Receipt Bank

One of the most time consuming administrative tasks for your business is Australian Tax Office compliance. As you are aware, during a Tax Office audit, it’s necessary to be able to show the auditor the invoices that support your transactions. Getting the data into your accounting software and physically filing the tax invoices that support your transactions takes time and effort.

Did you know that most accounting software programs now have the ability for you to file the tax invoices next to the transactions they support?

Plum Business Solutions works with MYOB and Xero. These platforms support Receipt Bank which is an application that enables easy upload of documents to MYOB and Xero. Once your Receipt Bank is set up and linked with MYOB or Xero, all you have to do is take a photo of the invoice/receipt and Receipt Bank does the rest. When you open your accounting software the tax invoice is waiting in your purchases journal as a draft ready for you to approve into your system. Receipt bank does all the heavy-lifting of taking the date, invoice number, amount and details of the transaction off the tax invoice/receipt and importing them into your accounting software.

Once the accounting software has received the details of the tax invoice, it holds the details in ‘draft’ invoice until you are ready to approve it. At the same time your tax invoice/receipt is uploaded for filing next to the transaction. It only takes a couple of seconds to approve the invoice. Your software will also allocate the correct ledger account the transaction is to go to. This cuts your or your bookkeeper’s data processing down. If you have rules set up, this process takes even less time.

Even when you are out in the field, all you need to do is take a photo and send it to Receipt Bank and the app does the rest. You can set your employees up to send their tax invoices/receipts through, too. No more having to file those tax invoices and receipts in those bulky lever arch files, and no more faded dockets! When you know the tax invoice/receipt has been recorded you can throw your paper docket away. Simple, easy, efficient! And when you need to check the price on a product you bought recently all you have to do is call up a transaction from that supplier and there is the invoice.

Want to know more? Contact us and we’ll get you started?