Reducing the bookkeeping burden!
We know that bookkeeping is a burden, so in this episode we’re talking about ReceiptBank (now Dext) and 1Tap as suggestions to make things MUCH easier… Watch this to find out more!
Hi and welcome to another episode of BaranovTV designed to demystify the world of accounts and tax and to help your business grow.
Now one of the things we hear a lot from clients is that the bookkeeping side of their business becomes an issue and they really like to know ways of streamlining that process, whether they’re doing it themselves or whether they’ve got an internal bookkeeper or an external bookkeeper that’s doing the work for them.
The busier the bookkeeper gets, the more pressure there is on them and the less timely the information is that comes out because they get too focused on the crunching of the information, processing the invoices, reconciling the bank and all of those sorts of things.
So what I wanted to talk to you about today was a way of streamlining the processing of bookkeeping and that’s by using one app in particular called ReceiptBank (now Dext).
Now ReceiptBank bolts onto a lot of bookkeeping software, in particular Xero or QuickBooks and also onto Sage One which is Sage’s online software. We don’t actually compare it that strongly to Xero and QuickBooks but it is an option. We do have some clients using it and ReceiptBank works very well with it.
ReceiptBank actually is a way of getting that information from your invoice and from the paper records that come through into your bookkeeping software in a much more efficient way.
How to get information into the system:
Essentially you can do that by emailing the information into a unique email address that ReceiptBank allocates to you, or by using the app and by taking photos of receipts and invoices, and you can also bulk upload as well if you’ve got a whole load of information in one go that you want to get in there.
Where the efficiencies come from:
So there’re lots of different ways of getting information into the system and once it’s in there, ReceiptBank learns and you can set up rules so that if you get an invoice from ABC Limited who could be your stationery supplier, ReceiptBank knows that that stationery, that invoice goes into stationery. Another one could be office equipment. It comes from XYZ Limited, goes straight onto office equipment.
You’re taking away the need for somebody to sit and actually manually process each invoice that comes in.
- It lessens the chance of errors.
- It lessens the chance of inconsistency.
- It reduces the need totally for filing because you have an electronic copy of that information within ReceiptBank so you don’t need to electronically file the invoice and you don’t need to keep a paper copy of it and the Revenue are absolutely okay with that. They don’t have a problem with it at all.
So you do away with the time taken to actually create the file and put the invoice in a file AND you save the space in the office that’s currently occupied by all of the files. So you’ve got a big time saving there.
It also means that your bookkeeper isn’t spending as much time on this end of the process and can spend a lot more time on this end which is actually where they can be proactive; they can just be giving you information that’s relevant to the business and you can be getting that information slightly quicker because they’re not spending so much time in crunching in the first place.
Now there’s another option…
ReceiptBank is aimed towards Limited company clients. There is a smaller version for sole trade businesses which is called 1Tap Receipts. It does pretty much everything that Receipt Bank does. It’s from ReceiptBank, it’s just their slightly smaller, easier to use version and it means that sole traders automatically allocate income and expenditure to the Revenue’s categories.
It makes it very easy for sole traders as well to keep their books up to date.
It’s often more difficult for them because it tends to be much more about an individual running the business, so any support that they can get is really a good thing.
For us it means that they can get their records really clearly and efficiently processed which hopefully means that we can get them that bit earlier, so that we can give them an earlier idea of what their tax is due to be at the end of the year. Otherwise it’s pretty much very similar to ReceiptBank.
So you’ve got 1Tap Receipts and as I say, ReceiptBank. We’re what’s known as ReceiptBank partners, which means we’re accredited and we are, as part of that, able to get licenses for both ReceiptBank and 1Tap at a much more affordable rate than if you were going direct to ReceiptBank.
What does it cost?
For ReceiptBank there’s a monthly charge for a Limited company client. On an unlimited number of transactions Receipt Bank would charge £25 plus VAT per month and as Partners we can offer that to our clients at £20 plus VAT per month.
With 1Tap it’s £14.99 for up to 100 transactions per year, (that’s an annual charge). For up to 500 transactions it’s normally £49.99 for 1Tap plus VAT and we can do that at a reduced price. It is £10 plus VAT for up to 100, then it’s £40 plus VAT for an annual charge up to 500 transactions.
For sole traders, that’s a decent number of transactions to come through without having to worry about any of the burdensome side of things.
What support can we give?
If you want to know more about either ReceiptBank or 1Tap, I’ll put the links on the screen down below, do have a look. If you want a hand, a little bit more information or want to talk to us about how they would benefit you then please do get in touch because we can talk you through and we can help you get it set up as well.
We can do lots of the set up and just send you the link so that you can access that setup and just start running with it. Obviously we can support as you go if you’re not quite sure how to deal with any particular aspect.
So ReceiptBank and 1Tap Receipts; strongly recommended to just streamline everything and reduce some of the burden of that bookkeeping effort. We know what it’s like so we want to try and help.
Do have a look and do let me know how you get on, and I’ll see you all very soon.