Xero App Series: Receipt Bank

This month we have the second installment of our Xero App Series covering some of the best and most popular Xero add-ons that may assist in your business.

Here’s a little introduction we used in our last post covering Spotlight Reporting: 

In this blog series, we wanted to draw your attention not to Xero’s core features but to the 800+ add-on apps that feature in Xero’s App Marketplace of approved third-party software providers and products. This ecosystem of added functionality is part of Xero’s winning edge over other accounting systems, bringing a world of additional possibility, insight and power to your business. 

Over the coming months, we’re going to look at a different Xero app each month and explore the significant added value it brings. These apps are in use all over the world and are some of the most popular currently available in the App Marketplace.

We would be very happy to assist you with any further questions, especially if you are interested in a trial implementation at your business!

Last month, we explored Spotlight Reporting and this month our eyes are on…

Receipt Bank

Receipt Bank enormously simplifies how accountants and bookkeepers gather the information they require from their clients by taking away the need for data entry and to chase up paperwork. A win-win solution for provider and client alike. No more shoeboxes full of receipts!

Category: Bills and expenses

Rating: 5/5 stars on Xero

Founding details: Founded in 2010 in the UK

Scenario: You’re the owner of an SME or self-employed, and you find it boring and/or time-consuming to type your expenses into a spreadsheet, not to mention carefully filing all your paper receipts over several years. You’d rather spend that time on more important things like growing your business, maintaining client relationships or even just kicking a ball around with your kids.

About:

Receipt Bank aims to make your accounting admin as simple as possible. In doing so, the technology allows you to capture, store and keep track of your business receipts, bills, invoices and bank statements.

To use Receipt Bank, simply take a photo (on your mobile) of a physical receipt when it’s produced. Receipt Bank will then use AI to extract all the important information from your receipt and upload it straight into your accounts on Xero (upon review/approval from you). This way you can save time on a painfully menial task while also meeting your record-keeping obligations with ease.

You can also upload bills, digital receipts, invoices and bank statements from your phone, laptop or email account and the same thing will happen – Receipt Bank will extract all the key data points and send this information directly to your Xero account.

The use of Receipt Bank streamlines the process for expensing items, enabling you to start expensing more, paying less tax and saving much of your precious time. And ours, which saves you again!

Integration with Xero:

Receipt Bank integrates directly with Xero to create an end-to-end bookkeeping productivity solution. It will sync with your Xero Chart of Accounts to ensure that all data is categorised accordingly, and it will push the extracted information to your Purchase Ledger or Bank Account for effortless reconciliation.

To learn more about Receipt Bank visit the Xero App Marketplace or Receipt Bank’s website.

Feel free to contact us if you would like to learn more about integrating Receipt Bank with your Xero account.