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Manage Receipts with ‘Receipt Bank’

Why Add-ons

As its website says, Xero is “Accounting software with all the time-saving tools you need to grow your business: unlimited users and 24/7 support … not to mention the security and reliability you’d expect from Xero”. However, you can add significant value to your Xero subscription by using ‘add-ons’.

There are hundreds of add-ons available for subscription. Each one is a specialist software application designed to do a specific job extremely well from debtor management, to point of sale to inventory management and more. And the best thing is they all integrate with Xero, so your data can easily be shared and integrated across all your applications.

Today’s focus: managing receipts with ‘Receipt Bank’

All source documents are important. They are proof of a transaction and vital for all things bookkeeping, accounting and tax. However – they can be really frustrating to deal with and difficult to file, when you are busy running a business.

‘Receipt Bank’ helps small to medium-sized businesses, sole traders, and individuals save valuable hours by pulling information from receipts and invoices quickly, accurately, and efficiently. There is opportunity for time to be saved, with no more manual data entry in to spreadsheets or trying to locate a lost invoice or receipt. Duplication or loss will not occur as all information is stored securely in the cloud.

The particular benefit for Xero users is that ‘Receipt Bank’ integrate directly to it, and allows automated transfer of the information. This reduces time spent entering data, reduces human error and time and money related to staffing costs.

There are iPhone and Android apps that allow you to send receipt and invoice images while you are out and about; your entire team can have access (with different levels of access) and you can create rules to tell ‘Receipt Bank’ how to treat information relating to particular transactions, suppliers and customers.

The pricing begins at $14.99/month for a single-user plan or $25/month for a multi-user subscription. Maybe this program is right for you? Give it a risk-free try with the 14 day free trial.

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