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The average small business gets 100 invoices a week, stacking up to 5,200 a year, and despite the large number of digital tools available, more than three quarters of small businesses are still tucking these documents away in shoe boxes. Although a minority, around 4 percent of small businesses have no storage system for their receipts and invoices.
The daily time spent processing these documents can severely impact productivity and efficiency for businesses which will negatively impact their bottom line. Nearly 40 percent of small business dedicate several hours a week to processing invoices and receipts and around 15 percent are bogged down with more than 200 invoices to process every week.
Small businesses can hugely benefit from implementing tech tools to overhaul their bookkeeping processes.
Nathan Jakubenko, owner of Waves on the Beach, is an avid traveller and began using Receipt Bank to manage his bookkeeping which has helped him become organised and saved him hours that have been better spent exploring the world.
Being a restaurateur of a busy restaurant in Australia, Nathan says he is constantly dealing with so many moving parts. A part of that is bookkeeping.
“We have a ton of suppliers and hundreds of invoices every week. My pre-Receipt Bank life was a nightmare – stacks of invoices to go through and process week after week,” says Nathan.
He chose to do away with stacks of paperwork and made the switch to Receipt Bank several years ago and using the system in the restaurant has been simple for his team to adopt and implement.
“I have allocated a few key staff members to use Receipt Bank within the restaurant. When a supplier invoice comes in and they have checked off the inventory – they open the Receipt Bank app on their iPhone – take a photo of the invoice, then throw the invoice away. That’s it. The point and click interface on the app means they can do the whole process in 5 seconds. Receipt Bank then uses my rules I have setup to push the invoices directly to the appropriate place and category in my Xero account,” explains Nathan.
The system is also compatible for email invoicing and has allowed Nathan to simplify this process again.
“I have setup a Mail rule on my Mac that colours any emails that contains restaurant invoices in red. Whenever I see an email that is coloured red – I simply forward that onto Receipt Bank. Once again, they process the invoice and push it according to my rules to Xero.”
Chaotic paper-based systems can impact various aspects of a small business including time efficiency and higher admin costs. Using Receipt bank has saved Nathan countless hours of time to focus on the things that truly matter in the restaurant. Not to mention the frustration and hassle of manually going through and processing hundreds of invoices a week.
Another advantage is the system’s integration with small and medium-sized cloud accounting software Xero.
“The Receipt Bank + Xero combination is seamless. On the odd occasion I have used their customer service, they have been fantastic and prompt. You can tell that they care and they constantly update their app and software. This is always a great indicator of a company that is always looking to improve. And it shows – their interface is easy to use, understand and looks great,” say Nathan.
“I have no stake in writing this other than from a point of pure gratitude for a software company that has saved me so much time and effort. I honestly can’t imagine going back to my pre-Receipt Bank life.”
This content was brought to you by Receipt Bank. World leading software that automates your bookkeeping. To discover more or sign up for a free trial of the product please click here.