Receipt Bank is the receipt processing software straight out of a bookkeeper’s dream.
There are two areas Receipt Bank excels:
- Easy receipt processing
- Strong integration with Xero
Receipt Bank accepts receipts through any number of ways, but the most common submission for our clients is by email or through its app. First, the customer sends receipts into the system and subsequently scanned by its fancy text recognition software. This reveals the date, vendor, totals, tax, document type (e.g., receipt, invoice, etc.), payment method, and other info. Based on the supplier’s settings that you or we set, the receipt will be passed onto Xero or have other data embedded (e.g., tracking codes), and wait for verification from our team.
We submit receipts to the accounting system only once we’ve approved them.
Integration with Xero
Receipt Bank integrates with Xero very well. It borrows the chart of accounts and tax settings from Xero for processing, but can also submit the expense as an expense claim, a paid receipt, or an invoice waiting in accounts payable. Compared with QuickBooks Online, the integration with Xero is leagues ahead.
Our ideal solution for bookkeeping and accounting includes both Xero and Receipt Bank. Contact us today to learn how we can make these work for you.