4 reasons you’re not using Receipt Bank (yet)

We used to advise that our clients use receipt bank because we believed it to be a no-brainer for improving business productivity and efficiency. We hoped clients would immediately understand that, take our advice and all would be well.

Nowadays, when we take on a new client, we set them up on receipt bank or 1tap (the sole Trader’s alternative) as standard, because it is a no brainer. We’ve seen first hand the positive effects it has on a business, and on a business owner’s life.

So why isn’t every business owner using it? Perhaps there’s still a misunderstanding about how useful it can be.

A quick recap – what Receipt bank is:

Receipt Bank is an app that helps you document and manage your receipts and invoices, so you can keep accurate financial records digitally.

  • Capture and upload receipts using your smartphone, or upload by email
  • Once uploaded, Receipt bank will extract the key information and display it in a format that connects with your accounting software.
  • Data will be kept on file for a minimum of 10 years

Isn’t it just another app I don’t need, though?

It’s true that there’s an app for everything these days. Not every app is useful, and we all know not every app makes us more productive (though plenty of them make us very productive procrastinators).

The thing is: Receipt bank is an app that really will make your life better.

That’s not our opinion, it’s just a fact. We say that with such blatant certainty because we honestly can’t think of any good reason not to use it. We use it for our own expenses at Golding, and we know first hand the difference it can make. We’ve walked the miles in your shoes, so we’re confident when we’re hammering on about it to you.

That being said, just saying ‘trust us!’ doesn’t just make it so. We understand that. Trust doesn’t work by us telling you it should. It comes from asking questions, growing your understanding and feeling completely comfortable that you’re data is in safe hands.

We’ve collected the four most common objections we hear about using Receipt Bank, and shared the answers we’d give to any new business owner feeling confused or hesitant.

Remember, there are no silly questions here!

Collecting my receipts means I always have a trusted hard copy

No one wants to take risks with their financial information. Keeping your data secure is priority number one. So we totally get the fear. What if the technology fails, everything is lost, and I don’t have the information I need for my VAT return?

It’s not easy to instantly trust a system you’ve never used before. Thankfully, the apps that connect with Xero (and Xero itself of course) use secure cloud storage. The images you upload from your camera phone, and the data that RB extracts and shares with Xero is stored securely and compliantly in the cloud.

We know you love a real receipt. You can hold it in your hands and know it exists right there and then. But, ask yourself this – is bank level data encryption likely to be more secure than your system of receipt collection?

Perfect cue for the next most common objection…

My previous accountant said I need to keep my receipts for 7 years, and I already have a system

This is just another variation of ‘I’ve always done it this way, so why change now?’ Any of these sound familiar?

  • You have a dedicated folder in the office
  • You keep a zip folder in the car for the ‘on the move’ purchases and transport receipts.
  • You have a desktop filing system that makes sense to you

You have a good system of keeping your invoices and receipts already. That’s great – truly. It’s better to have a system than to have no system.

So many of our systems have become digital now – making them faster, more efficient and more rewarding. I can’t think of the last time I walked into a bank to withdraw cash. Sometimes I forget that there are still real cashiers working behind desks. Now that online banking and mobile banking is a way of life, how many of us are pining for the days when we could do everything by cheque? I know I’m not.

The same goes for apps like Receipt Bank. The beauty of being able to digitise our receipts and invoices means we get to leave the clunky old way of doing things behind!

I don’t think I have time to do all this digital stuff

Our thought is this: if you can find the time to take a picture of your dinner and share it to Facebook or Instagram, then you have time to snap a picture of your receipt.

And we’ll take care of the rest. Once you’ve uploaded your receipt or invoice, Receipt Bank reads all of the information and categorises it for you. From that point onwards, we’ll be able to use that information in Xero to popular your returns.

Remember that we all have the same hours in the day. Einstein had 24 hours, just like you and I do. It’s less about how many hours you have, and more about what you prioritise your time for…

It’s not something you’re prioritising right now

Running a business can be absolute mayhem. You’ve got 1001 things to be thinking about. But that’s the reason why apps like this are so bloody useful. Because if you can take the burden of being the ‘keeper of all receipts’ off your shoulders and let receipt bank run everything for you seamlessly in the background, then that’s one less thing to have to think about in your busy day to day.

I hope this was helpful. If you have a question or concern we haven’t covered, then let us know by dropping us an email. The chances are, if you’ve been thinking about it, so have others.

All out of objections and feel like you need Receipt Bank in your life? No problem. Drop us a note here and we’ll show you how to go about it.

Leave a Reply

Your email address will not be published. Required fields are marked *