About Receipt Bank
Receipt Bank converts those annoying bits of paper – receipts and invoices - into Xero data, check out Receipt Bank.
Remember if you have questions or need assistance with Receipt Bank, this is not the best place to ask - this forum is for reviews and feedback only.
For general support, check out the Receipt Bank support centre .
We went along to a Xero Partner event several months ago and saw a presentation from the guys at Receipt Bank, at the time we really thought it sounded too good to be true, "how wrong was I?", it really does do what it says on the tin and the charges really are as advertised, there are no hidden extras.
We regularly have piles of invoices from clients which would have taken a long time to enter but with Receipt Bank we just sort them in to order, scan them and upload them, a short while later they are available to check and transfer across to Xero.
As a Receipt Bank partner we get treated like part of their team, whether we communicate via email or telephone we get a response very quickly indeed and nothing ever seems to be too much trouble.
Any issues that may occur are quickly investigated and sorted, at times when we have made suggestions for changes to Receipt Bank and these suggestions are always taken on board and developed where possible, our constructive criticisms are never seen as complaints as the guys at Receipt Bank know that being BookKeepers, we know what we need to get the job done.
On a closing note, if anybody using Receipt Bank has suggestions or ideas to how the system can be improved please contact the guys today, they really do value our input when it comes to development.
Keep up the good work guys.
We have used Receipt Bank for 2 years now and it just keeps getting better!
Add-on partner of the year in 2012, for us it is simply 'The Add-on Partner' every Xero user we sign up is recommended to use Receipt Bank. It saves the client time and money and does exactly the same for us.
The first question I am always asked when showing a new client Receipt Bank is "Is that really all I have to do?". Hours saved, lost receipts now recorded, happy clients and more importantly accurate data into their accounts.
We are proud to be Receipt Bank partners. The team at Receipt Bank are always available and friendly and so helpful with any requests we may have.
I'd like to thank the people at Receipt Bank for making my working life so much easier, but more importantly, keeping my clients happy.
Amazing add-on, amazing people, enough said!
We have had a couple of incidents where customers have asked for copies of receipts (Stolen Item and some returns). We were able whilst being onsite to provide them with a copy directly from Receipt Bank, they loved the fact we could do it so quickly.
So, thank you Xero for your API and thank you Receipt Bank for a fantastic product and service.
Personally, I just love not having the chore of doing my expenses each month!
It's also worth noting that we have looked at other products similar to Receipt Bank, but the product and the plans of the people running RB for the future development of the product is unsurpassed.
Receipt Bank forms a significant part of achieving this for our clients
Our clients see tangible benefits, such as reducing their administration time with creditors.
The Support from staff has been exceptional, the products continued improvement over the months that we have been using it has truly enhanced its capabilities.
The only *problem* is that our clients are now Receipt Bank addicts!
We've been using it for quite a while and could not do with out it now.
We love Receipt Bank!!!
I couldn't look after the number of clients that I do without RB so it's essential to my business.
We love the smartphone app as our clients that work on the move can just snap pics of their receipts / invoices and we do the rest! Dropbox integration is also very popular with our clients who just want to save all invoices to their dropbox folder and hey presto they end up in Accounts Payable in Xero 2 days later!.
If you use Xero and have more than 5 bills per month you would be crazy not to use RB.
As a Receipt-Bank partner we have been very impressed with the communication and support we have received from the team, including multiple visits to our premises. Our queries are always dealt with quickly and any input we give always valued.
It has been very interesting to watch Receipt-Bank grow over the last couple of years and we look forward to seeing how it develops in the near future.
I don't use the apps for it but my clients do and they keep up with it.
When I used to be contracted out in-house, I would set up a filing system and stay on top of receipts for my clients. Now that I use Xero remotely, I find this a great solution for my clients to keep their receipts digitally - as most don't have the time to keep track of lots of little papers flying around!
I would like the turn-around time to be a bit faster, but it's already pretty fast, one or two days usually.
The team over at RB are GREAT! Friendly, smart, very helpful (and great accents)!
I have all my clients set up on this, and encourage everyone to use it!
We also use Xero and Receipt Bank for our own accounts and they save me so much time and help me keep my email intray clear of invoices!
Now they've all been uploaded into Receipt bank and I am manually processing them off. 5 here. 5 there. Making light work of it./ Will probably move to the paid service once I have got through this initial batch but just great. No more carrying round paper receipts of personal expenses. Great!
