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Why we love Receipt Bank!

We have made it no secret that we love Xero at Flamingo Accounting, but we also love Receipt Bank.

But what is Receipt Bank and how can it help your business?

In basic terms, it’s a Xero add-on, a web based application that takes the hassle and time out of manual data entry.  You can send your purchase invoices to Receipt Bank via a variety of methods, and it will then extract the data you need before exporting it across to Xero.

It pulls out the supplier name, invoice date, due date, net amount, VAT amount, etc, and then sends that over to Xero, along with an image of the invoice, taking out the need for manual entry.

Not only does it speed up information and data entry, it also acts as your virtual filing cabinet, keeping a copy of your invoices in both Receipt Bank and Xero.  No more need for shelf after shelf of lever arch files cluttering up the office or basement.  You need to keep records for HMRC for seven years, but they don’t have to be physical records, so having them saved online, attached to the transactions to which they relate and accessible from anywhere in the world is ideal.

You just have to send your invoices, receipts and credit notes over to Receipt Bank which you can do:

  • by uploading from your computer
  • dragging and dropping into a web page
  • sending to a unique email address for your business
  • via the camera on your phone
  • via the post

So however your business receives its invoices there is a method of getting them scanned and over to Receipt Bank and then Xero.

Imagine how much time you would save by using this – time that could be then spent on making sure your own invoicing happened quicker and any over due invoices were chased!

If you have any questions about either Receipt Bank or Xero, then please get in touch on the details above.