Why Thriday is the Best Alternative to Receipt Bank

February 20, 2024
7
minutes to read
by
Jaala Alex
Contents

In the world of accounting and bookkeeping, efficiency is paramount for small businesses. Automating accounting processes can be a game-changer, and two prominent names that come to mind are Receipt Bank and Thriday. This comprehensive blog post will dive into receipt scanning, focusing on why Thriday is the superior choice for Australian businesses. Let's embark on this journey to streamline your financial record-keeping.

What is Receipt Bank?

Receipt Bank is a cloud-based platform that simplifies the tedious data entry process for small businesses. It allows users to scan and extract data from receipts, invoices, and other financial documents, turning paper clutter into organised digital records. With over 1 million users globally, Receipt Bank has made waves in the accounting industry.  

How does Receipt Bank work?

Receipt Bank uses OCR (Optical Character Recognition) technology to scan and extract document data. It then organises this data, making it easily accessible for bookkeepers and accountants. This automation significantly reduces the time and effort required for manual data entry.  

What is Receipt Bank used for?

Receipt Bank is a versatile tool used for various accounting and bookkeeping tasks, including:  

  • Expense tracking: Easily monitor and categorise business expenses. 
  • Document scanning: Archive and access financial documents on the go.  
  • Compliance: Ensure accuracy and compliance with tax laws. 

Do you have to pay for Receipt Bank?

Receipt Bank offers different pricing plans tailored to the needs of businesses. Pricing typically depends on the number of users and features required. For Australian businesses, pricing may vary, but you are looking at $250 per month as a starting point (accurate as of 6 October 2023).

While Receipt Bank offers valuable features, its price point is relatively high, and you'll need to be mindful of your specific requirements and budget. The decision to invest in Receipt Bank should be guided by your business's size, accounting needs, and long-term goals. 

What is the difference between Thriday and Receipt Bank?

Now, let's shift our focus to Thriday and explore what sets it apart from Receipt Bank, especially concerning Australian businesses:  

  • Total Package: Thriday includes receipt and invoice scanning but offers banking, payments, invoices and quotes, and much more. Thriday is a comprehensive all-in-package that is a fraction of the cost of Receipt Bank at $29.95 per month. Who doesn't want more for less?
  • Australian Built: Thriday is tailored to the Australian market, offering seamless integration with the ATO and complying with local tax regulations. This ensures your business stays GST-compliant effortlessly.  
  • Local Support: Thriday provides dedicated Australian support, understanding the unique challenges faced by local businesses. You're not dealing with overseas support teams in different time zones.  
  • Pricing Transparency: Thriday offers transparent pricing with no hidden costs, making it easier for Australian businesses to budget effectively.
The Thriday Visa Debit card* streamlines receipt scanning

Why Thriday is the Best Receipt Scanning Software

Now, let's delve into why Thriday emerges as the superior alternative for Australian businesses with a deeper focus on its benefits:  

  1. Comprehensive GST Compliance: Thriday's commitment to Australian GST compliance is unparalleled. It automates GST calculations, ensuring your business's financial records are always accurate and compliant with local regulations. This eliminates the stress of manual calculations and potential errors.  
  2. Seamless ATO Integration: Thriday seamlessly integrates with ATO. This integration simplifies your accounting workflow by automatically lodging your BAS and tax data to the ATO once you review it. No more manual data entry, reducing the risk of errors and saving you valuable time.  
  3. Cost-Effective Solution: Small businesses often face budget constraints. Thriday understands this and offers competitive and transparent pricing. There are no hidden costs or surprises. You pay for the features you need, making it accessible to businesses of all sizes.  
  4. Australian Expertise: Thriday's team of experts is well-versed in improving your business and making financial admin a breeze. They provide invaluable local insights, ensuring your accounting processes align perfectly with Australian standards. Say goodbye to the headache of navigating unfamiliar financial regulations.  
  5. Real-time Data: Thriday provides real-time access to your financial data. This means you can monitor your business's financial health at any moment. It's not just about simplifying accounting; it's about giving you the tools to make informed decisions.  
  6. Customisable Workflow: Thriday understands that every business is unique. That's why it offers customisable workflows tailored to your specific needs. Whether you're a sole proprietor or a growing enterprise, Thriday adapts to your requirements.  
  7. Data Security: Thriday prioritises the security of your financial data. With encryption and data protection measures, you can trust that your sensitive information is safe.  
  8. Enhanced Reporting: Thriday goes beyond basic data entry. It offers enhanced reporting features, allowing you to gain deeper insights into your business's financial performance. Understand trends, identify opportunities, and make strategic decisions effortlessly.  
  9. Time Savings: The automation provided by Thriday not only reduces the risk of errors but also saves you valuable time. Imagine what you could do with extra 5 hours a week you no longer spent on manual data entry. 
  10. Scalability: Thriday grows with your business. Whether you're a one-person operation or a rapidly expanding enterprise, Thriday's scalability ensures it continues to meet your needs. 

How do I enable Receipt Bank in Xero?

Enabling Receipt Bank in Xero is a straightforward process:  

  1. Log in to your Xero account.  
  2. Navigate to the "Settings" menu.  
  3. Select "Connected Apps."  
  4. Click "Add a new app."  
  5. Search for Receipt Bank and click "Connect."  
  6. Follow the prompts to complete the integration and enjoy the benefits of automated data entry.

Why can't I connect Receipt Bank to Xero?

Sometimes, users encounter issues when connecting Receipt Bank to Xero. Common reasons for this include: 

  • Incorrect Credentials: Double-check your Xero login credentials.  
  • Permissions: Ensure you have the necessary permissions in Xero to connect apps.  
  • Firewall or Security Settings: Check your firewall and security settings, as they might block the connection.  
  • Accounting Software Version: Ensure you're using a compatible version of your accounting software. 

If you still face issues, consider contacting Receipt Bank's support for assistance.  

What did Receipt Bank rebrand to Dext?

As of September 2020, Receipt Bank rebranded to Dext, reflecting its broader mission to simplify and automate the accounting process. While the name has changed, the core functionalities remain largely the same.

Key Takeaways

Choosing the right receipt scanning tool is pivotal for small Australian businesses. Thriday's tailored approach, comprehensive GST compliance, seamless integration with banking and payments, cost-effectiveness, local expertise, real-time data access, customisable workflow, enhanced reporting, time savings, scalability, and data security make it the best alternative to Receipt Bank. As you strive for greater efficiency and accuracy in your accounting processes, consider Thriday, your trusted partner. Join for free now and experience the difference firsthand. Your financial records will thank you.

Why waste time on financial admin when Thriday can do it for you?

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