When looking for a time efficient solution to enter receipts and expenses there are two stand out Xero third party applications which can help you get a handle on this. They are called Auto Entry and Receipt Bank.
Both companies effectively provide the same solution using OCR (Optical Character Recognition technology) and both are rated highly in Xero’s third party application market place.
Their solution allows you to input documents into your accounting system by simply sending an email of the receipt to a unique email address, or taking a picture of the receipt via their mobile app, or scanning and uploading to their website.
Once the documents are uploaded into the Auto Entry / Receipt Bank platform, you then code them up based on the accounting parameters required and if these are repeat transactions and they have been coded previously, the software will remember this and pre-populate the coding classification based on previous entries. Once the coding has been complete, at a push of a button they are instantly posted into Xero along with the image of the original transaction.
How difficult is integration with Xero? This is relatively straight forward and can be easily set up with a few clicks.
About Auto Entry
Founded in Dublin, Ireland back in 2016, like Receipt bank, Auto Entry uses AI and OCR (optical character recognition) to process receipts and invoices. Auto Entry is also a global company with a presence in the UK, Singapore, US, Hong Kong, Australia etc to name a few. Auto Entry currently has tens of thousands of customers worldwide.
About Receipt Bank
Founded in 2010 and based in London, UK its aim is to provide cutting edge technology to bookkeepers and accountants. This technology used to automate the collection of data extraction from invoices, receipts and expenses and is adopted by one of the big four Accounting firms in 2012. Receipt Bank is also a global company with a presence in the UK, Singapore, US, Hong Kong, Australia etc to name a few.
Both Auto Entry and Receipt Bank have similar pricing levels and work on a usage basis. The approximate pricing is $25 for every 100 transactions which is charged on a monthly basis. It should be noted that Auto Entry allows the automatic rollover of unused credits.
Xero App Marketplace
As of writing, Auto Entry and Receipt Bank are the two leading automated data entry, third party apps on Xero according to the Xero website. Receipt Bank has a five star rating with 514 reviews whereas Auto Entry also has a five star rating but with 385 reviews.
If you would like to know more about Xero, Receipt Bank or Auto Entry and would like to take up our discounted implementation offer, submit your contact details here and one of our consultants will be in touch.
This article is an extract from the Xero website and is written in general terms and therefore cannot be relied on to cover specific situations; application of the principles set out will depend upon the particular circumstances involved and we recommend that you obtain professional advice before acting or refraining from acting on any of its contents.