Can someone explain Receipt Bank’s plans and why they don’t post ProAdvisor prices on their website?



Some of us had a discussion recently with Kate Egan, onboarding team at Receipt Bank and we talked about the three tiers they now sell.

Extract is the basic version.
It will work for many, but what you do NOT get are supplier rules, class tracking and more detailed access levels (you get two – Admin and Basic) – No bank statement fetch (when available). This level is really for those that just need the basics.

Streamline is what I’ve been on for years.
It just wasn’t called that. I call this the “Full Meal Deal” and to me, it is the minimum plan you should consider if you really want to take this journey seriously. You’ll be glad you did. Supplier rules (combined with Autopost) is where the real automation is. You also get an extra access level, “Expense Approver” which gives added flexibility about who does what. Expense reporting too.

Optimize is the plan I am on now.
It includes all the goodies from Streamline and includes their Practice Platform tools. I believe it also includes “Boost” which is OCR on steroids and a messaging solution that allows you to contact your clients via the app to track down info.

While I don’t utilize the practice tools a ton (my business is a lot different than many of yours), I do think many accountants and bookkeepers could benefit from it based on the granularity of client detail you get with this tool.

ALL plans include unlimited clients and unlimited transactions, You can “sell” single user licenses or multi-user licenses to your clients.

I will not address pricing here because I don’t really know it well enough. They price based on the size of the firm, locations etc.

Nick Barnard’s can be your first point of contact if you have more questions. He can walk you through the offerings in more detail and put you into the plan that works best for you, discuss pricing etc. He’ll also get you assigned to an Account Manager.

Receipt Bank does bill in CAD.

Try not to get hung up on “cost” of these tools vis a vis competing tools, but the ROI you’ll bring to your own practices and to the clients you serve. These fixed fee plans give you cost certainty and let you grow your client base without worrying about additional costs down the road.

I don’t comment on pricing. Partly because I am grandfathered into an amazing deal and people try and leverage that knowledge to put the screws to RB. As an early adopter to these fixed plans, I have certainly benefited by locking in pricing that will never again be offered. RB follows a formula to determine price based on # of users.

Their fixed plans make sense to me. They involve short term pain potentially, but the ROI is massive once you break even and get clients on the platform.

Receipt Bank don’t post ProAdvisor prices on their website because it’s a controversial subject on any website and I agree. I don’t want my clients knowing my cost on anything. RB does list retail pricing on their website. I send people to the link all the time. Your best bet is to reach out to Nick. They price you based on which tier you want and how many users you’ll have on your plan.

Their pricing for solopreneurs like me is very attractive when you look at ROI on that monthly cost. It may take a bit to break even, but once you do their is literally infinite profit potential because your cost stays fixed.

All plans include unlimited clients. Unlimited transactions. You also have the option of selling single user or multi user licenses to your clients. Many firms just eat the cost and build it into their overall pricing strategy.

At retail, single user licenses start at $18 CAD and multi-user licenses start at $30 CAD. Those plans only give you 50 transactions. They list pricing for different transaction levels on their site too. Use these retail prices as a baseline to determine what you will charge to the market.

For example, if I have a low to medium user with around 50 transactions per month, I might sell them a plan for $20 and remind them they get unlimited transactions with my plan. I also price a bit lower for startups and even offer licenses to NPOs for free depending on the situation. With a fixed price model from RB you literally can charge your clients anything you want.

Don’t focus on cost. Focus on value when selling a RB license. It’s all based on the value to your client. Remind them of how much time they are saving. How they are audit proofing their books are able to go paperless and manage their cashflow better. Emphasize benefits, not features.

Marketing 101 🙂

Thanks to Receipt Bank VP Damien Greathead for all the support and thanks again to Kate for being so helpful as always.

I know it feels like I work for Receipt Bank at times but I can assure you I don’t unless you call paying me in orange t-shirts as currency 😉

It’s just a great tool and I like spreading the ❤️

The folks that work there are pretty awesome too.

This is an extensive product review by Brad Celmainis . Brad provides Part-Time CFO services, bookkeeping and QuickBooks services to Small to Medium-sized Businesses (SMBs) in the Calgary area.