The Power of Receipt Bank VAT Bookkeeping: The 20 minute VAT inspection

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No one looks forward to a VAT inspection, but when the taxman turned up to perform a VAT bookkeeping inspection for one of her clients our partner got the job done in just 20 minutes.

The bank reconciliation feature was the first thing that attracted us to Xero. And over the last year we’ve really enjoyed taking advantage of the vast range of Xero add-ons, which have helped us provide excellent service for our clients.

Painless VAT Bookkeeping

Receipt Bank has played an important role in this. The storage saving is immense! I can easily access all my clients’ data, and the ability to quickly review the expense image and the corresponding data onscreen is far more efficient. It even proved popular with the taxman who took just 20 minutes to go through a VAT bookkeeping inspection for one of my clients!

We’d never had anything so quick before. It just goes to show the huge difference that cloud vat bookkeeping makes for both our practice and for the clients.

It also really helps with our bank reconciliations, which were why we started using Xero in the first place. The Receipt Bank dashboard tracks which items in Xero haven’t been reconciled with the bank feed yet, so I always know how much work I have to do to get up to date, or which clients I need to chase for extra paperwork.

Saving time and effort

In Receipt Bank it’s easy to categorise supplier invoices both in the future and historically – which is another big time saver.

Exporting the data as .pdf and .csv files has also proved hugely useful. But the real key is having all the data and the image instantly where I need it, in Xero. Receipt Bank attaches the image automatically, so I always have my data backed up right there if I need to check anything.