sblive Xero Guide

1. ReceiptBank is the market leader in OCR technology that integrates with Xero. It is user-friendly and has a email-in, scan and photo functionality for purchases and expenses. It also has “Fetch” which links directly with leading UK suppliers to drag purchase invoices directly from your client portal, effectively meaning that once it is setup your invoice appears in Xero before you are aware it existed. 2. AutoEntry is similar to ReceiptBank, with a different billing structure and with additional functionality for bank statements and sales invoices, if you do not use the Xero functionality for these areas. 3. Hubdoc’s main strength is it’s direct links with UK suppliers, similar to the Fetch functionality in Receipt Bank. A relative newbie to this area it has direct support from Xero so expect it to develop quickly. 4. Expensify is an effective tool for managing the expenses of your staff. With multiple authorisation levels and auto-publishing it enables staff to take a picture of their expense and then push it through for authorisation. 5. ApprovalMax links with ReceiptBank and creates an authorisation bridge for purchases and expenses. This directs expenses to members of the team based on the nature and value of the expense and ensures Invoices are authorised by the correct team members before payments are made. Tools such as OCR with ReceiptBank, integrated payroll via Xero payroll, Expensify for staff management and even Fluidly (1) or Chaser (2) for credit control, enable accountancy firms and bookkeepers to provide flexible outsourcing for reasonable cost. Unlike historical bookkeeping which was an all or nothing solution, business owners can now select what is done in house and what is outsourced, creating a tailored solution that works for them. With information flowing in real time between systems the business’s internal team and their outsource contractor can effectively work in the same area at the same time on live data.

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