Cloud Accounting

Receipt Bank Review

Publishing

As good as some software is at processing transactions, sometimes it can fall flat when it comes time to publish. Will it post the transaction as the correct transaction type and using the correct accounts? Will it be paid or not paid? Will it handle currency or taxes properly? Receipt Bank answers all those questions in a positive way.

As you may have seen in the Setting Up section of this review, Receipt Bank gives you a lot of control over how you want to publish transactions. For the software I tested, QuickBooks Online and Xero, Receipt Bank would attach documentation to the transactions, which was exactly what I would expect.

Something that I’ve seen similar software do — like HubDoc and AutoEntry — is provide a link back to the transaction as seen in their software. Unfortunately, Receipt Bank doesn’t do this. It’s not a deal breaker, but when you run into an issue it’s always convenient to be able to easily find the transaction in both your document management software and your accounting software.

While you can choose to have transactions auto-publish, I’ve stayed away from this in all software. I’m sure it works over 90% of the time, but for the times when it doesn’t work, I find it’s more difficult to try to search for incorrect transaction than it is to quickly scan a list and approve transactions for publishing. Receipt Bank gives you the option to select multiple transactions to publish, so it’s an easy thing to accomplish. It’s a simple feature to batch select and publish multiple transactions. Other software like HubDoc and AutoEntry cannot do this, so kudos to Receipt Bank.

One issue I had with publishing is that when I published data that was incorrect, the only way to fix this was to delete and retry. All other software has the same issue, but a more seamless integration would be so nice. It’d be great to correct details of an item in Receipt Bank and have the changes push through to my accounting software.

Multi-currency

I found the currency conversion to work quite seamlessly. Receipt Bank converts foreign currency amounts to your home currency without any user intervention needed. If you want to enter your own conversion amount, it’s easy to quickly type that amount in. And if you have a multi-currency company in QuickBooks Online or Xero, you can choose to publish in the currency the item was paid in.

Multicurrency

With multi-currency, you have two publishing choices:

  1. Convert an item to your base currency and publish it; or
  2. Publish the item in the currency it was paid in.

You should note that, depending on your accounting software, the way it works is different. QuickBooks Online needs to have your supplier set up in that currency and you can only publish paid items. Xero, on the other hand, needs you to turn on the “Publish multiple currencies” option under the Integration settings.

The flexibility with how Receipt Bank handles multi-currency is fantastic and I don’t think I could ask for anything more of this feature.

Expense Claims and Reports

Receipt Bank deals well with items paid for by company credit and bank cards, but what about expense paid for out-of-pocket with non-company funds? I believe it does an equally good job. If you’re dealing with software like Xero that has expense claims, than it can publish an item straight to there. You do need to link up your employee so this can happen.

If you don’t link up your employees in Xero, or don’t have software with expense claims, like QuickBooks Online, you can make use of Expense Reports. This will compile all the expenses into a single report that can then be submitted for payment as an unpaid bill/invoice.

Conclusion

Everything in the system was quite responsive. I never felt as if there was a lag or that I was waiting for something. Getting around felt intuitive and user friendly — I didn’t have to go searching for anything. I like that while the system allows you to have fine grained control over what it does, it is always easy to make the choice — yet without overwhelming you with so many choices as to be confusing. The main way Receipt Bank accomplishes this is by providing little checkboxes that appear after you fill out a form, asking if you’d like to save a choice or apply it to existing items. This ensured that while processing docs I never felt I got out of the flow.

Receipt Bank has been around for years and it really shows. The application is now so much better than what I encountered a few years ago. I don’t even remember what gripes I had back then, and I’m too lazy to check my notes, but I can tell you that currently it is a smooth performer that’s enjoyable to use.

One small improvement I’d like to see is in the way Receipt Bank visibly shows validation errors. If there are fields that need to be filled out before publishing (such as category), it’d be nice to have some type of identifier to help you know what needs to be filled out. This could be done by using a different color, making the border around the field bold, or putting an asterisk beside the field. To be fair, if you mouse over the “Not Ready” icon, it’ll tell you the validation errors, but it’d be nice to not even have to do that.

Validation Errors

Would I use Receipt Bank for my receipts? Definitely! Are their other flaws with the software that I haven’t written about? Yes, and they’re fairly identical to what I wrote in my Auto Entry review, so I won’t rehash them in detail here. To quickly summarize, however, it’d be great if the software could access bank feeds so that it could do an even better job at automating the whole process and verifying that the data is correct. All in all, I’m happy to see that Receipt Bank is now at a point where I wouldn’t hesitate to recommend it.


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About the author

Greg Lam

Greg Lam is a passionate small business guy who loves technology and automation. He holds a BBA from Simon Fraser University, Canada. He's a Certified QuickBooks ProAdvisor, Certified Xero Partner, and Kashoo MVP. His business interests are focused on online accounting and how it can be used to streamline and automate a company’s accounting processes. He currently lives in Tokyo, Japan.

Greg operates the Small Biz Doer website, an "Entrepreneur's Guide to Small Biz Bookkeeping." He is the author of Online Accounting Software: Finding the Right Match, published by The Sleeter Group.

Connect with Greg on Twitter, Google Plus, YouTube, LinkedIn, or Facebook.

5 Comments

  • Hi Greg, Damien from Receipt Bank here. Thanks for the review – delighted to hear we’ve come a long way! We’re always working hard to improve both the client and the accountant experience, so don’t hesitate to send any feedback over (damien@receipt-bank.com). I’d also love to show you the accountant’s view which provides a management tool for firms to manage their clients. We’ve just launched in-app messaging which we’re pretty excited by – we’ve seen a 5-time uptick in submissions from clients as a result of the in-app messaging.

  • I’m not usually one to complain about the price of software and maybe I’m missing something but the price of Receipt Bank seems ridiculous, almost to the point of laughability. $40 a month for 100 receipts? When I’m traveling I can rack up 10 receipts a day, for which RB’s 300 receipt plan equals a $100 a month – for one user! For $100 a user I can almost pay for SAP Business One monthly license!

    Why not simple per user pricing? Their price is not just higher than most competitors, but higher by several multiples. It’s even higher than enterprise solutions I’ve looked at. I suppose if your employees have 10 receipts a month the pricing is reasonable.

    But maybe I’m missing something, they seem to have a lot of happy accountant users, so some must be experiencing a lot of value from it.

  • Hi Greg, I know it’s team pricing, but that doesn’t change how expensive it is since its price is per receipt qty, as opposed to a standard $10 a month per user (or whatever). I suppose the pricing works well for firms that have users that make 10 purcases a month, but for firms with traveling sales people who incur lots of expenses the cost is crazy high compared to most other companies that offer per user pricing.

    Maybe I just don’t understand the product and why I’d want to pay 5x what we could pay with expensify or any other number of solutions, maybe it does more I am missing. But in the end, I suspect it comes down to transaction volume. For low transaction companies the pricing is OK, for high transaction companies it’s very high. IMO

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