In the good old days, bookkeeping would consist of a pile of receipts and invoices that needed to be manually entered into accounting software or perhaps a spreadsheet. It was time consuming and expensive when you consider the cost of labour in Australia or the opportunity cost of a business owners time. After entering the invoice it had to be physically stored in a file until it was paid, and then finally held in some type of permanent filing area for the minimum ATO storage period. Again, this meant more time involved in filing as well as the cost of storing archives. A few weeks later someone would request the invoice and then someone would spend another five to 10 minutes re-locating it so it could be viewed. A very time intensive and wasteful process.
But we have good news! Thanks to smart technology like Receipt Bank there is a better way. The process is extremely simple; email your invoices and receipts to a unique business email address or take photos of them using the Receipt Bank application. Smart technology extracts the key information, which is then published to your accounting package with a copy of the invoice attached for future reference. No more manual data entry, no more filing and no more hunting in filing cabinets for paperwork. What’s even better is that the ATO has given it the green light as a document storage solution so no more storage costs for your archives.
Reach out to us at email@example.com or on 07 3832 7544 if you would like to find out more about implementing Receipt Bank in your business. At Adrians we are committed to achieving generous outcomes so you can live life the way you choose, spending time with the people you value most.