Freelancers and small business owners will be able to save time and money by processing out-of-pocket expenses quickly and painlessly, if a new partnership between Receipt Bank - the receipt processing service - and online accounting vendor FreeAgent delivers on its promises.
Many out-of-pocket expenses are often lost in the fog of running a small business says the two partners: receipts get mislaid or forgotten, or build up into a pile, and the opportunities for reclaiming the money and appropriately charging clients are missed. This can make a real difference to the business owner’s take-home pay and the business’s profitability.
Under the scheme, Receipt Bank will scan and processes paper receipts (petrol, taxi fares, parking etc) and publish the data directly into the FreeAgent accounting system. The Receipt Bank service costs from £124.99 per annum though there is a free trial.
Michael Wood, Director of Receipt Bank, says: ‘Users can send us their receipts by email, by iPhone, or by old-fashioned mail using the freepost envelopes we provide. We will then scan and process their expenses data so that FreeAgent users automatically see this information in their accounts without any need for manual inputting!’
Ed Molyneux, CEO of FreeAgent, says: ‘From today users will be able to send their receipts to Receipt Bank and the data will flow automatically into FreeAgent – so no laborious data entry or effort is required. Once in FreeAgent the expenses can be reclaimed from the client and from your business, and offset against tax bills.’
