ReceiptBank proves a big hit in terms of time savings and efficiency
West Yorkshire based Dave Forrester’s early adoption and enthusiastic use of ReceiptBank has led to him gaining ‘Diamond Partner Status’ after reaching over 500 hours of saved time in July 2019.
ReceiptBank enables clients to digitally submit receipts and expenses helping them ensure they claim for everything they’re entitled to and saves them from stockpiling receipts to deliver to their accountant in one go. The software can also automatically retrieve bills from utility and other services to save the client from having to log in, download and email bills through to their accountant.
Dave said: “We use ReceiptBank wherever we can and it is the first thing we show prospective clients, which is why the adoption is so high at 92%.
“In our practice we have 12,000-16,000 receipts being scanned per month, and 500 clients registered to use the software, who scan or upload 5,000–8,000 receipts a month themselves. This includes 20 or so heavy users who are our bigger clients and over 150 other clients who are the usual mix of self-employed and smaller businesses. The rest will typically come from internal work as we do not tap anything up into Excel (it’s a rule!).
“The time savings are significant at over 500-man hours a month which is a mixture of processing time and the time saved retrieving, storing and disposing of paper. This frees up our time to provide superb support to our clients whilst scaling our client numbers in a manageable way.
“The other impact we see from ReceiptBank is the often quite outspoken advocacy for the product from our clients. This has, along with cloud products like Xero and QuickBooks, enhanced our local reputation and generated new business as a result. We couldn’t be happier with the way this software has enhanced our practice.”
Sarah Robertson, group operations director at TaxAssist Accountants, said: “It is fantastic that Receipt Bank has made life so much easier and more efficient for both Dave and his clients.
“Receipt Bank forms a part of an integrated suite of complementary products used by our franchisees, which also includes Practice Ignition, QuickBooks and Virtual Cabinet. The adoption of these products followed a year-long process of reviewing suppliers to help digitise the client experience and streamline the service offered to the 74,000 TaxAssist Accountants clients in the UK and they all provide options for the client so that they can access their data in the way that best suits them, while also preparing clients for Making Tax Digital.
“The scale of the TaxAssist network has meant we have been able to secure significant discounts for franchisees on a software estate that would cost well over £1.25m if the franchisees contracted the suppliers directly.”