Receipt Bank - Save time by capturing and processing receipts and invoices electronically

5 years, 7 months ago by Oliver Atkinson

Receipt Bank - Save time by capturing and processing receipts and invoices electronically

Receipt Bank Review

Receipt Bank is an add-on for your accounting software that captures and processes receipts and invoices electronically, doing away with the need to keep boxes of paperwork.

Image Capture

The mobile Receipt Bank app can be used to take photos of receipts before uploading them for processing. Similarly emails with invoices attached can be forwarded straight to Receipt Bank. Files can also be uploaded directly from your PC or via Dropbox while Receipt Bank has the ability to integrate mileage claims via Tripcatcher. If you have a large amount of paperwork this can also be posted to Receipt Bank for scanning although there is an additional charge for this.

Image Processing

Receipts and invoices are processed within a few hours to record the relevant information such as date, supplier, invoice number, tax rate, currency, Xero category, and payment method. Rules can be set up for a particular vendor and previous categories are also remembered for future similar items. Expenses can be split, merged or added to expense reports which can then be exported. Each item can be reviewed in Receipt Bank before publishing to Xero although over time users can set up particular items to auto-publish.

Image Retention

Receipt Bank will securely store images for a minimum of 7 years, making the user compliant with HMRC’s paperwork requirements. The receipts or invoices are also attached to the relevant item within Xero, meaning that both the user, their accountant or HMRC can easily view an image without having to search through boxes of paperwork.

Conclusion

Receipt Bank is priced according to the volume of items processed, although this cost can be justified by the time saved both in data entry but also the convenience of being able to search through paperwork for relevant items. When coupled with the fact that hard copies of paperwork are no longer needed to be stored the benefits of Receipt Bank for small and medium sized businesses are clear to see.