Firstly, what is receipt-bank?

Receipt-bank is a software application that:

  • allows you to record and store all your bills, invoices and receipts electronically with the click of a button,
  • allows you to access the electronic copies on your own login, and
  • scans, reads and categorises the information on your receipts such as invoice amount, GST amount and supplier, so the data can be sent straight to your accounting system and you can search for receipts by supplier.

The bills, invoices and receipts are sent to receipt-bank with a smartphone app by taking a photo (the images won’t be stored with your general photos), by forwarding a pdf copy to your designated receipt-bank email address or through uploading from your pc.

Receipt-bank means the end of data entry of bills, invoices and receipts.

It allows you to record and store all your bills, invoices and receipts electronically with the click of a button.

The Seven Reasons for Using Receipt-Bank

  1. Massive time and cost savings as data entry of receipts and invoices is not required. Capture the information and send it to your accounting system with a click.
  2. Never miss a bill. Your team can easily capture all costs with their smartphone apps, meaning expenses for mobile workers and from personal bank accounts can be easily captured.
  3. No more thinking about retaining and storing hard copies of receipts. Simply use the smartphone app and throw the hard copy away. Receipt-bank is ATO approved.
  4. Never lose key ATO records, as receipt-bank stores all receipts for seven years. Hard copies of receipts are often faded or lost.
  5. Allows real-time accounting as receipts and invoices can be quickly and easily sent to your accounting system. No more waiting for a weekly data entry process.
  6. Receipt-bank’s Integration with Xero significantly reduces bookkeeping time and assists with accuracy, as receipts are automatically matched with bank transactions in Xero.
  7. Receipt-bank’s scanning and reading of the data is more accurate than manual data entry

How accurate is receipt-bank’s scanning and reading?


The quality is amazing given the data it extracts from the various forms, including hand-written receipts and invoices.

It uses data reading rather than calculations for GST, so if your invoice is GST free or for some reason is not 1/11th of the total (such as phone bills), it will pick up the correct GST value.

There are some occasions when it does not pick up the receipt information, but these are generally predictable, such as when the receipt or invoice is not in a standard format. When this occurs, correcting the amount is simple.

Want to implement receipt-bank or know more? Contact the team at Morrison ABS