Xavier Joins Receipt Bank
Adding data quality horsepower to Receipt Bank’s leading data accuracy.
By Helen Lloyd • June 15, 2020
Receipt Bank acquires Xavier to power accountants with “better advice from better data”
Today, we are really excited to announce that Xavier has been acquired by digital accounting platform Receipt Bank, boosting the range of advisory tools offered to accountants and bookkeepers.
Since launching at the end of 2018, Xavier has grown rapidly within the Xero app ecosystem. Xavier joining Receipt Bank is a giant leap forward in meeting Receipt Bank’s mission to provide products that power accountants to deliver business advice.
Receipt Bank CEO Adrian Blair commented: “This is a leap forward in our growth plans for 2020 and beyond. With Xavier, Receipt Bank will give accountants the tools to help businesses make better financial decisions using the most accurate data at every step.”
Rich Nicolson, Xavier CEO, added: “Our mission has always been to create accurate data for effective accounting; being part of Receipt Bank allows us to fulfil that mission, at scale, with tens of thousands of accountants globally.”
With Receipt Bank, we plan to expand the joint offer internationally in 2020, with Xavier springboarding into Australia this Autumn.
Receipt Bank saves and sorts data in one place, powering accountants with the tools to help businesses financially plan for the future. Xavier avoids costly data errors, giving accountants assurance and value for small businesses that their finances are in good hands.
We hope that you will be as excited as we are to see what Xavier and Receipt Bank can do together to create the most accurate data analysis for accountants, ever.
What is Xavier?
Xero ‘Emerging App Partner of 2020’, Xavier automates complex checking of financial data with an easily understandable health score. It detects errors and anomalies in complex business data within accounting software, reducing the frequency and the cost of fixing them for accountants and bookkeepers.
Why has Receipt Bank acquired Xavier?
Receipt Bank is boosting the range of advisory tools offered to accountants and bookkeepers.
With Xavier and Receipt Bank working together, accountants and bookkeepers can:
- Free up time from data entry and from checking data
- Get more and higher quality trading data from a client’s business
- Be equipped with cashflow and KPI dashboard tools to advise
Fundamentally that helps us deliver more value to our partners.
What’s the benefit for accountants?
Receipt Bank saves and sorts data in one place, powering accountants with the tools to help businesses financially plan for the future. Xavier avoids costly data errors, giving accountants assurance and value for small businesses that their finances are in good hands. In combination, Xavier and Receipt Bank’s combined horsepower frees up more time from data entry and data checking.
Who can benefit from the new offering?
Xavier is currently available to Xero users in the UK. Receipt Bank’s ambition is to extend the offering to Xero users globally, and gradually, to users of alternative general ledgers.
How and when can I add it to my app stack?
You can use Xavier and Receipt Bank side by side right now.
When should I use Xavier with Receipt Bank?
Receipt Bank is the most reliable way to get data into Xero. Xavier is the most reliable tool to check complex data from Xero. If you use Receipt Bank with Xero and have complex business trading data, Xavier is available for you.
Will Xavier be integrated into the Receipt Bank product?
Xavier is part of the Receipt Bank product portfolio and will be offered alongside the Receipt Bank platform to Xero users.
How does this impact on Receipt Bank’s product roadmap for the coming years?
Our goal is to reach 1 million active clients by 2023 and Xavier helps us get there faster. By giving confidence and accuracy in the end to end accounting process we are making Receipt Bank accountants radically relevant to the businesses they serve, and increasing value for the 150,000 Receipt Bank accountants that use Xero.
What does this mean for my Receipt Bank/ Xavier account?
Your Xavier account and the package you have with Xavier does not change. Receipt Bank and Xavier can be used side by side. If you are a Receipt Bank user speak to your account manager about using Xavier.