QBOchat Interviews Receipt Bank

I recently caught up with Damien Greathead with Receipt Bank in Atlanta, GA and we interviewed him about Receipt Bank and any new changes that accountants should be aware of.

Receipt Bank Interview Video Transcript

Welcome to QBOchat interviews. Join us as we interview some of the best apps, that integrate with QuickBooks Online and learn how these Apps are making life better for accountants and bookkeepers.

Hey guys, this is Cathy Iconis with QBOchat. I am here with Damien with Receipt Bank.

Cathy, thank you so much for having me.

Oh, it’s our pleasure. And, I want to hear more about Receipt Bank.

What would you like to know?

Tell me what makes Receipt Bank different in the marketplace.

So, Receipt Bank is designed to connect the client with their accountant and bookkeeper – get the information off them as quickly as possible, as effortlessly possible. So, mobile app is best in class. Our scan and upload allows you to scan 50 documents at a time, and we split it apart. Fetch is about to be released. So, every possible way in which a document is produced, we can grab it.

Because once we’ve got it, we can get processing of it. Our turnaround time, our accuracy are best in class. And, that means it frees up enormous amount of time for accountants and bookkeepers to spend time doing what they do best, whether that’s sitting down with their best clients, finding other ways in which they can help them, getting out and winning new clients, or just getting out on time and spending that time with their family and friends.

So, what do we do differently?

Our accounting and bookkeeping partners tell us the tools inside ReceiptBank – the dashboard that sits over the top – is one big differentiator. The ability to sort columns, a very simple thing, but one thing our partners love. The machine learning that takes and the speed with which the machine learning takes place. Because I’ve split the AT&T bill three ways – a third, a third, a third, to different departments – never have to do that again. So, the way, the speed with which and the means by which we can get the information from the client, the speed with which we process it, and then the bookkeeping tools that really make, eliminate more and more of the keystrokes associated with that P&L production.

Right now, you know, there’s a lot of talk, you know, growing your firm and getting bigger and being a trusted advisor and stuff like that, but some people don’t want to do that.


So, you’re actually building those efficiencies, right, then, that you’re giving a solo-practitioner, you know, or a small firm more time.

Yep! With the bookkeeper.

So, we can’t create nor destroy time. That’s one of the few things I remember from physics, way back when. So can’t create nor destroy time, so we have to unlock time. And, we have to look at the different processes in an accounting firm that take time. And then, look at the technology that can plug in to take care of those. What you do with that time, that’s completely up to you.

We have, with the 6,000 accounting partners around the world, sole practitioners up to PWC. Turns out partners, you know, they like their 10 clients. They don’t want 15, 20, 30 clients. They want to get to spend more time with their community. They want to spend more time with their family. Or, alternatively, they just want to spend more time with their best clients. So, they might not grow those 10 clients. No, sorry, they may not add more than those 10 clients, but they might grow those 10 clients by just being able to spend more time with them. So, again, different opportunities but let’s free up the time. What you decide to with it is completely up to you.

What types of users are the best fit for Receipt Bank?

We get that question a lot, because, so, what are the perfect users for Receipt Bank? We get that a lot. Because I talk to a lot of people, and they say well I’ve got one or two clients that I think this might be useful for. And, I always reply with, “Well, hang on, do only one of your two clients have expenses?” And they look at me, and well, of course not! So, in that essence every client that has expenses is an ideal client for Receipt Bank because your clients are struggling just managing all of that documentation.

You are having challenges getting that information off clients. So, whether it’s a bill that needs to be paid, he corporate credit card, the shareholder loan, the reimbursable expense, credit notes – all of your clients have some sort of combination of these. And so, I always respond with, “What type of clients does Receipt Bank work best with?” If they’re on QuickBooks Online, they have expenses, then they’re a perfect candidate for Receipt Bank.

What are the features that accountants love about Receipt Bank?

A number of our partners love the SMS invite. So, we can send an SMS invite from your firm to the client to get them to download the app. So, it goes to their store. So, you’ve got an iPhone there, so it’ll take you to the Apple iOS store. We pick up what type of device you’re using, send you to the right store, download the app for you. So the client is up and running in about 60 seconds or less.

