Automation is Revolutionising Bookkeeping

Automation is Revolutionising Bookkeeping

July 10, 2018

Bookkeeping is at a pivotal point as automation technologies and artificial intelligence are bringing it out of the back office,” Alexis Prenn, CEO of Receipt Bank.

Receipt Banking – An Innovative Bookkeeping Software

A renaissance of bookkeeping is being driven forward by automation technologies and artificial intelligence. It is, in fact, empowering bookkeeping to evolve from a cost to a source of income (‘becoming the enabler of effective reporting, payments, lending and other value-added services’).

Receipt Bank is a bookkeeping service aimed at accountants, bookkeepers and small businesses. The Fintech software company have enabled the automation of processing the information on uploaded images of receipts and invoices, ultimately cutting down the time lost to manually sorting them.

With over 5000 accounting and bookkeeper firms, and over 100,000 thousand small businesses now availing of the Fintech service, the growth of the company is evident. Further evidence of growth was apparent as the company obtained Series A and B funding. ($10 million and $50 million dollars respectively).

The software gives businesses the power to utilise artificial intelligence for the automation of mundane tasks like the manual entry of invoices and receipts. This allows the firm to save time, and thus provide more time to value driving activities.

At UHY FDW, our clients are seeing an increase in efficiency through the incorporation of Receipt Bank software, to our cloud accounting service. Receipt Bank is compatible with Cloud Accounting platform Xero. The positive synergy between the two Fintech software platforms (Xero and Receipt Bank) enables a timeless cloud accounting service.

The addition of Receipt Bank to our Cloud Accounting service is further proof of our endless desire to innovate and improve all services to the highest degree possible.

Contact us to find out more about our cutting-edge Cloud Accounting service or click here to find out more.