MGA Blogs

What Is Receipt Bank and How Can It Benefit Your Business?

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Tracking and managing credit card receipts for a thriving business is no laughing matter, and that's why we are excited to share Receipt Bank with you! A simple and accurate receipt gathering and coding tool that can save you valuable time.

We use and love Receipt Bank here at MGA, and because of this, we have decided to share its features with you in this demo video. 

What are the benefits of using Receipt Bank?

Receipt Bank makes it easy to not only gather your receipts but to submit them as well.

When you make a purchase on a company card, you can use the free Receipt Bank phone application to take a picture of your receipt immediately. Your image will then be automatically uploaded to your Receipt Bank inbox, eliminating the hassle of keeping up with hard copies of your receipts. Additionally, every user in Receipt Bank is given a custom email address that links directly to the Receipt Bank inbox. So if a receipt happens to be emailed directly to you, you can simply forward the e-receipt straight to your inbox.

All receipts that are sent to the inbox are automatically processed, saving you valuable time. It works to pull as much information as possible to prefill the required details, such as the transaction date, vendor name, charged amount, and even the last four digits of the card used when possible.

All submitted receipts can be viewed online where they can then be coded to your QuickBooks Online chart of accounts. If any corrections need to be made to the information Receipt Bank prefilled, you can easily make adjustments as well.

With a quick click of a button, all transactions are pushed straight into your QuickBooks Online software along with the receipt image backup. The transactions from Receipt Bank can then be matched with your credit card feed and QuickBooks Online, ensuring that you get receipts from all transactions made on your credit card.

After all receipts have been published, they are then automatically archived in Receipt Bank. You will be able to research and reference any receipt at any time if needed. Also, since Receipt Bank frequently syncs with QuickBooks Online, you can be sure that the most up-to-date information is always available to you.

Is Receipt Bank the right solution for you?

In this brief tutorial, we have only scratched the surface of what Receipt Bank offers. Whether you deal with only a small handful or hundreds of company credit card receipts, Receipt Bank has a solution for you.

Thinking about transitioning over to this product but not sure where to start? Reach out to us. Our T.A.S.C. team is here and ready to help you create an implementation strategy that makes sense for you and your business.

Or if you are just interested in learning more about this product or are currently assessing whether Receipt Bank would be a good fit for you, we are here and happy to help.

Let’s talk!

September 28, 2018