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Mint Your Own Business: Use this time to set up ReceiptBank (and link it to Xero)

The ReceiptBank platform allows you to provide your cost information to us as your accountant easily and paper free! Traditionally we have used ReceiptBank with clients who use Xero however due to the current climate we are also offering this to our smaller sole trade clients so they can provide their expenses to us easily whilst we are working remotely. 

ReceiptBank primarily runs on an app. All you do is take photos of any purchase invoices or purchase receipts within the app. You can also forward email invoices to your own dedicated email address and ReceiptBank will process the data on those too.

For clients only using this to provide expense information: this is where the process stops for you, we just go into the platform and review that data. We will then add it to your sole trade accounts and tax return. 

For other businesses and any using Xero things will work a  little differently:

For businesses using Xero, setting up ReceiptBank and linking this to Xero is a game changer.

When you use the app and take a photo of the receipt or invoice it goes into the ReceiptBank platform first. You can set up the system to post any invoices you like directly into Xero with the correct accounting codes (so, are they stock items, marketing costs etc) and you can also set up what VAT rate should be applied.  If you receive the purchase invoice via email, you can just forward the email attachment directly into your ReceiptBank account.  Once you approve the invoice in ReceiptBank, it then posts it correctly into Xero.  

It is better for us to assist you with this, at least for the first 3-6 months.  That way, we can check each transaction and ensure VAT rates and postings are correct in Xero.  We do charge a small book-keeping fee for this but it does mean that everything is set up accurately from the very beginning.

ReceiptBank is a brilliant way to save time on data entry and managing your accounts. 

It is also a good ‘starter’ option for any businesses not yet using online accounting systems. As said in our previous blog now is the time to be looking at your systems and streamlining your processes. You will see the benefits of doing this once things start to get back to normal in the business world. 

Any clients who want to use ReceiptBank - we are offering this system free until June. 

Side Note for Xero Users: Hubdoc
Hubdoc is an alternative to ReceiptBank. Hubdoc is now owned by Xero and built into their platform. We will be looking at this in the coming weeks and will tell you all about it but this was only made free for UK Xero users in early March and we have not yet integrated the system into our working processes. It also requires you to have a full Xero licence and many of our clients are moving to smaller partner level licences at the moment as they will have no sales or limited sales transactions running through their business.