Xero Add-On Review: Receipt Bank

If you use Xero in your business then you will know that the Xero Add-On marketplace is ever growing and the add-ons themselves continue to change as the various platforms enhance their offerings. If you are considering a move to Xero then taking the time to look at the add-on market might be what you need to do to convince you to take the leap.

With more and more clients asking about add-ons, and with increased focus internally on how these can be used to increase client business efficiency, we have spent considerable time reviewing the add-on marketplace over the last couple of months. Now our reviews are complete we will be sharing our findings with you in a new series of blogs.

Receipt Bank...

We have always taken a bespoke approach to add-ons, sourcing the best solutions for each client rather than promoting specific ones to all clients. However there are some add-ons that will work for everyone and one of these is Receipt Bank!

If you already use Xero (or other cloud accounting solutions) you will likely have heard about Receipt Bank already. It would be fair to say it is the most successful Xero add-on to date. This is because it makes a task dreaded by many small business owners simple, easy and quick…That dreaded task? - keeping up to date with BOOK-KEEPING.

Receipt Bank offers an innovative solution to save time and money by handling receipts and invoices on the go. You can simply take a picture of your receipt or invoice with the receipt bank app or forward them to a dedicated email address and they will be processed for you! Receipt Bank automatically extracts the key information and pushes it into Xero. Within minutes you and your accountant are able to see the latest information on the Xero dashboard. It really is that simple. Take a look at the video to see for yourself.

If your accountant processes all of your receipts and invoices then the volume of these may not bother you but are you paying your accountant to process them for you? By removing this task you may be able to reduce your costs or even add in a new service, you have been looking at but didn't have the budget for, such as advisory meetings, management reports or tax planning. If anything it simply removes the need to carry around a bunch of receipts. Electronic copies are an acceptable form of record keeping so once you have taken that photo you can bin them.

Add-On Pros...
  • Huge reductions in processing time!
  • It will save you money!
  • It is so easy anyone can use it!
  • Less receipts clogging up your wallet!
Add-On Cons...
This isn't really a negative more of a point to note…
It is important that you (or more likely your accountant) spend some time, for the first few months, checking the allocations Receipt Bank makes before pushing the data into Xero. This will ensure correct account allocation for each purchase. We have seen cases where two people in a business have taken photos of bills which have entered the system twice, resulting in incorrect VAT bill calculations. If you are using Receipt Bank you need to ensure you have an internal process for how you do this.

Who would benefit from this Add-On?
Erm everyone...but particularly small businesses with lots of cash expenses resulting in hundreds of receipts.

How much does it cost?
Prices start from £20+VAT per month, with the subscription based on the number of transactions you have processed in the month (meaning you really do pay for what you use). Full details of price plans can be found on the Receipt Bank website.

Add-On Rating...
4.5 / 5
Top app and very cost effective!

This review was carried out by Gintare Urbone Mint's very own Xero Expert!