For our clients that use Xero book keeping software we have acquired a further piece of software called “Receipt Bank” which we are providing free of charge.
Receipt Bank deals specifically with your business’s purchase invoices and expense receipts and will hopefully simplify the process and make it more easy and convenient for your record keeping.
This software enables you to do a number of things:
Firstly using an app on your mobile phone you can take a photo of a receipt/invoice and with a push of a button send the photo electronically to Receipt Bank.
Secondly any emails received which either contain an invoice embedded in the email or an invoice as a separate attachment, can simply be forward on to a dedicated business email address at Receipt Bank.
Thirdly any receipts/invoices that you hold can be scanned in to one PDF file and loaded on to Receipt bank via your computer desktop.
Fourthly any supplier that sends invoices via email can be given the dedicated business email address at Receipt Bank and instructed to send the invoices direct to that email address.
No matter which of these methods are used the software uses optical character recognition (OCR) to extract the relevant data from the documents (it is 98% accurate).
Photos of the receipts and invoices will automatically be stored and categorised within Receipt Bank.
After carrying out a review this extracted information can be transferred straight into Xero together with the photo of the receipt.