Snap a pic and throw it away! Receipt Bank will take care of the rest.
February 24, 2018

Snap a pic and throw it away! Receipt Bank will take care of the rest.

Alicia Gates, CPA | TrustRadius Reviewer
Score 9 out of 10
Vetted Review
Verified User
Review Source

Overall Satisfaction with Receipt Bank Practice Platform

Receipt Bank is used in both the management of my organization and the management of many of our clients. For the people who use Receipt Bank, it's a wonderful tool because they can immediately snap a picture of a bill or receipt, and then toss the hard copy. No longer do they have to keep track of receipts - it's already taken care of!

For our staff who manages Receipt Bank for our clients, this program allows us to clearly see the business purpose behind every bill and purchase. We no longer have to ask the client for details regarding every little expense-we already have the details! Even better, Receipt Bank syncs both with QuickBooks Online and Bill.com, two other platforms we use, so it makes it very easy to pay bills that come due as well as record all of the activity in QuickBooks Online for flawless financial statements.
  • Receipt Bank does a stellar job of extracting information from photos of receipts and bills. I'd say 95% of the time the information pulled is correct, so very rarely do I have to correct an amount or date.
  • One feature I really enjoy is not only the syncing with QuickBooks Online, but the fact that it also pushes the image to QuickBooks Online as an attachment! This means that for every expense/bill processed through Receipt Bank, an image of it is available inside of the transaction inside of QuickBooks Online. This makes researching a breeze.
  • Receipt Bank makes it very simple for users to add documents to the platform. Each company receives a dedicated Receipt Bank email address, which they can email to and upload documents, or users can use the phone apps (which are really easy to use), or they can upload documents from their computer. Training our clients to use it really can't be any easier!
  • One area that could really use some improvement is their training program for the people who manage the program (meaning those of us to who actually process the receipts and bills to an outside software). It's a whole separate website, it's somewhat difficult to follow, and it just doesn't flow well. The training for front end users (those submitting the bills/receipts) is not really in depth, either, but it is pretty intuitive. We've taken to writing up a 1 page instruction manual for our clients that qualifies as their "training".
  • A feature I would love to see is the ability to process income items in Receipt Bank. It currently does not have that functionality. I have several clients that submit bank deposit detail, and it would be great if I could "publish" those to QuickBooks Online just like I do for bills/receipts.
  • Expense reporting is a great feature Receipt Bank has, but it's somewhat complicated to understand. We receive lots of questions from clients surrounding this process, so some better training or simplification would be great.
  • Receipt Bank has helped alleviate the frustration felt by both our clients and our staff when it comes to the detail needed for some of the organizations that we serve. In some cases it's just NECESSARY to have all of that detail for the financial statement preparation, and prior to Receipt Bank, we had to email back and forth, download attachments, manually enter the information into QuickBooks Online, save the document etc. It was a tedious process. Receipt Bank took care of all of that, and it saves both our clients and our staff HOURS of work each month.
  • Receipt Bank has given our clients the confidence to make their work places paperless offices. It frees time and money for them, because they don't have to keep track of the documents, they don't have to store the documents (and find a place to store them), and they never have to file them away. Receipt Bank archives all of the documents so you can find them if you ever need them, and the documents are in their financial data as well, which is where they really need them. I've never had a client regret going to Receipt Bank just because it makes life so much simpler for them.
For organizations that require in depth detail in their financials, meaning detailed records of every expense, Receipt Bank is a great option. Accounting firms that are preparing the books for their clients in a cloud atmosphere will most certainly appreciate the ease of use provided with Receipt Bank.

But for organizations that are small in number of employees, and maybe they all have company credit cards and no expense reports, Receipt Bank isn't necessary. It's still a "nice to have" software, but not required because these types of employees won't be keeping copies of receipts anyway.