Fact: The process of data entry is boring and time consuming. There are many products on the market to automate this task, particularly into Xero. Receipt Bank and Shoeboxed seem to be the front-runners for general use. Here’s how they stack up
Snail Mail – both do it but receipt bank has a $10 per month premium to send it this way. Shoeboxed send reply paid envelopes that you can use and on their larger plans will return your documents should you tick the box
Email – Both have direct email capabilities however receipt bank will allow you to have more than 1 invoice per pdf providing they are on separate pages (great for bulk upload)
Mobile App – Both have mobile Apps (awesome for those pesky fuel receipts!)
Drop & Drag – both allow you to drop and drag pdf’s from your computer
Drop Box – Receipt Bank works with Dropbox
If you want your paper back, you need to use Shoeboxed on their classic package or upwards. Receipt Bank doesn’t return paper
Shoeboxed Turnaround times depends on the package you purchase, the lite version (50 docs) is 3-5 business days but their executive package is 1 business day.
Receipt Bank has a maximum of 72 hours or 3 days although in practice it is much quicker
Free Trial – both products have a free trial, Shoeboxed 30 days and 50 docs, Receipt Bank 14 days
Business Card Import – Shoeboxed will export to Salesforce, linkedin or email contacts
Fair Use Policy – Receipt Bank will let you go over and under your usage and average the use over 3 months
Ease of Use:
Both are easy to use but Receipt Bank has the upper hand on memorising entries for future use. Receipt Bank also has more choices of how the data gets exported to Xero ie as a draft or finalised invoice.
Receipt Bank seems to be quicker, shoeboxed sometimes seems to lag.
The decision to purchase should not be based on price alone. As both products have different levels it is hard to compare apples with apples but as a guide:
50 Docs/month – Shoeboxed $16.95, Receipt Bank $19.95
150 Docs/month – Shoeboxed $49.95, Receipt Bank $59.95
Plans from here range from $119.95 – 249.95 depending on which program you use
It depends! In all honesty it depends what you want out of the solution. If you want to send paper and get paper back then you need to use Shoeboxed. If you are happy to send paper and then have online copies then either option will work. If you are happy to use electronic means of getting the information in then either option will work.
Receipt Bank is perhaps easier to use and quicker and it actually transfers the electronic pdf of the invoice into Xero which accountants and bookkeepers love as they have access to it there and then without having to open two programs.
The bottom line is it all depends on you, how you want to get it there and how you want it out, both products are quick and efficient and still a much better way than entering the data yourself.
In my mind both products are great, Bookkeeper Hub is proud to be a partner to both solutions. If you would like some help to implement these systems, simply let us know. If you would like to check them out yourself: