The idea of a paperless office is not a new notion, it has been the dream of business owners and management for years if not decades. With the advent of internet based bookkeeping software such as Xero came the possibility of the paperless office becoming more of a reality rather than a fantasy. Xero as a company has encouraged other companies to develop software that integrates with the main Xero software. One these developers is Receipt Bank; their software can extract information from a supplier invoice and publish it as a bill into Xero without any intervention from the user. The information gathered by the software includes the supplier name, the invoice date, invoice number, the gross value of the invoice and the VAT element of the invoice. An electronic copy of the invoice/receipt is attached to the published bill in Xero for future reference.
As a Receipt Bank user, you can also have the app on your phone, allowing you to photograph and submit receipts whilst not near your computer. This avoids the common problem of lost receipts when trying to reconcile your bank account or expense claim. With a simple one touch procedure that petrol receipt is recorded in your accountancy software ready to be reconciled against the bank statement.
Receipt Bank can also fetch invoices from suppliers’ websites and process them without any user intervention. This saves you the time and hassle of having to log into your different supplier websites, downloading the invoices you need and then uploading into Receipt Bank for processing. The process takes place once a week and any new documents will be automatically loaded into Receipt Bank
If what you have just read is of interest to you then please feel free to contact Lewis Brownlee where we can provide further information about Receipt Bank, Xero and other applications that may be of use to you.