Receipt Bank also keeps every receipt for you in digital format for seven years. The digitised invoices are indexed and can be searched and located by supplier, date range,amount range, or by any of a number of other criteria — so much easier to find than locating a paper copy! In fact, once your invoices are archived in Receipt Bank you can get rid of your paper copies.
ATO Tax Ruling TR 2005/9 allows paper records to be stored electronically if they are a true and clear reproduction of the original paper records, and can be read and retrieved by Tax Office staff at any time during the statutory retention period of five years. Receipt Bank fully complies with the requirements of the Tax Office.
Receipt Bank protects your data with 256bit SSL security, the same level of security used in online banking. If you are concerned that in the future you may want to stop using Receipt Bank, leaving you unable to access your records, Receipt Bank allows you to download your digitised receipts in PDF files so you can keep copies on your own harddrive or USB storage. Receipt Bank also transfers a digital copy of each invoice with transactions published to Xero, so there is a second stored copy. As your Accountant we will still have access to your stored records, even if you cancel your subscription to Receipt Bank.
Imagine the saving in space and hassle if you no longer had to keep files and boxes full of supplier invoices for years in case of a GST or income tax audit! Digital storage also solves the problem of receipts on thermal paper fading after a few months.
There is a number of methods to submit your receipts into Receipt Bank:
- You can use an iPhone or Android app to photograph and submit receipts as soon as you receive them.
- You can email PDF or scanned invoices to a personalised Receipt Bank email address. You can provide this email address to suppliers that issue invoices by email and let the invoices go straight into Receipt Bank! eg.
- You can scan your receipts and upload them to the Receipt Bank website by browsing to the invoice files, or by dragging and dropping them into your browser.
- You can link your PayPal or Dropbox accounts to Receipt Bank and have Receipt Bank automatically collect invoices from these services.
- You can post your paper receipts to Receipt Bank for them to scan. (This service incurs an additional cost of $10 per month)
Receipt Bank processes all receipts within 24 hours (and most within 10 hours). Most information is taken from the receipt, but you can add and correct details such as expense categories.
Receipt Bank works extremely well with Xero. Once you link Receipt Bank to your Xero subscription, Receipt Bank loads your chart of accounts, bank accounts and suppliers from Xero. It also loads your customers so that you can allocate expenses to customer jobs.
Completed receipts in Receipt Bank can be published into Xero as draft Purchases (unpaid invoices), Spend Money (payments made from a specified bank account) or as employee expense claims. A digital copy of the receipt is attached to each transaction published to Xero.
With Receipt Bank and Xero you can greatly simplify the administration of your accounts payable!
Receipt Bank charges a monthly subscription based on the number of receipts processed per month (calculated as a three month average). So if you do 70 items one month, then only 20 items the next month you’ll still only pay the 50 items/mth subscription fee!
Pricing tiers are:
50 Items per month $19.95 plus GST/month
100 Items per month $39.95 plus GST/month
150 Items per month $59.95 plus GST/month
300 Items per month $119.95 plus GST/month
500 Items per month $199.50 plus GST/month
**Special Offer for all clients of Praba Ganeshan**
Receipt Bank would like to offer 2 months free subscription (from today until the end of June 15) for the first 10 clients who sign up during the month of April. Please contact your Account Manager for further information.