Receipt Bank Reviews
by Receipt Bank4.5 / 5 61 reviews
Reviewed on 15/08/2018
Forget the rest Receipt Bank is the best! Save time and gather more data!
I have been using Receipt Bank alongside Xero for at least 5 years now and I have tried the alternatives but for me RB is the best! It is easy, accurate and intelligent. Its super simple app alongside the emailing in, drag & drop, dropbox link etc makes adding receipts and bills easy so you are more likely to capture more items. The OCR works well and learns (it is however worth keeping an aye on things as sometimes it can go awry!). The supplier rules work well, it has a great user interface and is simple to navigate. I know that they do line by line splits on some supplier invoices and I would like to see that get more accessible. Overall Receipt Bank saves so much time and I think that they are still developing more and more features. I have had clients that hate it and there are a few nuances that you should pay attention to at the start but once you have it works brilliantly!! I have tried Datamolino, Autoentry and Xero direct for the day to day receipts & invoices but have always come back to Receipt Bank.
Customer support has always been good, friendly and relatively speedy. I use Receipt Bank with all my clients - we insist upon it!
Cons: I would probably say the thing that comes up over again is the price (I argue that rather pay them that than me for data entry!) but maybe if there was a lower starting price? I would love to see a Bill to client button and the option to break an invoice into lines as a standard option.
Reviewed on 06/06/2019
Accounting Made Simple with Receipt Bank
Comments: The experience so far has been pleasant. Paperwork can be really daunting especially at the end of the month when you have to account for all the business transactions and present accounting and financial report on time. This software basically saves you the trouble by making things simpler and saving you a great deal of time.
Pros: All you have to do is take a photo of receipts and bills, make use of the drag and drop feature and get them into an accounting system for easy and quick reference. It saves you a good deal of time in accounting. With the OCR feature, you can easily get both the debit and credit card identified when receipts submitted show they have been used for payment. Moreover, you can find out the exact bank account for the debit/credit card used to ensure there's no error when making payment or tracking transactions. Receipt Bank simplifies bookkeeping in that you can be out and about and still be able to get things into the system without any constraint. This is actually possible thanks to the mobile app that lets you work as normal even when you are on the go. User-friendly and easy-to-navigate interface. The dashboard also simplifies bookkeeping and lets you gauge or track your customer's activity level from time to time. It captures accurate info. Just snap a photo and relax. The rest will be handled by the tool.
Cons: Data mining may exhibit a bit of issues sometimes. So it should definitely be checked.
Reviewed on 26/07/2018
Smart Solution to manual bookkeeping entry
Comments: Time. This saves time . It also provides peace of mind.
Pros: The AI behind this software is smart and adaptive. The OCR recognition can identify the debit/credit card used on a submitted receipt and match that receipt payment to the specific bank account in your accounting software so you can avoid sending payments to the wrong account. For accounting firms, the bundled pricing is a great value to share with your clients. It does not just push the data to your accounting software, but will search your transactions in the software to try to find matches and will sync up the payments with ease.
Cons: While they are doing good with the fetch option for online invoices (they can pull the statements and invoices from online billers, such as cell phone or internet), they do not have the capability, currently, to pull bank statements. Add this feature and we have an unmatched solution to this expense capture sector in my opinion.
Reviewed on 13/03/2018
Useful app that makes bookkeeping much more efficient
This software makes bookkeeping very easy, even when on the go. The mobile app is perfect for tradespeople and those on the road.
The dashboard feature is particularly useful to us a bookkeeping business as we can monitor that activity level of our clients as well as ensuring the correct uploading of their documents.
Cons: We have found ourselves paying over the odds for this software on behalf of clients whose business sees peaks and troughs in terms of activity and so some months can be charged at a higher rate because they reflect the previous month's activity, despite little to know uploads taking place in the month following. We would much prefer to pay for the software on a credit system whereby we pay for what we use.
Reviewed on 16/03/2018
Saves me so much time and keeps me on top of my bookkeeping
Fast, efficient, and I am always on top of my bookkeeping.
I scan receipts with the iOS Dropbox app and place them in a shared folder. The next day my receipts have been data-mined, and are ready for me to double check before pushing them to my FreeAgent account.
This process shaves hours off my monthly bookkeeping.
Cons: Occasionally there is a small error in the data mining, usually due to a receipt displaying information in an unusual place or style.
Reviewed on 30/04/2018
Finally accounts are paperless
This app saves so much time and messing about with recipes and invoices when you are doing accounts. It is very easy to use with the iPhone app, online and via email. Whenever I buy something I can just take a photo of the receipt in the app upload it and forget about it. I can also email receipts for online purchases directly to my receipt bank account.
