Receipt Bank's Killer Feature: Practice Platform

Data is the lifeblood of accounting, bookkeeping and small business. The hard part is getting your hands on it in a timely fashion, without hours of data entry. Receipt Bank’s Practice Platform gives you – the trusted advisor – the visibility you need to solve this problem for your clients.

As long as there have been clients, it has been the unfortunate duty of financial professionals to chase them for their receipts. Not that you can entirely blame them – few entrepreneurs go into business to keep track of receipts. Luckily, the new generation of cloud technology is making huge strides in solving the data problem. With Receipt Bank’s data extraction technology for your clients, and Practice Platform for your staff, you can simplify the entire receipt workflow, end to end.

Practice Platform is a centralized hub for the data you need to run an efficient practice. With one dashboard, you can monitor all key metrics, manage outstanding workload, allocate internal resources and track missing paperwork instantly. What’s more, Practice Platform lets you monitor your client relationships and their engagement with your service, and build relationships that go beyond chasing them for paperwork.

How It Works

Receipt Bank extracts key data from your clients’ bills, receipts and invoices, and publishes it directly into your QuickBooks® Online (QBO). Your clients can send these items in many ways, including email, mobile app, computer upload and Dropbox. Once the items have been sent, Receipt Bank extracts key data from the digital image of your clients’ items and gets it ready to sync with QBO. Your clients’ receipts and invoice data are automatically sorted and categorized. You can set your own rules to apply codes, categories and more. The auto publish tool publishes items straight to your QBO. With Practice Platform, your staff can see, at a glance if there is any missing documentation and how long your clients are taking to submit their expenses.

Practice Platform in Action

The dashboard is split into four main areas:

  1. Outstanding Bookkeeping
  2. Urgency
  3. Efficiency
  4. Client Efficiency

The first two sections are designed to help your team build the most productive bookkeeping workflow possible. Maximize your efficiency with easy visibility over outstanding workload, the age of items in your inbox and upcoming deadlines. A third section tracks your firm’s level of automation to make sure that you’re using technology to its fullest potential.

The most important area for your client relationships, however, is the fourth: Client Efficiency.

Not only can this be used to make sure your clients aren’t holding up the bookkeeping process, but you can also use it to preempt client issues and prevent exits, all with just two metrics.

Better Client Relationships

For each of your clients, Practice Platform shows the date they lasted submitted an item to Receipt Bank, and the average delay between them receiving a receipt or invoice and submitting it to Receipt Bank.

The concept of Client Delay will be familiar to any accountant or bookkeeper who has ever chased a client for late items. Now, Practice Platform puts a number on it. And, once you can measure it, you can work with your clients to improve it.

First, this ensures that your clients don’t slow down your bookkeeping and compliance process. Second, it provides an accurate measure of how up to date the information is in your client's’ books, bringing you that much closer to real-time data.

Last Submission is the fastest way to see how engaged your clients are with your service. For example, if you know your client receives invoices daily, but they haven’t submitted for over a week, then you know something is wrong.

One possibility is that your client is very inefficient and forgets to submit invoices. The second is that they don’t care about submitting items to you (or they could also be on vacation). Both cases indicate that they either don’t appreciate the value of your service or don’t fully understand their role in the process – so some extra training might be in order. Luckily, Last Submission lets you catch these problems early, before they turn into big problems.

Practice Platform lets you monitor your clients and build relationships that go beyond chasing them for paperwork. The right conversation at the right time can make the difference between keeping and losing a client. Practice Platform gives you the data you need to have better conversations, so stop waving goodbye and start collaborating.

Find out more about Practice Platform, and get the Receipt Bank app today.