November 21, 2018

Just take a picture of the bill and the machine will do the rest.

Accounts, receipt management, business owners, recieptbank

Wouldn’t it be great if you just take a picture of the bill and let the machine do the rest.

That’s how some people would like to see their book-keeping happen. Although it’s not quite that simple, but it can be nearly that easy.

Using an app on your phone from Receipt Bank ©, the picture goes up to the cloud. The picture is then read, classified and can automatically be pushed into QuickBooks, a book-keeping and accounts programme that you have probably seen advertised on TV over the last year. You know your business better than the machine so if it’s guessed wrong or it hasn’t a clue, then you can go through these items and tell it what they are. If you don’t know where they should go in the accounts, I set up a heading called ‘Ask Penny’. I can then go through these items so you, or the system, can get it right next time.

What’s the benefit? Keeping your books up to date means you don’t have that elephant in the corner waiting to be tackled that just gets bigger. Another reason is you can make decisions based on facts; another is you can track the bottom line as your business grows. Another benefit is you will be well used to your system when HMRC bring in their Making Tax Digital (MTD) for businesses requiring quarterly reporting and digital book-keeping. Each transaction in your system will be supported by a picture of the bill and this is acceptable to HMRC so you won’t have to keep all that paper.

If you want to know more about how this would work for you, or simply to understand the figures better, or want to grow your business, get in touch