounting by Wave

Receipt Bank is superior to Wave in terms of its accuracy of reporting and allocating expenses. Even though there is a fee for Receipt Bank and Wave is free, the monthly fee for Receipt Bank is well worth the money, given the benefits

Other Software Used

Hubdoc, Xero

Likelihood to Recommend

Well suited to any business (sole proprietor, partnership or corporation) that has team members with expenses and receipts. It is also well suited for any business that wants to improve its expense control and accuracy of expense tracking and allocations.

ReceiptBank makes business life easier

Overall Satisfaction with Receipt Bank Practice Platform