Editor in Chief (interim) AccountingWEB
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Receipt Bank captures Xavier in data quality play

Bristol-based accounting data app Xavier has become part of Receipt Bank in an acquisition that will send ripples through the cloud accounting ecosystems.

15th Jun 2020
Editor in Chief (interim) AccountingWEB
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Xavier brings accounting data into focus

In the past couple of years Receipt Bank looked like it was being outflanked in the data capture and management marketplace as Xero bought Hubdoc in 2018 and Sage responded by snapping up AutoEntry the following year.

Now, backed with a third-round cash injection of $73m from earlier in the year, Receipt Bank reasserted itself by taking over one of the rising stars of the accounting data scene less than a year after its first product launch.

Xavier checks accounting data automatically for errors and anomalies and can assign it a quality score to alert bookkeepers and accountants to how much work it will take to fix them.

Emerging app of the year

Last week, Xavier was named Emerging App Partner of the Year at the Xero Awards 2020 and released its new Resilience business insight tool to help accountants advice their clients better.

The Xavier team will become Receipt Bank employees and the two products will be offered side-by-side for the time being, Receipt Bank global head of brand and communications Paul-Reza Afshar told AccountingWEB.

“Receipt Bank focuses on accurate data and has built-in features to eliminate duplicate transactions and miscoding for data going in. Xavier extends those capabilities by interrogating the quality of data within the bookkeeping system,” said Afshar.

AccountingWEB member Glenn Martin is a convert to the Xavier cause and has been implementing the app during the lockdown so he can monitor the data quality of all his Xero-based clients.

“I can imagine why it generated a lot of interest among potential suitors,” Martin said. “Xavier fixes a real problem and typically saves us loads of time reconciling accounts, for just £5 a month.

In the current set-up, the Receipt Bank and Xavier apps attach separately to ledger systems, Afshar said. Xavier is currently best set up for Receipt Bank accountants using Xero in the UK, but the combined development teams will be looking to broaden and extend what the programs can do in tandem.

“Our ambitions are to expand it beyond the UK and to support QuickBooks Online users,” said Afshar.

Receipt Bank CEO Adrian Blair added: “This is a leap forward in our growth plans for 2020 and beyond. With Xavier, Receipt Bank gives accountants the tools to offer better business advice based on better quality data at every step.”

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