Receipt Bank Xero Add On – This will be your new best friend

Receipt Bank

What apps are there out there to help auditors and accountants in day-to-day operations?

In the age of cloud based accounting and cloud based documentation it is nice to see software that helps this process by making it easier to scan in receipts/ records and automatically load them into your software package for quick attribution to the correct account and easy, timely reconciliation.

 

The aim is to reduce the burden that bills, receipts and invoices place on businesses and avoid the repetitive, manual data entry requirements that can come with them.

 

The Basics?

Receipt bank extracts information from your invoices and receipts reducing the need for manual data entry.  It can then send the data to your accounting software or extract it to be downloaded as a spreadsheet to create expense reports.

Email

You can email your invoices and receipts directly to your allocated receipt bank email address and they will be automatically added for you.

Tips and tricks

  • Multiple invoices in one document

Even if you have multiple single page items in one document, you can email it to [email protected] and provided that you send it from the email address you use to log in to receipt bank, the system will separate them out for you.

 

  • Suppliers

If you receive regular invoices from suppliers, you can give them your personalised receipt bank address and they can send invoices directly to your receipt bank account.

 

Our review:

The good

Free 14 day trial

There is a free trial period to enable you to test it out and check whether it is suitable for you, enabling you to reduce the amount of time spent manually inputting data on invoices and receipts and work out the cost-benefit ratio.

If you have high volumes of information or multiple users, there are plans to cater for this, including accountant and bookkeeper plans.

 

Speed

Easy and cost effective given the time saved not having to manually enter data.

 

Multiple file types accommodated

Invoices or receipts can be submitted in various file types including JPG, PNG, GIF, BMP, TIFF, PDF, .zip files with images, DOCX, ODT, and RTF increasing versatility.

 

Useability on the go

You can submit receipts and invoices by smartphone app (compatible with many popular Apple and Android devices), email or other submission methods, enabling you to upload documentation as required, not having to store receipts till the end of the month or a processing run is completed (and hoping not to have lost or ruined them along the way)

 

Rather than worry about where to store your receipts and not lose them, you can immediately scan them using the Receipt Scanning App (for Android or iPhone) and the receipt is recorded straight away.  One less thing to worry about…

 

Access to data

As data is securely stored remotely, you can have access at any time of the day or night, provided you have an Internet connection.   Your data can also be easily shared with your bookkeeper or accountant reducing double handling.

 

In addition to extracting key data from receipts and invoices, the scanned files are also stored.

 

Integration

Receipt bank can be integrated with Xero, QuickBooks, Dropbox and other payroll systems and products.  See http://www.receipt-bank.com/add-ons/ for more details.

 

You can send items directly to Xero as ‘Paid’ which will make the bank reconciliation from the “Bank Accounts” section of Xero much quicker.  This cuts out the cumbersome step of publishing to ‘Draft’ and then approving in Xero.

 

The bad

Does not support multiple Xero accounts

If you have multiple Xero accounts then you will need separate receipt bank accounts.

 

Does not enter the specified due date for invoices

Receipt bank can only enter a certain number of days after the invoice date (specified by the user) for the due date – this requires additional input from the user if you rely on this information for managing cash flow and expectations.  

 

Try it out for yourselves – I am sure you will be impressed and see the potential time and cost savings.

 

CB AUDIT

Should you have any concerns/queries, our staff can assist with education/ explanation of accounting principles and correct entering of data to reduce problems down the track.   Our focus is on providing a high quality service to our clients and if we can value add by facilitating greater understanding of the relevant principles, then we’d love to assist.  Please contact us to discuss any queries on 1300 CBAUDIT.

 

If you are not a current client and would like more information on our services, please contact Matt Williams through [email protected].