Donald Reid Group

Xero and Receipt Bank

As a Gold Champion Partner of Xero, the cloud-based accounting software designed for SMEs, we thought it might be useful to review some of the available add-ons that could be of interest to our outsourcing customers.

What is Receipt Bank?

Receipt Bank is a web-based service that uses optical character recognition to extract information from key financial documentation, such as invoices and receipts, for review and integration with Xero.

Key benefits of integrating Receipt Bank with Xero

The Receipt Bank add-on to Xero provides some useful benefits for SMEs:-

  • Reduces the data input time and the potential for human error
  • There are numerous ways to conveniently upload information to Receipt Bank ranging from email to direct upload to Dropbox or even via the Receipt Bank App on your smart phone
  • Receipt Bank recalls prior treatment of invoices which helps further automate the process and save time.
  • The add-on integrates with Xero so transactions are automatically posted with an image of the document attached to the transaction to aid future reference
  • Receipt Bank allows you to create an electronic archive of all purchases & receipts doing away with the requirement to maintain physical records as the HMRC will accept electronic records as support for any of their needs

If you would like to discuss Receipt Bank, Xero and our outsourced accounting services at DRG, please do get in touch. We would be delighted to hear from you.


DISCLAIMER: This information is for guidance only, and professional advice should be obtained before acting on any information contained herein. We will not accept any responsibility for loss to any person as a result of action taken or refrained from in consequence of the contents of this publication.


 

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