We can all agree that until apps like Receipt Bank came about, keeping a track of receipts and invoices was a nuisance.
Thankfully, now that we’re able to upload, store and track our expenses at the touch of a button, we have more time to take care of the bigger-picture business decisions.
To make it even easier for you to save crucial time and stress, we’ve noted down six tips for Receipt Bank efficiency.
1. Don’t overcrowd your photo
When you upload a receipt, Receipt Bank takes all the key details and uploads them into a manageable format to submit to Xero. In order for this to work, each transaction must be uploaded individually.
Make sure you’re not crowding your picture with lots of different receipts from different transactions. The only time you want to have two documents in one photo, is if you have a receipt and credit card slip from the same transaction.
2. Always remember VAT
If you’re VAT registered, make sure you’re always asking for a VAT receipt when making a purchase! Every expense is going to need to come with a VAT receipt if you want to claim back the VAT.
Get into a habit of asking at the point of purchase, and snapping a photo as quickly as possible. That way, you won’t need to go on a frantic search for a VAT receipt, or waste time going back to your supplier.
We often get clients asking us about supermarket receipts. If you do happen to buy a VATable item from a supermarket (business stationary for example), keep your main store receipt. Any items subject to VAT will have an asterisk beside them, and the VAT number will usually be on the back of the receipt.
If you’re unsure, most supermarkets will give you a VAT receipt at customer services, and some stores have dedicated email addresses for online purchases.
3. No paper aeroplanes please!
If you’re going to take a photo of an invoice or receipt, make sure it hasn’t been subject to origami before you do so. We’re all guilty of chucking receipts in our pockets and tucking invoices in the glove compartment to ‘deal with later’.
The problem is, if the paper is all crinkled and looks like it needs an iron, it may not be possible for Receipt Bank to read the right information on it. Another great reason to get into the routine of taking a picture as soon as the invoice is in your hand!
4. Give us the inside knowledge
Have you seen that you’re able to add notes into your receipt bank uploads? If you do think of anything you need your accountant to know about a transaction, it’s best to keep us in the loop.
Made a personal purchase on your business card and need to flag it up? Thankfully you can do this really easily by just adding a note into the description box.
5. Don’t forget there are several ways to submit
We’ve talked a lot about mobile submissions, but there are several options for submitting your documents that can save you manual work. Here are a couple:
- When we created your account, a unique Receipt Bank email address will have been set up for you. . Using this email address is one of the easiest ways to submit electronic invoices and PDFs – just send the documents to your Receipt Bank email address. If you are unsure what this is, click on account settings, maintain users and look for the “email-in” address on the user profile.
- Receipt Bank can check for the most recent invoices from your suppliers and pull them into your inbox via Invoice Fetch. Set up is easy, just navigate to the Add Items menu and connect suppliers. This is a handy automation for accessing bills where you’d usually have to sign in to a portal to download them.
6. Make your own rules!
Rather than constantly change the categorisation of your bills, you can assign defaults to your suppliers.
Let’s take us as your accountant as an example. . If the default for Tyrrell and Company is set as “accountancy fees”, every time an invoice from us comes through, it will automatically assigned to to that category.
To set this up, simply go to Suppliers, find the supplier name and select the default categorisation from the dropdown menu.
Don’t forget to let us know if you have found a time-saving hack we haven’t mentioned here that you think others should know about, and as always, if something is bothering you about Receipt Bank or Xero, let us help you out.