The system then picks out all the information and passes to my accounts software (Xero) I don't have to worry about loosing receipts or searching for emailed invoices. It saves me loads of time and avoid boxes of receipts at the end of the year.
Cons: I don't really have any downsides to this product does what it says on the tin easy to use and reliable.
Reviewed on 17/04/2018
Pros: The accuracy really is superb! It is amazingly how accurately it gets the information required from what is often messy, crumpled or poor quality receipts
Cons: The main criticism is that I need a totally separate account per business. Would be better to handle multiples from one login. Also seems bonkers to have to pay extra for more users, has no bearing on the required server time or functionality's...eg zero benefits to just sharing a login .so to charge for it seems wrong. Lastly, the GUI could be modernized slightly
Reviewed on 24/07/2018
I use this to input all of my receipts for my business.
Comments: Ease of inputting receipts into accounting software.
Pros: I can auto-forward bills and invoices I receive via email to Receipt Bank, the ones which are consistent, I can even auto-publish to my accounting software (XERO)
Cons: I'm in Canada and have a few bills I pay in US funds. Occasionally a receipt will spontaneously switch currencies for no apparent reason.
Reviewed on 03/09/2018
Easy expense tracking for small business
Pros: I love how easy it is to use Receipt Bank! Simply taking a photo of my receipts has alleviated so much stress when it comes to month end and just the general brain space it takes to keep track of paper receipts.
Cons: I honestly don't have any complaints about the software.
Reviewed on 18/09/2015
Receipt Bank frees up time
Comments: I've worked with Receipt Bank for over a year. First used it for my business, then for other businesses. It's basically the best product currently on the market. It frees up time for SMEs, I can see how it worked in our practice and also for other clients. Instead of having to manually type all the details, Receipt Bank will scan it all for you and help you manage this process. The development team is very progressive and they are very keen on making this product work for your business.
Pros: It can scan hand written receipts. Taxi receipts are a headache and we've put the system to the test, it's absolutely brilliant at recognising even the odd receipts.
Cons: We had a few cases where the receipts were coded with the wrong currency, instead of GBP we had AUD. You just need to make sure you review these receipts and make sure you spot such errors.
Reviewed on 02/07/2018
Excellent Soo Far
Pros: This software has made organizing my receipts very painless and efficient. I like the fact that a copy of my receipt is kept in this database and another copy in my accounting software when receipts are pushed over.
Cons: I find that sometimes when I send invoices directly from my email into receipt bank, not all the invoices are recorded or even appear. My accountant has to notify me to resend them to her personal email when she reconciles our books monthly.
Reviewed on 05/01/2019
Time Saving tool
Pros: I have been using Receipt bank from last 2+ years, its a great tool to save time & a lot of data entry. My client are also happy to save time & cost due to using Receipt Bank.
Cons: In some case its mixes currency sign and user need to review receipt and verify currency to avoid later issues.
Reviewed on 26/03/2019
Effective, bit pricey, bit complex
Garreth n C.
Comments: Well, you get the same functionality but better with Xero Standard. So why buy this? Just get Xero
Pros: It works! The OCR was very good at reading receipts and storing data in the right ledger code. Saved me lots of time
Cons: Tricky to set up, costly. Now there are other products with same functionality but cheaper
Reviewed on 11/09/2019
Comments: Simple to use and convenient, but could be fine-tuned to make it even easier.
Pros: This software has a mobile app which is incredibly useful as you can just take pictures of the receipt while you're out and about so don't have to worry about keeping them safe. the app itself is simple to use, though could be fine-tuned. The accountants at receipt-bank are switched on and will follow-up with any outstanding or incomplete expenses, and answer any question you may have about the status of a particular expense very quickly.
In the app there are some unnecessary fields that you don't have to fill in, but they are named the same as one which you do, which was confusing at first, but now I am used to it. Also the accountants ask how you paid e.g. personal card / cash, or a company card etc, but there is no option for this so you have to remember to write it in the notes section, which is not an issues, but something to bear in mind to avoid hassle further down the line.
It is also worth noting that the expenses take a while to verify, so submit then and maybe check on it in a day or so rather than expecting it to accept it then and there.
Reviewed on 26/02/2019
Receipt Bank is a Cool Software
Pros: Receipt Bank is really a time saver software in term of keeping records of your expenses receipt. Moreover, its integration with accounting software like Xero is very useful.
Cons: Negative points on Receipt Bank is the Invoice "Fetch" functionality that is a very good idea but never worked properly since I am using the software. This functionality is creating more problem by creating duplicates than actually saving time.