And once we’ve got the mobile app on the client’s phone, we can actually then have a conversation or a dialogue, because, with that client, through the mobile app. Because traditionally, we had to go to email or phone to ask the client questions. And then wait three days, seven days, ten days for the client to get something back to us. But now, notification from the accounting firm to say questions about a particular expense, this Home Depot receipt, anything to personal, the Costco receipt. What’s to personal, what’s to a particular client. So that gets taken care of all in the mobile app.

So, we’re sending 3,000 – accountants and bookkeepers – are sending 3,000 messages a day 55-60% of them are being responded to within the first hour. So, that’s one of the features and it just means that these books get closed so much quicker because when you’re not losing time waiting. So that’s one of the favorite features.

How long have I got? Umm, something that we didn’t realize, but just the ability to sort by columns. So, if we are doing a catch-up job or a new client has come on, I can scan all the documents in. I can sort by supplier and then bulk edit those. I can sort by what’s Cathy submitted, what’s Damien submitted, bulk send those to the expense reports. So, really simple things that we took for granted.

(Helicopter overhead) They’re coming for you. Yeah (laughing).

That we took for granted, but accountants and bookkeepers have told us – when we went out and observed them using Receipt Bank – the first thing they did was sort by date, sort by column, sort by supplier sort by user, and that allowed them just to batch, do things in batches. Which again, rather than look at every single item we do things in batches, which again, eliminates keystrokes, eliminates mouse clicks. Bring down that time, which again, all adds up in the form of some time.

What is new with Receipt Bank?

So, Cathy, we are, we’ve been at it for a while, but we’ve got our Fetch capability coming. So that launches here at Scaling New Heights, so we’re starting with fetching the bills. So, we’ve got 2,000 suppliers that we can go and grab the bills from and bring that into Receipt Bank to get that ready for the general ledger. We will be doing banks towards the end of summer, but as you know, even in your own client base, you’ve probably got 300 different banks, that your clients are using. So, bills first and then bank fetches is coming as well. So that’s exciting.

We’ve also brought in additional levels of approval, so this is particularly important for expense reports. Expense reports that work specifically for the small- medium-sized firms, small- medium-sized businesses that are using Excel for their expense reports. They can now use Receipt Bank. Send it to the administrator for approval, send to the owner for approval, and then that’s taken care of. So that’s one of the new features that we’re very excited about as well.

Do you think bookkeepers realize they can be charging for coding transactions for clients?

So that’s an interesting question. I think bookkeepers are afraid that we’re taking the work away from them, but I loved how you said weekly, or fortnight, bi-weekly. What it does is it really opens up a whole host of other opportunities. I don’t think there is a lot of value in the debits and credits, in the coding but there is enormous value in the turnaround time.

The weekly reports, the monthly, and quarterly reports… I think there’s enormous amount of value in the helping the client go paperless, audit proofing the business, disaster proofing the business, helping them put fraud protection in place. So, I don’t think there is a lot of value in the coding of transactions let Receipt Bank do that, but what bookkeepers are bringing to the table is so much more valuable, or can be so much more valuable than just data entry and coding.

And, I think that’s [the] really exciting thing about accounting and bookkeeping at the moment, is it’s a tremendous opportunity. I’ve got to be honest, if I wasn’t at Receipt Bank and working with 6,000 accounting firms around the world, I would be opening up a bookkeeping business for sure.

Cathy, thank you very much. Delighted to be sharing some of the latest updates with everyone over at QBOchat, and one of the things I want to stress here is we’re focused first and foremost on our entry-level capability set. So we call that Receipt Bank Extract, and that’s designed for people just starting their cloud journey. Our next capability set is what we call Streamline, Receipt Bank Streamline, and we’ll show you some of the differences in the two capability sets during today’s session.

Are you ready to see Receipt Bank?

First, and foremost, I want show you how easy it is to get a client up and running with Receipt Bank. Let’s just pop into one of our client files here. You’ll notice that it changes from blue-green to orange, and that means we are in the actual client file. So now that we are in a client file, we want to invite one of our clients to use the application, come into the account settings, come over to maintain users, and let’s just in this instance, create another user.

And so I’m just going to put in Damien Testing an email address here. Now, I’m going to invite the client using the new SMS feature. And, so what we want to do here is pop the client’s cell phone number in, check that notify via SMS, add their individualized customized @receiptbank.me address and then decide on which role we want to give them. In this instance, we just want them to submit information, so we’ll put them in as a basic user. So, hit create, and essentially we’ve got the user has been created successfully and an SMS invite has been sent now to that particular user to get them up and running with the application.

