Imagine the scenario; you’re a busy practice manager, it’s the final month before your tax is due and you’re in a panic trying to pull all of your accounting records from the previous financial year together to send to your accountant.
Receipt Bank is the answer.
Receipt Bank allows you to store your accounting information in ‘real time’ and provides easy automation for collecting, processing and publishing receipts and invoices. Invoices are saved directly into the software and when you make a purchase you simply take a photo of the receipt, which is then electronically stored and instantly accessible to your accountants.
Not only will this save you time by not frantically searching for accounting information, but your accountant also gets the data in real time, so they can prepare your accounts and tax well in advance of the deadlines.
Receipt Bank also integrates seamlessly with our cloud accounting software, so we can build an end-to-end solution to suit your needs.
The speed at which the information can be supplied and accounts/tax prepared is a key benefit of Receipt Bank, especially with Making Tax Digital (MTD) becoming a requirement for everyone.
MTD is a fundamental change to the way the tax system works, which requires individuals to make at least four submissions to HMRC per year instead of the annual submission that is currently made through the completion of an Income Tax Return. Therefore, the use of Receipt Bank will give you piece of mind that the information is being provided for these submissions.
VAT registered businesses are already required to make these submissions and this will come into place for other businesses, such as self-employed individuals, by 2021.
Receipt Bank should be used as a tool to get you ready for MTD for the following reasons:
- Eliminates manual process of day to day receipts.
- Receipts can be processed whilst on the go (via an app on your mobile)
- Keep up to date with real time data
- Records are maintained electronically and are therefore readily available.
And don’t just take my work for it! Take a look at what our clients have to say over on our testimonials page.
Speak to us about integrating Receipt Bank into your practice accounts.