I request would be to have a Windows Phone app (I am a Nokia user) but I do generally carry an Android phone around so not a disaster but would be great not to have to rely having it on me.
It also makes our interaction with clients better too, as they find it so easy to use Receipt Bank, but we are having meaningful dialogues through the year about what they can and can't claim, and making sure that receipts are being accounted for correctly. We are also seeing an increase in amounts being claimed for VAT and tax purposes, which the clients also love.
Can't recommend Receipt Bank highly enough - my favourite Xero Add-On!
In the firm, using technology to improve the level of service we offer to clients is crucial. Using fantastic tools like Receipt Bank really allows us to do that. It fits perfectly into our fixed price offering, and we are already Gold Partners!
We cannot recommend Receipt Bank enough - it is an essential add-on for any Xero user.
It saves me a lot of time and is really easy to integrate and use.
They are also really on top of things and updating their program on a monthly basis as Xero is doing which means the program gets better and better each month.
Also if you have feedback for them they really take it seriously and try to implement all the feedback they get!
Awesome People and Awesome Program!
Every Bookkeeper and Accountant should use this!
This space is one where competition will surely drive increased functionality. As existing companies (Shoeboxed, Expensify, OneReceipt, etc) increase their Xero integration options, it'll become an even more interesting playing field. Even as Xero introduces their 'Files' offering, it'll be interesting to see how the market reacts over time to document management strategies.
Right now (and at the rate of tech innovation things change on a dime), Receipt Bank is the market leader in my opinion for the masses. With Invitbox constantly increasing their offering (multi-line extracts, etc) it'll drive both companies to work harder and faster at releasing innovative upgrades.
What separates Receipt Bank now:
- Can handle the big three - Invoices, receipts & Expense claims (and approval)
- Price per transaction
- Xero integration options
- Number of data extraction points sent to Xero
- Processing time (given their recent growth one or two days is quite reasonable)
- Search capability & data exports
What could be improved:
- Attaching images to expense claims (both in RB and in Xero)
- An internal approval process for invoices/receipts (not super important as there are other approval options)
- Increased accuracy for expense coding
- Auto reload of GL accounts (vs. manual refresh)
We give all customers Receipt Bank for free at LiveCA in Canada.
As time goes on, there will be other offerings that will work great with Xero. Like any young market, innovation will occur and as consumers we'll all benefit. To say one app is better than another app is taking a quite general approach that I'm not willing to put my hat in the ring for. It really comes down to each situation and what works best for that company individually given their internal resources/aptitudes and their needs. Sometimes we forget that when recommending apps to one another. Who knows, in a month or two there could be another player on the market that just completely sweeps us off our feet.
For now, Receipt Bank, you're doing a great job. Keep up the good work.
Sophie has been great in getting us underway with client setup. We are pleased to see the correct treatment of gst transferring through to Xero. Selecting any Xero Add-Ons needs to be done with care and good inhouse testing to make sure no surprises in the Xero ledger.
Easy to follow support resources from Receipt Bank - and friendly people to boot!
The guys (and gals) there are fantastic in support and listening to their users. Top notch company!
The issue is that probably half of the scanned invoices needed attention and it takes to long between submitting the receipts and them appearing in Xero …. I also don't really see a major benefit in terms of speed for entry … between making changes, updating the GST and reviewing the original document to ensure its been entered correctly, its probably just as quick to add the receipt directly into Xero.
the ability to take a photo is quite neat - but you can do that directly in the Xero app, or countless other apps converts a photo to PDF and saves into dropbox.
And for $79 a month ?
Awesome customer service - very quick twitter response times.
Submitting via the app is first class and getting my petrol, coffee, parking receipts and even some paper invoices (the ones that still come through the post) into Xero couldn't be easier.
I did kid myself initially that I could key in the information faster into Xero than sending it into Receipt Bank but that tends to miss the point. Its all about getting the information into Xero as close to real time as possible and its about spending the time I would spend keying in the information to actually work on my business.
I wouldn't hesitate to recommend Receipt Bank and Xero to all business owners but frankly I wouldn't want the competition to know how I have so much time to bring more money into the business than spending it on administrating the business.
UPDATE: Received a call from Receipt-Bank. Encouraging to see them respond to forum feedback. Turns out there were features in the software that I had not yet discovered. Booked a demo to run through full feature set... Rating revised.
The more I use it the more impressed I am at the features it offers and its useability and simplicity. I highly recommend it to anyone needing to process receipts in bulk.