OK, so now what’s happened is the client is receiving the SMS message from your accounting firm, prompting them to download Receipt Bank. So that’s going to take them to their iOS store, to their Droid, their Google Play store, it doesn’t matter what type of phone they have. The technology now can identify which application they’re using, which operating system they’re using and take them to the appropriate app store. So, in 60 seconds the client will be up and running on Receipt Bank.

Let’s get into it. Let’s show you a couple of the functionalities. There’s some nice things here. First and foremost, we’ve got our single option. We’ve got our multiple option. And, we’ve got our combo option. So, a single option is when we’re just taking a photo. We’re out in the field, just had an expense and we’re ready to go. Just take a picture of it. So, if I wanted to add a description, I could do just that: Lunch with QBOchat. And then, save that, and submit.

Now, if I’ve got a couple of items sitting in my in-tray in the office. You’re going to open that one up and I’m going to go to the multiple mode. So this means that there’s multiple individual items to submit. And so you can see – snap snap – and then we submit those into Receipt Bank.

And then the final mode there is our combined mode, so if we had maybe a 3-page document that we needed to get into Receipt Bank, maybe a longer Walmart or Costco receipt, we can do that with the combined mode as well and that will then just bring them together to make that as easy as possible. So as you can see all of that information is now in Receipt Bank, and we got the client up and running in 60 seconds and information into the system in 90 seconds or less.

Receipt Bank Extract

Mobile app – most popular way to get information into the system. Let me show you a couple of other ways which accountants and bookkeepers have found particularly useful. We’ve touched on the mobile. We’ve got the dedicated email address, so, this is where the Uber receipts that all goes to this @receiptbank.me. That is customizable so you can adapt that to all of your clients and what I encourage you to do is standardize that so it might be firstname(dot)lastname. It might be companyname(dot)lastname as a means of standardizing that email address.

Over here, we’ve got our items by upload. This is really helpful for piles of paper sitting in our office – client is getting us the information in shoeboxes, in envelopes, and to be honest, we don’t necessarily want to rock the boat just yet, we don’t want to have the mobile conversation, the email conversation just yet, we want to get our internal systems sorted out first, then this scan and upload is your friend.

So, what you can do, scan all of those documents. We can do up to 50 pages in one scan. Click that multiple items PDF and then Receipt Bank is going to take that one file with 50 pages and split it into its appropriate sections. Now, if there’s a 3-page invoice on there and we have the same or we can recognize the same invoice number on those 3 pages we’ll then merge those documents. So, we’ll split it apart and then anything that we think needs to be merged back together, we’ll do that for you and then we’ll flag it for your review just to take another look at it. So, that’s particularly helpful for the piles of paper currently in your office.

And, last but not least, it’s a paper currently in your office. It’s just been released where we have our invoice fetch. So, we can click here to connect to suppliers and basically what we are going to do is come over and browse suppliers and for example, Amazon so, what we are going to do here, is ask our clients to connect their accounts so that Receipt Bank can go into get those bills, go and get those receipts and bring them into Receipt Bank automatically.

So, the last way in which you can get information into the system is to go and fetch those bills and go fetch those receipts. Once it’s all in the system, now we can get to work on processing and reviewing the information. So, the inbox here is where we come in, couple of interesting things, you can sort by different users, so we have different user capabilities.

Remember when we added a user, I added myself with basic level access, so different users will have different viewing rights and different access rights, but we can come through and we can sort by users.

We can come through and we can sort by suppliers. This is actually really helpful with catch-up jobs actually. If we just come in and you can see we’ve got Burlington Toyota there. Select those, enter tools, and we’re going to bulk edit those. So, for example, if you’ve got 15 Uber receipts or you’ve got 20 Starbucks receipts, and we need to just bulk edit those, we can do that. And that takes care of everything for you. And, in doing so, we’ve also updated the machines to remember how to deal with Burlington Toyota moving forward.

Receipt Bank Streamline

OK, so Cathy, we had a look at our Extract level of capabilities. Now, I’d like to pop in and show you a Streamline account. And, you’ll start to see some of the additional capabilities, some of the additional automation tools that we’ve got set up. So, actually, let me just go back there, because I’ll think you’ll see one, an interesting one immediately is that we’ve got Bill.com and QuickBooks Online integrated into this account so now we can decide where to send the information, so if it’s a bill that needs to be paid, it can go to either QuickBooks Online or Bill.com. So, depending on your particular workflow, depending on how the payments are made, what you are able to do is set Receipt Bank up to send into different locations.

