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.
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.
With multi-currency, you have two publishing choices:
- Convert an item to your base currency and publish it; or
- 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.
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.
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.