2018 Review of Receipt Bank

From the 2018 review of Travel & Expense Management systems.

Receipt Bank is an automated bookkeeping application designed for small to mid-sized businesses. Receipt Bank also offers a comprehensive accountant and bookkeeper program that simplifies the sharing of information including invoices and receipts between offices.

Users can plug Receipt Bank into their current accounting software during initial setup to allow seamless integration between the applications, easily viewing all uploaded receipts and documents prior to publishing – or exporting the items into the accounting software.

Users can easily submit both invoices and receipts into Receipt Bank using a variety of methods including the available mobile app, where they can snap a photo of a document or receipt and simply upload the image file directly. Users can also submit data via computer upload, email, DropBox, postal service, or through Tripcatcher. Users can also opt to provide access to Receipt Bank to vendors, enabling them to submit invoices to Receipt Bank. Users can also provide access to Receipt Bank to their accountant as well.

Account administrators can invite employees and associates to sign up for Receipt Bank via email or SMS message. Once a new user signs up, they are assigned a user role, with available roles including Basic User, Expense Approver, and Administrator.  

Receipt Bank supports multi-currency, uploading receipts and invoices in the native currency, with the application then converting the total into the default currency using the European Central Bank conversion rates that were effective on the transaction date.

Receipt Bank does not offer mileage tracking, though users can submit documentation to support mileage traveled to Receipt Bank for inclusion on an expense report. There is no option available for automated expense report creation, though users can manually create an expense report that can include up to six expense categories; submitting to the assigned approver once it’s completed.  

Receipt Bank administrators can set up expense approvers, which are responsible for viewing and approving all expenses submitted by basic users. Administrators can also approve any submitted expenses or other documentation as needed. The product integrates with a variety of third-party accounting applications including Xero, QuickBooks, Sage Accounting, MYOB, KashFlow, Gusto, Bill.com, FreshBooks, Workflow Max, and Tripcatcher.

Receipt Bank offers users a completely searchable knowledgebase where users can access information on a variety of subjects. A Getting Started option is also available for those that need guidance in initial product setup. Users can also submit a question for support or fill out the support request online. Receipt Bank has support offices in the U.S., the U.K., Australia, and France with users able to direct their support questions to the most appropriate location.

Receipt Bank is a good fit for smaller businesses that need to manage multiple receipts monthly. Receipt Bank pricing for a multi-user system that processes up to 50 items per month would run $25.00 per month, while 150 items processed per month would run $55.00 per month. An accountants program is also available that is priced separately. Those interested can visit the Receipt Bank website to download a free trial.

2018 Rating: 5 stars