How much time do you spend entering data from supplier bills into Xero? How about sorting those crumpled receipts for expenses? If you’ve got better things to do with your time than sifting through paperwork and entering data, you’re going to love Receipt Bank. Receipt Bank reads the data from bills in any format – even camera shots of receipts. Receipt Bank enters the data into Xero for you, and saves a PDF of the original document in Xero.
Freedom from needless hours of manual data entry
Most small business owners are spending up to 10 hours per week on bookkeeping – performed by themselves, as an impost on their working time or lifestyle, or by a part-time employee/contractor as an overhead on the business.
The bookkeeping workload is lightened by cloud accounting solutions such as Xero. Many businesses have already automated their invoicing and recording of receivables through time-and-expenses systems like WorkflowMax, and POS systems like Vend and Kounta, fully integrated with Xero. With bank statements electronically feeding into Xero, and one-click reconciliation from available data in Xero, bookkeeping on the income side of the business is kept up-to-date and 100% paper-free.
Until recently, however, there was no way of avoiding the hours of tedious data entry on the cost-of-sales and expenses side of the business. Bills for materials, goods, and services would be entered into Xero line-by-line from a paper document or PDF, then the original document would be scanned or saved and uploaded into Xero. The same with receipts for expenses such as fuel, incidentals on business trips, and for materials or supplies purchased on-the-fly. The receipts would be stored in an envelope or shoe box until someone found time to type in the details of each receipt, and then scan the original receipt to upload as evidence. Not until all this data entry was done could bank reconciliations be properly completed, which caused many businesses to fall behind in their bookkeeping even while using a state-of-the-art cloud accounting system.
Less time on data entry, more time for productivity and relaxation
Receipt Bank will accept bills and receipts sent in almost any format. When we were first testing Receipt Bank for Billings and Ellis, to see how it could assist our clients, I started with a few invoices by taking photos with the app on my mobile phone. Amazingly these invoices soon appeared in the Receipt Bank dashboard. Two clicks later and they appeared in Xero as unpaid creditors. I was delighted to find that they were also 100% accurate and the invoice was attached nicely as a PDF.
We can help your business getting started with Receipt Bank
With many hours of data entry to be saved by Receipt Bank users, we are rolling-out Receipt Bank to clients with businesses requiring many creditor invoices to be processed each week. We are also ready to assist new clients with Xero, and Xero add-ons including Receipt Bank.