Integrating Quickbooks & ReceiptBank
Integrating Quickbooks & ReceiptBank: I’ve been in the bookkeeping business a long time. Gone are the days of MYOB and hours of data entry. Remember those piles of gas receipts? Technology is rapidly changing in the way we do business. It seems like yesterday that clients would show up with shoe boxes of paperwork to be posted into a data file then organized into some kind of filing system.
These days bookkeeping & accounting are in the 21st century with cloud based real time accounting systems. This means that your information is accessible online, so you can use it anywhere you are with an internet connection. Almost all software based accounting systems also come with a phone app for uploading information on the go.
Which brings me to my favorite – ReceiptBank. This application will fetch all your paperwork and bring it to one place which you can see on a single digital dashboard. Once you set up your suppliers, ReceiptBank will pull all your receipts and invoices automatically for you. No more organizing paperwork to bring to your bookkeeper.
The beauty of Receiptbank is that it extracts every line of data on a receipt or invoice and calculates the tax. Once you code it and publish it-the data syncs with Quickbooks online’s Bank Feed. From there you match your transactions in the bank feed. To audit-proof your bookkeeping you can also attach the receipt to the transaction in Quickbooks for proof. This puts all your business financial information in one place.
With the app on your phone you can take a picture of that gas receipt which will upload it to your account, categorize it, and extract the tax.
ReceiptBank integrates with Xero, QuickBooks, Sage, and Workflow Max and starts at $12 a month for one user. Other plans are the business plan for 5 users at $25 per month and premium for up to 20 users at $50 per month.
At KineticBooks & Tax Solutions we help transform businesses by implementing, paperless, cloud based accounting systems into their businesses. We provide automated accounting tools to work seamlessly in your business leaving you with more time to actually run you business. We also educate you on how to use those tools with a dedicated bookkeeping pro for support. ReceiptBank is just one of the tools.
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