We much prefer organising, reconciling and managing clients accounts than just sitting and keying-in...anyday! Thank you Receipt Bank!
Receipts are read and categorised with amazing accuracy. It is worth understanding the synchronisation options within Receipt Bank settings too as these can further enhance and fine tune the process.
We also use Receipt Bank ourselves and it creates consistency in our purchase ledger as it reduces the risk of human error from our staff typing up purchase invoices themselves www.MyAccountancyPlace.co.uk
The only thing we are waiting for is for credit notes to arrive in Xero with the image attached as it does with invoices and receipts. Although this is still manageable by just attaching the image afterwards, it would be a little slicker if it happened automatically. As I understand this is being worked on.
Using Receipt Bank really adds another level of brilliance to Xero. On first discussion, most people I've spoken to are astonished that there is a product out there like Receipt Bank that works so accurately. It really has revolutionized the way in which we work.
It saves us a lot of time and improves accuracy of posting, the ability to drill in to look at a copy of an invoice/receipt with one click is fantastic.
Our clients have found many ways of uploading invoices, including batch scanning using the office copier/scanner and then automatically sending by email.
Using ReceiptBank takes our service to another level and clients are totally bowled over.
Just waiting for credit notes to arrive with a copy attached.
Keep up the good work with the improvements to the service.
Clients love that we can offer this service and in particular find the smart phone apps very handy!
Additionally, it is SO USEFUL having a scan of every receipt / invoice saved in Xero. It means we can address discrepancies really quickly and I have all the information I need regarding payables on hand. No more finding the payables file, then checking the invoice has been logged in xero before paying it and then filing the paper.
We use the post method primarily which may be old fashioned but a paperless office appeals to so many people.
- It saves time, it's user friendly and the customer service is fantastic.
The team are a pleasure to deal with and provide outstanding customer service.
Unfortunately I find the time delay between sending items and their entry on system is too long, along with having to send some items more than once. Several invoices need to be edited as information is incorrect. Incorrect information in turn makes Xero overlook invoices already on the system ie during bank reconciliations and Xero is then left with several un-allocated invoices sitting on the system.
Hopefully RB and Xero are exchanging customer reviews and RB are looking at fine tuning what in theory is a fantastic idea.
I focus my practice on providing timely and relevant data to my clients. Whilst book keeping is an essential part of the process, it is also the most time consuming, and the one with lowest margins.
Utilising RB together with Xero has streamlined my practice to the extent that I dont need to employ a book keeper.
Of course you still need to manage the data, and ensure the receipts you transfer over have the correct information but in my experience RB is 99% accurate, and this takes a fraction of the time of manual entry. Plus you get a scan of the invoice attached to the Xero entry automatically, which clients think is amazing.
I use the mail in service for big batches of invoices, but scan in invoices which RB can misinterpret (utility bills), or of I have only a few. I also use the app which is by far the easiest way to submit paperwork. Clients love to submit stuff this way too.
A tip, take the time to synchronise Xero and RB before you submit any invoices to RB. Also link up your Suppliers with the Nominal code that normally relates to that supplier (if possible) - saves you even more time in the long run.
It would be good to discuss your experience with Receipt Bank, please contact us at firstname.lastname@example.org.
Best Wishes, Helen
We have been using it for around 8 months now, for both ourselves and our clients, and the benefits are tangible. We have clients pushing through between 10 - 1,000 receipts per month, and the efficiencies and time savings we are achieving, combined with the slick interface with Xero, is saving our clients $, and freeing up our time to provide higher value services to our clients.
The support staff at RB have been fantastic. We have been able to rely on the support of RB to be available to assist us with any implementation issues as and when required - nothing seems to faze them.
If you're expecting RB to be a silver bullet in its own right, then don't. You can't just enable it and then walk away - you need to ensure it is customised correctly for the end user (not difficult, but if you dont do it, then you're wasting opportunity). You still need to provide a level of validation on the processing - it gets smarter, but at the end of the day, its still only software, and will still be subject to nuances. Understand that, work with the application, and the benefits soon become obvious.
Our plan is to make RB an intrinsic element of the bookkeeping services we deliver to our clients.
- Easy to use
- Increased capacity which allowed our business to grow without increasing staff
- The time saved using Receipt Bank compared to it's is easily 10 fold
- Turn around times are good compared to other services
It really does give us more time to do the interesting part of job rather than boring old data entry!!
It means my clients have less time to lose their receipts as they can upload them as soon as they get them.
