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Effortless bookkeeping with Receipt Bank and Xero

Posted 4 years ago in Xero news by Beeny Atherton
Posted by Beeny Atherton

Today Xero announced a strategic global partnership with Receipt Bank, a relationship which will go further towards making bookkeeping and accounting effortless.

Receipt Bank extracts information from client receipts and invoices quickly and sends the data directly into Xero. It’s a seamless integration that makes bookkeeping a breeze.

Last year, Receipt Bank introduced their Practice Platform, which uses data from Xero to show firms big and small how to make their bookkeeping more profitable. In August, the Receipt Bank team launched Additional Integrations, which makes cloud bookkeeping workflows even easier by letting partners set rules for how client data is sent to Xero and other app partners.

Receipt Bank’s commitment to Xero accounting partners and co­-operation with the wider ecosystem is why they’ve won Xero App Partner of the Year five times, and maintain a five­ star rating with the Xero Community.

The competitive accountant

At Xerocon South, Receipt Bank will talk about how firms can get their client’s paperwork up to 10 times faster, and become up to five times more profitable by automating inefficient bookkeeping processes.

To drive home how efficiency helps firms win, Receipt Bank is creating a bit of healthy competition amongst bookkeeping partners.

Receipt Bank’s Effortless Bookkeeping Challenge was launched in the UK earlier this year, and saw 50 partners compete to make their bookkeeping more efficient (and win a few neat prizes, too).

Robert Marjoram, Owner of Together Accounting – a winner of the Effortless Bookkeeping Challenge and a Xero Partner – says the combination of Receipt Bank and cloud accounting software like Xero has helped him more than halve the time it takes to do year end accounts for clients.

“We’ve managed to take something that used to require 28 hours and get it done in 10,” says Robert.

Other participants are taking their new found time and spending it in the sun.

“Using Receipt Bank and cloud accounting software saves me 2­3 days worth of work a week,” says Chris Gascoyne of Acumist Accounting, another Xero Partner and the Sole Practioner Champion.

“I can now have a day at the beach, because I know Receipt Bank is just doing what it’s supposed to do.”

Over a month, the Effortless Bookkeeping Challenge participants were able to reduce client delay days by an average of six days, automatically publish 16,000 items, and reduce the amount of time receipts and invoices sat idly in their inboxes by 1,800 days.

Due to the Challenge’s success, Receipt Bank is taking it global in October. Registrations are now open.

May the best firm win!

2 comments

Adrian Pearson
September 13, 2016 at 8.19 pm

So, what does this “strategic partnership” entail then? There is much about what Receipt Bank does in this blog post but nothing about the detail of the new relationship between the two parties.

Paul Bulpitt
September 17, 2016 at 2.45 am

This is very much early days Adrian. Lots of good stuff to come. Watch this space, I’m sure more will be published as and when. Thanks, Paul.

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