A brief overview of how Receipt Bank worksYou receive an invoice (scan to PDF format if not sent to you via email) and you simply just forward it onto your Receipt Bank account.
Receipt Bank then processes this invoice and sends it on directly to your Bills to pay in Xero.
The next time you log into Xero you will see in your Drafts of the Bills to pay section all your invoices that have been processed by Receipt Bank and are waiting for your approval.
You then check and approve and they will go through to awaiting payment, job done!
Once you have set Receipt Bank up with your company/individual requirements and linked to Xero you will be all ready to go. You will get a Receipt Bank email address so when the invoices come in you just forward onto this address for processing making it quick and easy.
How Receipt Bank saves you timeAt Alliotts we use Receipt Bank all the time. As soon as invoices come in, we forward them to our Receipt Bank account. We have set up customised rules so once ready they go to Xero directly.
A huge benefit is that we don’t need to manually enter the data or upload any invoices (anyone who has had to manually enter invoice information knows how much time this takes, so Receipt Bank saves you heaps of time).
Add onto that Xero then matches up your paid invoices and receipts to your bank feed in Xero, saving even more time on your bank reconciliation.
Each invoice is saved in the system so you do not need to have a printed/paper copy of the invoice unless you want to. Less paper and less filing is always a good thing.
Receipt Bank also has an app which is useful when you're on the go, for capturing receipts and invoices while travelling.