I can see the end of data entry ( not a day too soon) especially following the upgrades to allow even more standard entry settings.
Clients love it as they don't have to do the filing.
My clients can now upload their receipts and they will appear in Xero as a draft and I won't have done anything how good is that?
Great work Receipt Bank I'm sure there's more to come!
First Class Accounts - Kawana
My clients absolutely love it and me for introducing RB to them !!
I have made it a standard part of my 'package' offering, so clients feel they are getting even more "value" than they thought. The bottom line is it makes the whole process cleaner, more efficient and therefor more profitable in the long run. Gives us more time and space to do more 'sexy' consulting work eg cloud integration and advisory work.
The team are fab to work with and support excellent. The development team keep working on improving the features and the upcoming 'line splitting' capability is really exciting.
Like most software, you only get out what you put in, so take the time to explore the features learn what it can do for you and your client. Customising things for each client does not take long but worth the time and effort as it will save time in the long run and ensure accurate recording and data
Oh...and did I mention.... RB is simply a cool and fun thing to use and great for the environment... loved by all the tree huggers :)
Give up Receipt Bank....over my dead body.
We love it and recommend every business accounting firm to adopt or suggest this for clients - it pays for itself in triple digit multipliers!!
Receipt Bank allows my clients to easily capture the data from their receipts before they lose them, get them wet or the kids ruin them.
I no longer have to waste time chasing clients for copies of receipts to reconcile to their bank statement as copies of the receipts are all nicely sitting in Xero waiting for me to reconcile.
Receipt Bank certainly makes my work life easier and makes the clients happier.
I've learned that we are so so SO much more than drudges. We solve problems, we provide outstanding solutions for clients who have a nightmare in their accounts tray. We make their lives more fulfilling by providing systems and processes that make the running of this aspect of their business a cinch. Easy, simple, piece of cake.
Receipt Bank is one of those wonderful tools we use right alongside our calculators to manage our clients accounts. In my opinion, it's as important as my calculator in the hierarchy of office tools.
I can now provide my clients with a faster, MORE cost efficient and effective solution to the bookkeeping needs of their business. I LOVE that I can continue to be their point of contact buy collecting their docs and uploading them myself, in half the time!
It's as simple as scanning in receipts, whizzing them off to RB for processing and hey presto! There's an email saying we're ready to roll!
Fabulous system, don't know what I'd do without it now!
Not only has it streamlined the way we process invoices but it made life so much easier for us but for our clients as they can snap a photo with the app instead of hoarding paper.
We will definitely be continuing to use and recommend Receipt Bank to our clients and peers!
Receipt Bank is a great product, but you need to play around with it as there are several ways to structure your paperless process. If you have a single account, you would implement the add-on differently to a business where you have multiple accounts. You may wish to use it for all your invoices, only for credit cards, or only for cash receipts. You can also decide on different submission methods for different type of paper/electronic invoices. You can also set the synchronisation option on, so that Receipt Bank runs in the background and you manage everything in Xero. The great thing is that Receipt Bank allows for this flexibility.
The value that Receipt Bank brings rises exponentially the more receipts you need to enter. Entering a single receipt, can be done manually, and takes just several minutes. Entering 50 receipts takes 1-2 hours of focused data entry, and it is a draining experience. In comparison, snapping the pictures should not take more than 20-30 minutes and couple minutes scanning through the bills before importing them into Xero. Now imagine doing the same for 200 receipts! The value is definitely there!
Unfortunately Receipt Bank is not a substitute for general administration skills. It can make the process easier, but if you are not able to track what receipts have already been submitted, if you cannot take clear pictures, don't reconcile your accounts regularly, it can also become a frustrating experience, but that's not Receipt Bank's fault :)
I work for a public accounting practice, and many of our clients use Receipt Bank. Once the integration with Xero is set up, client gets trained and accustomed to using RB, we hear nothing but praise.
Just like XERO, Receipt Bank is becoming the future of bookkeeping & accounting industry. I had an interesting chat with one of the top IT guru in the country about how people are using phone on their daily activities and we are both amazed by the "overnight effect" of people using phone to pay for bills. He said "Even the bank was surprised about how many customers adapt so quickly with the change". Receipt Bank is one of the best app in my phone and I use that every single day...instead of putting the receipt in your wallet and then go home dump it to a folder...then 3 months later having to sort one by one then enter them in accounting system...I just pay for thing then open phone up and take a picture straight away in front of the sale person. It takes same time as saving it to your pocket!
