No more double entry bookkeeping with Receipt Bank

For smaller businesses, keeping on top of invoices, receipts and expenses is a monumental pain. This necessary evil takes up a great deal of valuable time, time where real work could be done. Using traditional double entry bookkeeping procedures also hinders the flexibility that smaller businesses have to respond to market forces given the time taken to reconcile the accounts.

Those precious hours spent sat with the books or the expense of admin staff and bookkeepers could be saved by automating this process. Automation will also speed up the procedure and provide the accurate data needed to make those important decisions in a just a few days, making businesses much more responsive.

It takes minutes to upload documents using Xero integrated programs, aka 'add-ons' like Receipt Bank. When items are uploaded to the program, Receipt Bank will extract the key data and compile a file that can be exported as either a CSV, or published directly to accountancy software like Xero. The user need only upload a copy of the document and the program will do the rest, simple.
There are plenty of ways to upload files, through the program, by email, through the app or even by regular post (do people still use snail mail?). Files can be submitted in a variety of formats too, jpg, png, gif, bmp, tiff, pdf, zip, doc… you'll be hard pushed to generate a file that Receipt Bank cannot read and there can be up to 50 invoices in one pdf.

This method allows for upload on the move, receipts can be photographed and emailed straight to the program or captured within the app, saving time and avoiding a bundle of paper to sort through at a later date or losing them altogether. Many businesses now ask their suppliers to copy in their Receipt Bank email address when sending invoices, removing their involvement in the process and ensuring no files are missed or delayed.
The key data extracted for the file includes the item type, such as receipt, invoice, credit note etc, the supplier and invoice number as well as totals, payment method and tax information. You can change the coding to refine the categorisation of items, setting defaults for your suppliers as you add new ones to the program.

The Receipt Bank account can be linked to Xero and with just a few clicks the data that Receipt Bank created is sent directly to the accounts, saving even more time. If there are a lot of expenses to claim, it is worth looking at add-ons designed specifically for that task.

Square Mile Accounting, founded in 2014 by Dave Gormer, specialise in taking start-ups and technology sector clients to the next level. Having used Xero from the off, Square Mile were looking for a way to improve their clients bookkeeping practices. Receipt Bank became the answer to their search and has improved the service they provide their clients, streamlining the relationship.

The main focus for Square Mile is to move away from compliance work towards an outsourced finance department so the automated accounting systems are integral to the services they offer. The business saves time and has a far more efficient process and the accountants can ensure books are kept up to date with a simple system to use.


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