Receipt Bank aims for real-time accounting

Receipt Bank has been adding features to its cloud-based accounting software as it works to become a leader in bookkeeper productivity.

The company was founded seven years ago and used to be in the expense management business, according to CEO Alexis Prenn. Lately, it has been adding more features to make bookkeepers and accountants more productive and moved away from a tiered pricing model to make it more attractive to potential customers.

“We’re investing in data extraction, and we’ve made strides in data extraction from documents,” said Prenn. “We also went to all-you-can-eat pricing.”

The company has also been adding a Microsoft Excel filter and machine learning tools to its software. Beyond Excel, Receipt Bank has been integrating with other accounting software. Last month, the U.K.-based company announced new integration capabilities with MYOB Essentials and Sage Accounting. The company also updated its mobile app with a list-searching function for receipt details. Prenn demonstrated the app in the Accounting Today offices by quickly scanning a receipt for an iPhone charger from a local Apple store. Along with its iOS app for the iPhone, Receipt Bank has also been tweaking its Android app with a new look and feel. Prenn said he wants his company’s software to have the same kind of beautiful look and feel as an Apple product.

Cohn, Michael