Receipt Bank will become part of our life, our work and our community.
All the best for the team and keep it up!
Our Xero pitch almost always includes Receipt Bank, and if work is to be done in our office then it is mandatory. Clients love the fact that all they have to do is take a picture and their work is done.
As fabulous as Receipt Bank is it can be a little clunky for some tasks and the online help could be more comprehensive. Also, I'm not keen on the brown. :)
However the pro's definitely outweigh the con's and the staff are all lovely! Keep it up guys!
Receipt Bank is worth every penny.
I would recommend using Receipt Bank, it's a great add-on for Xero.
I would definitely recommend to others :)
The improvements to the app are making it more useful and we look forward to the upcoming releases that promise to make it even better!
Whilst we are still finding our feet with the system the benefits are becoming apparent & it is quite a nice feeling to simply scan-in invoices & go & work on something else rather than have to enter them all yourself, particularly when busy. It allows you to control workflows well. Of course the added benefits are that it saves on filing space & makes location of documents far easier.
We don't provide access to clients because we prefer to keep control of documents being uploaded to Receipt Bank to ensure that they are fully compliant. However, we may do going forward.
I don't think that any system is going to be fool proof but Receipt Bank is the best that we have used & we are not yet using all functionality.
Integrating your client onto Receipt Bank can be a pain but once that is sorted using Receipt Bank s a 'no brainer’ and I will happy to recommend it to my colleagues and clients. It is definitely one of Xero's best 'add-on's'.
I have just used Receipt Bank to do expense claims reimbursement in Xero which again is great as Receipt Bank takes across each receipt which needs to be reimbursed, adds it to the expense claim section in Xero and I can batch up all receipts to each individual employee.
I am sure there are still other great aspects which I am yet to use fully.
We started using Receipt Bank a few months ago, for some of our clients and it has indeed helped us provide them with a more efficient and cost effective service by using Receipt Bank to upload many transactions, instead of manually entering unlimited amount of receipts and invoices.
It has allowed us to complete our bookkeeping tasks quicker for our clients and providing them with a rapid turn-around period. Receipt Bank allows our clients to upload their own receipts, so we have their documentation on a regular basis which enables us to maintain and reconcile their accounts on a daily/weekly basis, opposed to monthly.
It results in a 'plus' 'plus' for our clients and also for us and the services we can provide them.
Its a win/win - It makes running my business and the clients business more efficient.
Some of my clients use ReceiptBank with Xero and other use ReceiptBank on its own to help with their GST and tax returns (excellent for estate agents).
My experience with the support team at ReceiptBank has always been outstanding. Quick responses, clear instructions and always a can-do attitude with every request that I have made.
The intergration with Xero allows client to monitor their AP easily.
That says it all really.
It is a fantastic platform with several different ways to set it up and structure it. This can really add to the Cleints experience as it can be tailored specifically to their needs.
I am looking forward to the Multi account log in that is in Dev at present.
Great work Michael and the Global team
Brook Pengelly at Receipt Bank has been awesome to deal with and has provided great training to our firm to get us up in running in the early days.
Thanks team for developing a great solution for us to introduce to our Xero clients and other advisers using Xero.
Secondly Receipt Bank's strategy for their products and how they execute development, sales, marketing, training, vertical partner liaison, conferences and roadshows shows a level of excellence in strategic positioning that caters to all markets and clients that is world class and award winning! Award winning criteria must surely be proven numbers of accountants, bookkeepers and clients who have taken up the solution and the worldwide growth of Receipt Bank clients must demonstrate they are the fastest growing technology solution - a close second to the other famous accounting solution starting with XERO :)
I can also see quite clearly that the Receipt Bankers get out there and actually ask their community what they want - isn't that refreshing? They are constantly improving and delivering quality solutions with skill, expertise and great personality - that is emblazoned in their software - I just love it - being able to see the efficiencies, the time-savings not just at data entry and creditor reconciliation level but at audit and financial statement time, gives me goose bumps when you realise that increase in net profit due to automation can be a win win for your clients and your own bookkeeping practice!
It also has allowed me to scale up my business without hiring yet another data entry person to keep on top of things - all for a fraction of the cost of hiring somebody!
The RB product is light years ahead of its competitors and offers really great features (eg having the ability to upload one file with multiple receipts - that in itself is a scanning delight!). Highly recommend it.
I'm just frustrated with myself that I took so long to embrace RB!