Approval is easy, with approvers notified of expenses waiting for their attention. They then click on the expense for more detail, and can also see the receipt photo to check all relevant details are in order. If they discover something amiss, they flag it next to the item and can, if necessary, leave a short note explaining the problem.
Users can track expenses, manage their team, send recurring invoices and manage projects. In fact, there’s a self-employed freelancer option that costs just £10 per month. With a great collection of practical built-in features and functions ReceiptBank works without fuss and sports some tools that even higher-priced counterparts don’t have. ReceiptBank does offer a service for accountants and bookkeepers, but the package we’ve looked at here is directed at small business users. Other options in this space include QuickBooks, Expensify, Hurdlr and Zoho Expense to name but a few.
Bank statement extraction with Receipt bank
Nevertheless, the software and app combination comes with enough tools and functionality to allow precise management of expenses. This also comes without too much in the way of cost as ReceiptBank has three packages that are highly competitive, which is useful given coronavirus. With its cost effective pricing plan and no nonsense set of features ReceiptBank is perfect for small businesses looking to process their expenses claims. At the same time, the software lacked a couple of features that other solutions include, and some users might find Receipt Bank’s approval workflow and expense return process a bit clumsy. But few would argue with the conclusion that it is one of the best connected packages around, and its integrations tend to make up for the occasional unfortunate omission.
Certain transactions may be fixed monthly for example rates and taxes in South Africa that are set and fixed for a year. Then certain transactions vary for example electricity and water fluctuate depending on your usage. The smart split rule in Receipt bank allows you to create fixed transaction lines on an invoice. We’re thrilled to hear that you find Dext very easy to use and that it has significantly saved you time in digitizing invoices and expenses. If you ever have more insights to share or questions, feel free to reach out.
- Dext puts powerful tools at your fingertips for real-time and accurate insights to help you be more productive and profitable.
- Moreover, this impacts my other accounting tasks, as downloading a file takes longer than normally.
- This allows you to manage several clients from one central location.
- Accountants can start using Receipt bank after doing a series of short training videos which is in total 20 minutes long.
Dext can be a great add-on for managing expenditures and expenses. It works for small businesses as well as for businesses with a number of employees. You can even integrate it with a payroll software, in addition to an accounting software.
Dext advantages
In Zoho Expense, both users and admins can be notified when an employee attempts to claim an expense worth more than the category limit. But it will automatically apply nominal codes, projects and tax rates, providing you use one of its two higher priced versions. Receipt Bank is a very capable expense management tool that has been developed and refined over a number of years. It is not quite as full-featured as some, but compensates with integrations for Dropbox and a range of small business accounting packages.
Receipt bank has offices worldwide including London, Washington DC, Sydney, Paris and Cape Town with over 5,000 accounting and bookkeeping firms around the world using it. This website is using a security service to protect itself from online attacks. The action you just performed triggered the security solution. There are several actions that could trigger this block including submitting a certain word or phrase, a SQL command or malformed data. Truly great software, saves a huge amount of time, works really nicely with hardly any annoyances (and I’m very particular).
Similarly, you can also match receipts and invoices to transactions in your bank feed or accounting software. Currently Receipt Bank pricing starts at $10 a month for one user (when billed annually) with a 50 item limit, jumping to $20 a month for five users and 300 items a month. The cheapest price point excludes data extraction from bank statements and synchronisation with PayPal and Dropbox. The latter is one of Receipt Bank’s real differentiators, so it might be worth paying more for. Once the Receipt bank and accounting software are linked the magic continues as the two programs integrate. Receipt bank sends the extracted data to your accounting as per your instructions.
Horrible non-existent customer service
The Expense Report Approvals option lets specific account users sign off on other employees’ expenses before they’re marked as complete. The Effortless Expense Reports lets you generate expense reports automatically, including weekly, bimonthly, and monthly reports. When you activate this feature, you need to tell the software which employees can have the Effortless Expense Reports feature on their account.
Receipt Bank is now Dext
While we like the fact that Receipt Bank brings in the accounting categories, we do have a quibble with the way it presents them. Pull cost data from over 1,400 suppliers and automatically sort and categorise with smart supplier rules. Match paperwork with cost data through bank connections for reconciliation. Pull invoices from 1,400 suppliers, automatically categorise documents and enable each line item to be labelled individually. Cut out the paperchase by sending requests on outstanding paperwork direct to your client’s mobile app; get quicker responses on document queries with in-app chat. Automatically code and categorise costs by setting up supplier rules.
Receipt Bank administrators can set up expense approvers, which are responsible for viewing and approving all expenses submitted by basic users. Administrators can also approve any submitted expenses or other documentation as needed. The product integrates with a variety of third-party accounting applications including Xero, QuickBooks, Sage Accounting, MYOB, KashFlow, Gusto, Bill.com, FreshBooks, Workflow Max, and Tripcatcher. profit and loss 101 The solution combines real time data with practice productivity tools to free up teams to spend more time adding value. Fetch financial data automatically; use our smart tools to analyse tax, payment timing and talk to your clients about cashflow, all in real time. Your Receipt Bank account is now your Dext account, and it works with everyone – integrating and auto-publishing to your choice of accounting software.
Highly recommended from someone who has honestly tried it all. They seem like a really well run company, the tech is actually useful, and the customer service is intuitive, they are quick to respond. Some of the links that appear on the website are from software companies from which CRM.org receives compensation. This site does not include all companies or all available Vendors. You can also activate the «auto-categorization» option that uses machine learning to extract a category based on the way you previously categorized similar items.