Why We Recommend ReceiptBank

Palfreyman Chartered Accountants is committed to making our clients’ experiences running businesses as smooth as possible. In order to help you simplify your record keeping processes, we offer our clients subscriptions to a smartphone and email application called ReceiptBank. We recommend that our business clients use ReceiptBank as it can help you in the following ways:

  • Recording your business expenses can be as easy as taking a photo on your mobile phone or emailing your invoice to ReceiptBank.
  • You can set up your employees so they can upload information for you.
  • All receipts uploaded are stored for tax purposes. No need to file away those receipts or forward them to us with your BAS or year-end information.
  • You can have up-to-date financial reports much quicker than normal – even weekly. This will help you to manage your business better.
  • The time you save on manual data entry can be used to grow your business or enjoy some well-earned time off.

For those who are unsure what ReceiptBank is or how it works, it is a data extraction software which allows clients to take photos of receipts or email those receipts instead of physically storing them. The individual data will then be extracted and added to your software file, saving hours of processing and collating time. The software is very precise. It can extract the supplier name, amount, GST and the correct date. This data is then matched to the appropriate transaction in your accounting software of choice which include providers such as MYOB, Xero and Quickbooks.

From 1 January 2020, we are now able to provide you this service at a reduced rate. Pricing currently ranges from $15 to $30 a month for small businesses, and is calculated based upon the number of uploads you make during each month. Many of our clients who are already using this service recoup the monthly cost in decreased processing fees. We are able to advise you each quarter if we think you need to upgrade or downgrade your subscriptions, so you can be confident you are never paying more than you need to be.

If you would like to take advantage of this offer, or ask some more questions regarding this, please do not hesitate to contact our office on (02) 4990 3775 or by emailing enquiries@palfreyman.com.au.

Request an appointment.