So it's time to look at your monthly expenses. Groan. Yes, I know it is a tedious job. I have to confess that I even put off doing my own. I love putting paper work in order for my clients but the thought of finding my receipts and invoices, processing them, adding them up and then paying them sends me off in a flurry of housework. And if you know me I hate housework.
So why did I love doing my monthly expenses this month? Because I used my new favourite cloud system - Receipt Bank in conjunction with Xero. This is what I did (while enjoying a fresh cuppa of course);
- The first step is to find the emailed invoices and forward them onto receipt bank. You have a specific email address to send them onto. If you were super organised you could set a rule in your inbox to automatically send them on. Or you can ask your suppliers to include the receipt bank email address on their email to you. If you have paper receipts, such as rail tickets, then either scan them or take a photo using your phone. Receipt bank have an app on your phone so you can send receipts form there too.
- Logon on to receipt bank and check the coding and set them to be processed as an expense claim to Xero. To save time you can set up each supplier with a rule so you only do this step once.
- Press publish so the invoice or receipt is sent to Xero.
- Logon to Xero and approve the expense claim. The best thing is that a copy of the invoice is saved in Xero so you have it there should you need it for your accountant or HMRC.
- Pay total amount from your business account to your personal account.
- Get on with the rest of your day.
I really like the look and feel of Receipt Bank too so I enjoy using it.
If you want to find out more about the benefits of using Xero and Receipt Bank then drop me an email on firstname.lastname@example.org
Receipt Bank have not asked me to do this review and I have not been paid to write it. This is just my own ramblings following on from my joy of finding another tool to make my life easier.