A couple of other interesting tools associated with this streamlined capability set, and remember this is the next step in your automation journey. This is where machine learning really starts to take place. So, for example, this while you were away, this is a great way to show you and your team, what’s happened in the account since you were last in there. So, for example, up at the top here we just see all of the different items that have come into Receipt Bank. These items that have been auto-published we’ll talk that about that momentarily as well.

But, down here some interesting items that we’re bringing to the bookkeeper and accounting team’s attention. So, here we’ve got our merged items, so has an expense being submitted twice? We’re going to merge that, flag that for your review.

New payment method: so, has the client gone and opened a new line of credit and haven’t told you about that? We’ll pick up the payment method of that credit card and flag it for you. That should prompt a couple of questions. So, one question might be, is this an employee that needs to be reimbursed? Is this a replacement credit card to an already active credit card account? Or, Cathy, God forbid, the client has gone out and opened a new credit line without you actually being aware of that. So, we are going to flag it for you just so that you can ask the questions. Because if it’s a new credit card, new line of credit, then definitely a change order needs to be issued because the scope has been changed.

Also, over here, any new suppliers. So can we go in and set up any rules that we can take care of moving forward. Classic example is something that we might set up, let’s just say, the utility company that’s a new supplier for us because it’s a new company. We might go in and just set a supplier rule for us to include the account number in the description every time we see this, so that whenever that payment goes over to the AP register in the description will always be the account number. Just an example of how folks are using while you were away.

Receipt Bank Supplier Rules

Now, let me just show you one of the other areas of Streamline, which makes a big difference in our accounting partners’ lives. This is where we are able to set supplier rules. So, in Extract, Receipt Bank will remember the coding, the categorization of every single supplier. But now in Streamline, what we are able to do is add more detail to that supplier. So, for example, this is a Staples receipt, so Staples is always going to go QuickBooks Online. However, utilities, AT&T bill, that’s always going to go Bill.com if that’s the way Bill.com gets paid. We can always categorized Staples so they’re always office expense.

Down here in our description, if it’s a utility company, AT&T, Verizon, we might put the account number here. And, so then, we never have to enter the account number again when populating the accounts payable register.

This is really cool, down here, we’ve got our Smart Split Rule. What we’re doing here is we’re telling the system, we’re teaching the system, that every time, let’s just an AT&T bill comes through, we’re going to split that AT&T bill between three different departments of a percentage of a third, a third, a third. So, really useful in that Verizon bill, the hosting bill, maybe utilities needs to be split among different departments, different projects. And, if it is consistently that way, then we can just tell the system to take of that every time it sees that particular supplier come through.

We can also assign a fixed amount for a particular supplier. The most – The one we see most often here is freight. So often is a flat charge, delivery is a flat charge. Anything that is a flat charge, what we typically do here is we enter that information and for any time we see that particular supplier, we will apply a nominal, whatever amount you tell us, to freight, so it’s just taken care of so that you don’t have to constantly repeat that same step every time you see a particular supplier. So the Smart Split Rule [is] very helpful in this automation journey that we’re on in the Streamline accounts.

Receipt Bank Auto Publish

And then last but not least, at some point in time, we’re going to want turn auto-publish for some particular suppliers. Maybe, 10, 20, 30 percent of suppliers are regular in the system doing the same things over and over and over. And so, in that instance, let’s just get Receipt Bank to get it into QBO, get it into Bill.com automatically. It’s just going to save you an enormous amount of time and I’d encourage you to work with your account manager and the partner success team, to identify which suppliers are good candidates for auto-publish. A bit of a hint, your accounting fee invoice will be a perfect candidate for auto-publish. So, that’s just one of the insider tips there. But, let’s leave that off and we can turn those on and off at any time we need to.

Are you ready to learn more about Receipt Bank? Learn more on their site here and contact them to set up your own demo.

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Cathy Iconis

Cathy Iconis, CPA is the creator and facilitator of the weekly tweetchat #QBOchat and the website QBOchat.com - a community for QuickBooks Online Users. She is also the founder of Iconis Group, an Intuit Top 20 Firm of the Future, that supports small businesses all over the United States with their bookkeeping needs. She is a five-time recipient of the prestigious CPA Practice Advisor 40 Under 40 Award, given annually to just 40 people nationwide.

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