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Apps to help you future proof your business – Receipt Scanning

Do you ever feel as though you wish there was an easier way to do your accounts that would save you time and make it easier for both you and your accountant?
Here, are one of the tools that can do just this – a receipt scanning app.

What is it? It’s an app that you can use either via the internet or downloaded on your phone (android and apple) which allows you to photograph or upload receipts, sales invoices and bank statements. Then when you are ready to do your accounts, login to the website and process the receipts. With just a few clicks, it’s sent through from the software into your accounting software.

Who is it for? They can be used by anyone, whether you are tech savvy people or not. You just snap as you go!

Which ones should I use? There are two main competitors in the UK market – Receipt Bank and Hubdoc.  I will explain the pros and cons.

Pros – both are easy to use,  you install the app and away you go.
Can be a big time saver as you never lose a receipt again, put you in good stead whether its Making Tax Digital for non VAT registered businesses, the use of this technology will future proof the business.

Receipt Bank and Hubdoc can be linked to the accounting packages of Xero and Quickbooks streamlining the process.  Both of the competitors allow emails to be forwarded to a specific email address, and have a function which links to certain suppliers automatically pulling in new and historical invoices for you. These can include Amazon, Vodafone, to name a few.

Cons – Using technology like this will have a cost but think of it as an investment of your time and future proofing your business.
Using Receipt Bank through an accountant could cost £10 upwards a month, or Hubdoc which is currently £15 per month.

What next? Do you have any other questions or want to know more on how these apps may work for you, get in touch, I’m happy to have a chat and go through them in more detail.