Reduce your paperwork with Xero's Receipt Bank

Thursday, 12 March 2015    Accounting Packages

Receipt Bank is Xero's most popular add on globally and we couldn't agree more!
Here at Butlers Accountants we understand the time you spend on your books could be better spent building your business. Therefore we are pleased to announce our adoption and recommendation of Receipt Bank.
Receipt Bank automatically extracts the key data from your bills, invoices or receipts (in fact any paper document) then publishes this directly to Xero (or Quickbooks and MYOB) with the attached source. 
 
Digital Storage
Receipt Bank also keeps every receipt for you in digital format for seven years. The digitised invoices are indexed and can be searched and located by supplier, date range, amount range, or by any of a number of other criteria so much easier to find than locating a paper copy! In fact, once your invoices are archived in Receipt Bank you can get rid of your paper copies.
ATO Tax Ruling TR 2005/9 allows paper records to be stored electronically if they are a true and clear reproduction of the original paper records, and can be read and retrieved by Tax Office staff at any time during the statutory retention period of five years. Receipt Bank fully complies with the requirements of the Tax Office.
Receipt Bank protects your data with 256-bit SSL security, the same level of security used in online banking. If you are concerned that in the future you may want to stop using Receipt Bank, leaving you unable to access your records, Receipt Bank allows you to download your digitised receipts in PDF files so you can keep copies on your own hard drive or USB storage. Receipt Bank also transfers a digital copy of each invoice with transactions published to Xero, so there is a second stored copy. As your Accountant we will still have access to your stored records, even if you cancel your subscription to Receipt Bank.
Imagine the saving in space and hassle if you no longer had to keep files and boxes full of supplier invoices for years in case of a GST or income tax audit! Digital storage also solves the problem of receipts on thermo paper fading after a few months.
From as little as $21.95./month (for up to 50 transactions, start simplifying your paper administration.

Pricing

Receipt Bank charges a monthly subscription based on the number of receipts processed per month (calculated as a three-month average). Pricing tiers are:

50 Items per month                                 $21.95/month

100 Items per month                               $43.95/month

150 Items per month                               $65.95/month

300 Items per month                              $131.95/month

500 Items per month                              $219.45/month