In 2018 we worked closely with the Settlement, a charity providing a range of social and health initiatives for children and young people, indigenous social programs and affordable housing.

Together we transformed their financial processes through the rollout of Receipt Bank technology.

What is Receipt Bank?

Receipt Bank automates many of the traditional paper-based bookkeeping processes. It tracks, reads and stores invoices and receipts, converting the old paper trail into data files that then feed directly into accounting systems (Xero, MYOB etc).

What are the top tips for a successful rollout?

It’s really important that all users understand their role in the workflow. Every organisation has different needs – the beauty of Receipt Bank is that we can customise the workflow to meet these needs. Whilst Receipt Bank automates most of the bookkeeping process, staff still need to understand which tasks are theirs, according to their responsibilities.

Perhaps the biggest tip for successful rollout is that all staff using the system are fully engaged in the rollout process, as well as the settling-in period that follows. Our experience is that it usually takes about two weeks for the organisation to adapt to the new streamlined workflow. We also provide personalised training, which is really important in making the most of the technology.

One other challenge we have seen is when clients have been using accounting software that does not allow integration with Receipt Bank. We recommend Xero for the majority of our SME clients because it’s user-friendly and integrates well with most bolt-on software.

What benefits are being realised?

• Receipt Bank has dramatically improved the workflow for the Accounts Payable process at The Settlement. They are now saving a considerable amount of physical space, as invoices are no longer stored in the office.

• All data is now stored in Xero and Receipt Bank, which facilitates the auditing process and increases transparency. The rollout has also improved the efficiency of communication between The Settlement and Purpose because key information is stored on Receipt Bank now.

• Finally, it is a big time saver for The Settlement managers – they can easily manage and control their Accounts Payable, even remotely if necessary!

“We used to have a part time Administrator who printed invoices and moved them around the office for approval and processing. When she resigned, we took the opportunity to implement Receipt Bank. It’s been so effective that we haven’t needed to re-advertise the role.”  

Manager, The Settlement