At Abbey Accountants we are proud to be associated with Xero, an extremely cost-effective and user-friendly online accounting package. Set out below are just some of the benefits of using this software and if you’re looking for software which updates automatically without extra costs and enables you to focus on your business, Xero might just be the solution.

  • VAT returns can be sent electronically to HMRC via the system and it is compliant with the new UK Making TAX Digital (MDT) tax system.
  • It is fairly easy to use.
  • It is cloud base so available online 24/7 through any internet enabled device (computer/laptop/tablet/mobile phone).
  • You can give up to 20 people different levels of access into the system.
  • It has bank level security which in this day and age is all important.
  • The businesses bank account statements/entries  can be directly fed into the system so there is no manual input required in this connection (some banks make a nominal monthly charge for this).
  • Invoices can be raised on the system and either emailed or printed out and posted to customers/clients.
  • Receipts/expenses invoices can be photographed/ scanned or emailed to another piece of software that we as a practice provide free called “Receipt Bank” and this can be in turn fed into the Xero system. What this means is that you can drill down into any purchase/expense. entry on the Xero system and see the actually underlying expense receipt or purchase document which is an extremely useful function.
  • The ability to add the function of paypal to enable you to get paid on time.

If you are interested in finding out what Xero can do for you and your business give us a call on 01992 642024 or click on the Xero icon below to visit the Xero website for more information.

Receipt Bank

Receipt Bank deals specifically with the business’s purchase invoices and expense receipts and would simplify the process and make it more easy and convenient for the 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/invoice.