Receipt Tracking 101: How Receipt Bank and Hubdoc Can Help
As a small business owner, receipt tracking and documentation can quickly become a nightmare – for you and your bookkeeper! Often receipts get stuffed into pockets – pants, car doors and cup holders, personal device covers, you name it. In no time they can become a wrinkled, stained, unreadable mess.
Thank goodness for the rise of receipt management software!
“Dealing with receipts is a pain. What do you save and how do you save it?” Full Charge Accountant Aaron Snippe muses.
Let’s take a closer look at two cloud-based programs we utilize at Triune Financial.
Receipt Bank allows you to scan and upload receipts and invoices via a phone app (snap a picture of the receipt on your phone and voila!), by dragging and dropping files on its web-based app, or by emailing documents to a private inbox using a custom email.
Because it employs OCR (optical character recognition), RB automatically extracts important data from receipts like date, vendor name, amount, tax, etc. This saves tons of time on data entry.
RB automatically handles foreign currency conversion and gives you the option to batch select multiple transactions to publish (Hubdoc can’t do this). Like HD it syncs with Xero, our in-house accounting software. Our customers find RB to be intuitive and user-friendly.
Hubdoc has amazing fetching capabilities! Any account you would normally log into to gain access to your statements (bank, credit card, and other bills) can be synced to HD, saving you tons of time and pulling them into one secure document-storage system.
Like RB it utilizes OCR to read receipts and statements and populate fields (which can be customized to the client’s needs). It too can be accessed via phone app, web app, or a custom email address.
An advantage HD has over RB is that invoices can be sent via a cloud-based bill-paying service like Bill.com. Moreover, these invoices can be attached to a transaction when published to accounting software. HD syncs effortlessly with Xero and Box for seamless integration.
Receipt Bank or Hubdoc … or Both?
So which program do you need? “Hubdoc offers more flexibility since receipts can be sent to multiple software programs,” Aaron says. But Receipt Bank is good for clients who have multiple employees with company credit cards.
“Our clients are split about 50/50 on whether we have them on RB or HD,” remarks Sarah Charles, Full Charge Bookkeeper. “It’s really based on their needs and figured into the Scope of Work with new clients.” If necessary both programs can be used in conjunction with each other.
Cloud-based receipt management has revolutionized the ways in which bookkeepers interact with financials, notes Corey Swiftney, owner and Lead Guide of Triune. “Now receipts can easily be pulled into job-costing software without manual double entry. We can also create a searchable database from them. So say you need to know which company handled your building repair three years ago. You can search for that. This provides significant value in case of an audit. These programs also cut down on the time we spend following up with clients on missing documentation. ”
With the help of Receipt Bank and Hubdoc, no longer do you have to worry about collecting, organizing, and delivering receipts to your bookkeeper.
“These tools help move our conversation from transactions alone to more value-added discussions with our clients,” says Corey. “And that helps us improve their bottom line.”