Reviewed on 19/05/2017
No more paper clogging the filing cabinet!!
Comments: Time and money saving
Pros: This software is so helpful in clearing all the receipts/invoices/statements from my desk. I either photograph with my phone or attach from email and then I can shred or delete. I've gone from spending hours filing to minutes uploading. Awesome program!!
Cons: Sometimes it takes awhile for the invoices to be processed but I don't find that a big concern as I have plenty of other work to get on with.
Reviewed on 26/11/2018
Pros: Absolutely love the way it can OCR, use rules I set up, and then export the data to QBO
Cons: Handling of taxes... while it reads the tax amount, we in BC have a challenge with it seperating our PST and GST amounts. (But the promise a fix is coming).
Reviewed on 05/12/2018
Receipt Bank--Help Code Expenses
Comments: Overall pleasant experience. Using this platform helps eliminate a great deal of the back and forth questioning between our team and our clients' spending. Holds the client somewhat responsible for accurately capturing expense data. Somewhat works as a digital filing cabinet as paper receipt retention is not needed.
Pros: Ease of use and I'm able to manage from my mobile device on the go.
Cons: I don't believe it accommodates classes in case you have difference locations you're tracking in GL.
Reviewed on 05/03/2018
Time-saver for processing expense claims in a business
Pros: It saves time by finding most of the information it needs and then lets you review it. Allows for people to submit receipt online, which is great for a business where most employees are spread out across Canada.
Cons: Some things are confusing when submitting receipts by email. For example, if you send an email without an attachment, then the email itself becomes the receipt, but when it has an attachment, the information someone might have written in the email itself does not show up anywhere, since only the attachment will show up as a receipt. This makes for some confusion for our users.
Reviewed on 02/08/2018
So easy and versatile!
Comments: Accountability and record keeping is greatly improved!
My company started using this to keep us in compliance - and keep our accountant happy.
IT IS AWESOME! There are so many ways to upload receipts - it makes this extra step in our work day so much easier. You can scan and upload the receipt via their website. You can send it to a personalized email address to upload the receipt, you can use their app... it is fantastic. And our accountant is super happy with the results!
Cons: I can honestly say there isn't anything bad about this program. It stinks we have to take the extra time to be more diligent about our receipts, but the program really helps ease that hassle.
Reviewed on 10/04/2018
Great tool to reduce the time and hassle of collating expense receipts and vendor bills.
Pros: This is a must have application as it just cuts down so much admin. Supplier rules and giving employees their own logins to do expense reports makes it so easy to implement and get running.
Cons: System has some things missing such as multiple accounts with the same email. There is also the issue of no multilevel authorisation processes.
Reviewed on 27/03/2017
Receipt Bank - Good Value for Money & Super Easy to Use
Very easy to use
Customer Service is very responsive and knowledgable
Great mobile App
Cons: Waiting for receipt bank to read invoices, it is very fast but would be even better if faster like everything :)
Reviewed on 15/08/2019
Receipt Bank is a Time Saver, however the customer service is lacking
WE like the extraction/invoice fetching ability
For the most part, the tax extraction is correct.
Cons: Customer service really lacking, often account manager are not responsive at all
Reviewed on 30/04/2019
Great for Streamlining Bookkeeping
Pros: The ability to take a picture of a receipt while traveling and not have to stress about losing them has been great. The software also has OCR, which scans each receipt and picks up which vendor the purchase was made from - allowing the user to make edits afterward but not have to input a ton of information in the beginning.
Cons: I wish there was a way to bypass the scanning feature. Receipts will sometimes process for over 5 hours, and if I'm working on an expense report I'd like to be able to type in the information myself if it'll go faster.
Reviewed on 05/08/2019
Receipt Bank Review
VERY BAD, EXTREMELY DISAPPOINTED.
SALES TEAM SAID TECH SUPPORT WERE SUPERSTARS, THEY DON'T EXIST. YOU HAVE A WEB PAGE AND A CHAT ROOM. UGH SO FRUSTRATING!!!
SALES TEAM LEADS YOU TO BELIEVE YOU GET MORE THAN YOU REALLY ARE. USELESS IF YOU USE QUICK BOOKS DESKTOP.
Pros: the ocr technology is very good. i get my own free account
ZERO CUSTOMER SUPPORT.
SALES TEAM MISLEAD CAPABILITIES OF INTEGRATION TO QBD.
EXCESSIVE SET UP TIME.
NO ASSISTANCE TO HELP YOU GET YOUR CLIENTS SET UP AND RUNNING WITH THE APP.