The origins of Receipt Bank
Receipt Bank started life in 2010 when founder Michael, routinely bugged by his accountant to bring his books up to date, found the then called Receipt Farm...
Running a small business
In 2010 Michael had been running a small company for around five years (for the practitioners amongst you it was a VAT registered, UK limited company on the flat rate scheme). For the previous three years he had been using online accounting software. His accountant suggested that he search for a simpler online system that would help him keep out of bookkeeping-trouble.
Search for a solution
The solution he found was a company called ReceiptFarm. They had a simple solution: each month he could post in receipts (by Royal Mail), they would scan them, extract the key data and then make this available online. He thought this was brilliant! Problem solved. Not only did it solve the issue of the lost time and money but it also solved the issue of storing records. He started a trial and it achieved what ReceiptFarm had said it would. However, after the initial excitement subsided, there were two issues remaining. ReceiptFarm did not have the ability to share the account with accountants, nor did it have the ability to publish the data into an online accounting system. Therefore, some data entry was still required.
Receipt Bank emerges from ReceiptFarm
Having come so close to solving the problem, he wasn’t prepared to give up so he did the only sensible thing – he asked to buy the company! Six weeks later a new company – Receipt Bank – was formed. And, although it took us around six months to open the doors to clients, we formed the company to solve the same problem – to remove the administrative burden that bills, invoices and receipts place on businesses. Of course, there were some significant changes: from day 1 Receipt Bank worked with accountants and bookkeepers as partners to bring additional efficiency to firms and to help improve the client experience, from day 1 Receipt Bank integrated with the leading cloud bookkeeping and accountancy software so that the data could flow seamlessly from a paper invoice into these systems.
And that is where we are today! We are recommended by hundreds of bookkeeping and accountancy firms around the world. We are used and trusted by thousands of businesses. And we are still working on the same problem – how to keep reducing the time required to move a bill, invoice or receipt into the system where the data is required.
To read the full story, take a look at our blog page.