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Receipt Bank is a Company that scans invoices & receipts and extracts relevant data so it can be uploaded into an accounting system.  This helps reduce the manual processes associated with entering invoices and receipts into your accounting system and can potentially save hours of effort each month.

How does it work?

You send your documents (i.e. invoices, receipts) to Receipt Bank using any one of their number of submission methods, which include:-

Upload from computer
Apps (iPhone & Android)
Item type – e.g. receipt, invoice, credit note, etc

Once items have been submitted, Receipt Bank processes the items by scanning and extracting the following key information from your bills, receipts and invoices:-

Invoice Number (where applicable)
Sales Tax – i.e. VAT
Payment method – e.g. the last four digits of the card i.e. 1234

The scanned document together with the extracted data is then published in the ‘Ready for Export’ section of your Receipt Bank ‘Inbox’.  From here, all the data can be downloaded as a CSV file or the data and image can be sent through the Web to a supported accounting system such as Xero or Kashflow.  We can then assist in sending this data to Xero on your behalf.

Once the items have been published or exported, they are then moved to an ‘Archive’ tab where they are kept for a minimum of 7 years, complying with HMRC requirements.  You will be able to access them and also print them off should you require a hard copy of your items.

Now that HMRC accept the digital storage of receipts and invoices as proof of purchase – it’s finally time to say goodbye to all those little bits of paper!

The following link to the HMRC Website sets out their position:

HMRC recommend you keep all the original documents you receive.  This does not mean you need to keep them on paper.  Most records can be scanned and kept electronically on a computer or a storage device such as a CD or memory stick.

Make sure that whatever you use to keep records you:

have both the front and back of documents
can easily access them so HMRC can view them if requested

Software we work with

Xero is an easy to use and cost effective accounting solution for small and growing businesses. Xero has been built specifically for small and growing businesses, to help you improve control of your accounting processes and develop a closer working relationship with your accountant.

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