Technology is constantly changing. New tools are designed to assist business owners with the day to day management of their business’ finances. Receipt Bank makes the gathering, storage and processing of expenses a seamless and efficient process.
What is Receipt Bank?
Receipt Bank is a platform that automatically extracts data from your receipts and imports that data into your Cloud Accounting software. Not only that, it also retains copies of your receipts in the cloud so there is no need for you to retain the original hard copies.
Receipt Bank integrates with a number of cloud accounting systems including Xero, Quickbooks Online, MYOB, Sage Accounting, Kashflow and FreeAgent. For the purposes of this post we will be looking at the integration of Receipt Bank with Xero.
How will Receipt Bank benefit my business?
Using this automated software brings a number of benefits to businesses:
- Using the Receipt Bank app on your smart phone you will be able to scan receipts and invoices on the go.
- You will no longer need to retain copies of your receipts as once they are in Receipt Bank they are stored in the cloud.
- The risk of losing receipts will be reduced as you can upload copies of your receipts into Receipt Bank as soon as you have purchased something.
- The automated data extraction process will avoid the need to key in data.
- Add your team to Receipt Bank and keep control of their expenses.
- Human error is minimised as the data is automatically extracted from the receipts.
- It’s free to our clients!
How does it work?
There are a number of different ways in which you can upload copies of your receipts into Receipt Bank ready for importing into your cloud software.
Using Receipt Bank:
The Receipt Bank app is simple to use. A picture is taken of your receipt and the data is automatically extracted in real time and upload to Receipt Bank. It is possible to scan in receipts individually or combine multiple receipts on one page.
Using the Receipt Bank App, you can check the data has been extracted correctly. It also ensures it is being coded to the correct cost centre. When satisfied this is then published to Xero straight from the App ready to be paid/matched to bank payments.
The App is very easy to use and is a free download from Google Play Store or Apple App Store.
Once you are set up, a receipt bank email address will be assigned to you. If you receive emails with copies of invoices in the body of the email or as an attachment, you can simply forward this email onto your receipt bank email address and it will appear there ready to be imported into Xero.
Using your Receipt Bank online account, you can drag and drop PDF documents into Receipt Bank. The data will then be extracted by Receipt Bank in the normal way ready to be published into Xero.
What will Receipt Bank cost me?
To use the software you will need to pay a monthly subscription fee to Receipt Bank. To all of our clients, Receipt Bank will be provided free of charge!
Get started with Receipt Bank?
Using Receipt Bank with Xero will allow you to save administration time and reduce risk of error. It is helpful as it avoids missing tax relief on lost receipts.
Loucas have a dedicated team with an extensive knowledge of both Xero and Receipt Bank. If you would like to discuss the benefits of Receipt Bank and how it can help your business, please contact us and we will be happy to assist you.
Please note: The information contained in this site is provided for information purposes only and is of a general nature. It is not a substitute for specific professional advice related to your own circumstances therefore you are recommended to obtain specific professional advice before you take any action.