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Receipt Bank and Xero: Three years on

Receipt Bank and Xero

When I started at Xero just over three years ago, one of the first Xero Add-ons I assisted with certifying was from a small little UK startup app called Receipt Bank. Well, three years on and Receipt Bank are now the most popular add-on for Xero, and recipients of a number of Xero awards.

As much as I love the original blog post (the cheesy background music on the video!), I thought it might be time to do a quick refresher, and cover some of the less obvious, and new features that Receipt Bank provides:

  • More than just receipts. In the UK the term ‘receipts’ covers everything – expense receipts, accounts payable invoices etc, but in other parts of the world, it might not be quite as obvious that Receipt Bank supports receipts on expense claims but also accounts payable invoices and spend money transactions.
  • Line item extraction. It was a huge leap forward when Receipt Bank recently announced they can now populate Xero with invoice line item details. Receipt Bank automatically splits line item details for original .pdf files – perfect for purchase invoices that need to be split across different accounts.
  • Attachments. Receipt Bank creates attachments on all the documents it can in Xero – receipts, bills (accounts payable invoices) and spend money transactions (bank transactions), so you have a complete audit trail.
  • Reimbursable and re-billing expenses. Receipt Bank’s integration with Xero enables you to create both an expense report for staff reimbursements and also a draft sales invoice for oncharged costs.

The most impressive development at Receipt Bank over the past three years however, is the unique way they have worked with Xero accounting and bookkeeping partners. Check out just one story here:


As you can see, a lot has changed in three years for Receipt Bank and Xero, but one thing has stayed the same – we are delighted to have them as an Add-on partner.

Well done Receipt Bank, can’t wait to see where you will be in another three years!

To find out more, check out Receipt-Bank.com.

 

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14 comments

Gayle Buchanan
2 July 2014 #

Marriage made in heaven you two.

Mitch Uzelac
2 July 2014 #

I second that Gayle… RB simply awesome

1957Goldtop
2 July 2014 #

My biggest (and it’s big) complaint about Xero is how it handles (or can’t handle actually) reimbursable expenses. There is a huge discussion here (and you can see that many are livid about Xero’s inability to handle reimbursable expenses, something Quickbooks Online does nicely BTW):
https://community.xero.com/business/question/64031

I would like more information on how Receipt Bank can create handle reimbursable expenses as you mention in your blog post.

My guess is it’s not really what the people in that thread are asking for, but I would love to hear about it.

Rod Drury
2 July 2014 #

Yes we still have a lot to do. Quotes is our most requested feature and in dev now. Once complete we can get onto jobs and reimbursable expenses. Our Files feature now allows associated invoices to be attached but agree it’s too manual as it stands and we can (and will) do better.

Chris Champion
2 July 2014 #

Hi 1957Goldtop, yes it is amazing that the ‘beautiful’ software solution continues to ignore providing functionality for reimbursable expenses – an integral part of a consultant and similar other business operations (and the kind of small businesses who need cloud accounting solutions like Xero)! However reimbursable expenses needs to be an essential integrated solution within Xero, not another “pay for more” add-on 3rd party solution. As the discussion elsewhere indicates, people are LIVID that Xero can’t provide this basic functionality for their business!

Ronan Quirke
2 July 2014 #

@Chris – Xero CEO Rod has already put his hand up to say we know this is something we want & need to deliver. The fact that Receipt Bank have innovated and solved this for some of their users doesn’t change that – just another motivation for us to keep up.

Please keep the comments on topic – plenty of other places where we welcome open discussion on the Xero product.

Ed Henry
2 July 2014 #

I have to agree that this would be my top Add On. Xero and Receipt Bank are like milk and cream, separate but part of a whole package. My phone would not be complete without them both!

Colin Hewitt
2 July 2014 #

Well done Receipt Bank – you guys have done an amazing job.

Helen
3 July 2014 #

Hi 1957Goldtop,

Thanks for your request for more information. As mentioned above, within Receipt Bank we do have an expense report feature, specifically designed for employee expense management. We also have a re-billing function, which allows you to select receipts to on-charge to a client. This creates a consolidated draft sales invoice in Xero. Please do get in touch at partners@receipt-bank.com – we would be more than happy to discuss in further detail.

Sophie Hossack
3 July 2014 #

Thanks Ronan for all of the support from you and the API Team. Can’t believe it’s been three years already! We really enjoy working with your Xero Teams around the world – it’s a great community and ecosystem to be part of!

Here at Receipt Bank we’re constantly learning so much from our partners and users – so thank you all for your feedback. We’re always striving to see how we can help small businesses, accountants and bookkeepers become more efficient.

@1957Goldtop – I’ve posted a comment on the community thread, which I hope helps. However, if you’d like more information please do get in touch: support@receipt-bank.com

Denis Breen
3 July 2014 #

We use receipt bank for both employee expense management and re-billable client expenses – works great and plugs into Xero perfectly. Cost of both systems is minimal versus the benefits achieved.

Wayne Schmidt
4 July 2014 #

Every time I deliver a client event for an accounting firm, I demonstrate Receipt Bank as part of the presentation. Walking around with an iPhone and recording some receipts from audience members always gives some extra wow to the presentation. Congratulations on an awesome first three years.

Jared Armstrong
7 July 2014 #

Jared from MinuteDock here. Awesome work ReceiptBank team!

Just chiming in from some of the comments regarding Xero & features.

@Chris, I agree that the workflow of running basic expense reimbursements via Xero could do with some work, and it sounds like the team at Xero are working on that. But keep in mind that what ReceiptBank is offering is the technology behind the automatic extraction of the receipt data, saving a ton of time for businesses. My guess is that Xero will work on some usability improvements for the basic process, but businesses will still want to use 3rd party tools like ReceiptBank to truly optimise their day-to-day business process.

Of course, for an individual consultant, from an accounting perspective there’s no reason you can’t just raise a AP invoice yourself and attach the receipt – that’s what I do for my own consulting business. You can add the receipt photos to your files via the Xero iPhone app, and quickly add the AP invoice when you’re doing your books. It works great for me.

Which brings me to another point – the world is moving/has moved towards a connected and multi-tool system approach to business software. Just like you don’t expect your phone to come with all the apps you need bundled with it (everyone has different needs!), that’s the same way that cloud business software has moved. Similarly, it’s practically impossible to provide a one-size-fits-all solution across a range of different industries and business sizes (one of the challenges of SMB software). In my experience, the bundling of “all the features” causes users who don’t need them to look for a more simple or specialised solution to reduce complexity, and likewise those businesses for who the bundled feature doesn’t fully match/work with their business process will look for other software to better cover their needs. So there’s definitely a double-edged-sword of just adding in features to the core product, and that’s something the Xero team will be considering :-)

The great thing is that with the Xero platform at the centre of your business’s finances, if there’s a problem there to be solved, then someone’s going to come up with a solution!

Hayley Wilson
7 July 2014 #

Congrats RB, Happy 3rd Birthday and cheers to many more prosperous years to come, love using the app saves me a heap of time :)

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