Xero + Reciept Bank: Thoughts?

So I have been thinking about switching to xero and using reciept bank as the "add on" service to make all my bookkeeping receipt management super easy. It seems like the ultimate time saver and will increase my deductions through not missing out on any lost receipts.

Primary use is the business as this is where most of the transactions occur but down the track would be looking to to all personal/investing/trust accounts with this system too. I am not sure how pricing works if you want a personal book, a business book, and perhaps an smsf and/or family trust book too?

Does anyone have direct experience? Does it live up to the hype? Anything to be aware of for young players?

Thanks in advance.

Matt
 
Xero is pretty easy to operate and can be set up as either cash basis or accrual basis.
It does a lot of the thinking for you.
You can also save scan copies of receipts/invoices into the system - so it will operate as an all in one system.

I have only used it for very basic set ups, so cant comment on how it goes if you get more complex.

I found it much easier to learn than MYOB and quickbooks.

I don't think the reporting is quite as robust as other systems though. But I am sure if you wanted to set up a report, it would allow you to (I haven't tried).

Blacky
 
thanks blacky

yes I know Xero has the ability to scan and store receipts but any data entry is manual.

Reciept bank does this part for you. Thats what I am really interested in. Because I HATE data entry. Like with a passion.
 
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