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AF Insight: Cloudbased Accounting

Thanks to the internet and a bit of competition, you can now process expenses pretty painlessly with a smartphone and an inexpensive app. Here at Alpha-Financials, we use a product called Receiptbank and think it’s great. However, others such as Shoeboxed and Expensify seem to offer equivalent functionality at a similar price and think it’s great.

The Simple Cost benefit analysis….

Receiptbank currently costs £10 per month, for unlimited users and an average of 50 transactions processed per month over a 3 month rolling period. Charges then increase for each block of 50 further transactions per month. Within a guaranteed 24 hours (but it’s usually only about 6), each transaction will be processed and can be automatically posted into your accounting system. If you’re using a cloud system such as Xero, then the picture will also be stored online as part of that transaction.

Source- Recieptbank

For most small businesses, the reduced hassle, improved accuracy and bookkeeping hours saved more than pay for the monthly cost several times over – an absolute no-brainer!

Further benefits are that you can use a variety of ways of getting invoices and expenses into the system (you and/or your suppliers email in to Receiptbank, save images in dropbox or click and drag them into the programme). If all else fails you can even post them in – but if you’re doing this, your processes really are out of date and inefficient.

Some downsides?

Very rarely the App can freeze – particularly if you’re not keeping the app uptodate. If you have a problem, solving it usually involves email exchanges (which are fast) rather than talking to a person. So far we’ve found these to be minor irritants which wouldn’t change our recommendation to use such software.

A final thought

By combining Receiptbank, Xero and a various other inexpensive pieces of software it’s possible for SMEs to fully automate their accounting and produce month-end accounts almost instantly. Not only does this put to shame the accounting processes of most big companies and their multi-million pound systems, but it also frees up resources to focus on doing the more interesting and valuable stuff – analysing performance and finding ways to increase profits and cashflow.

If you or a member of your team are considering cloud based accounting options, or you would like further information on the above, contact us via email or telephone..We have been a certified partner of Receiptbank and Xero for the past 2 years, worjing with a range of SMEs. We look forward to hearing your questions!