Technology has come a long way in recent years, and with that a great opportunity exist to get more productive by unlocking unnecessary time spent on manually inputting paperwork into your accounting files.
Technology has come a long way in recent years, and with that a great opportunity exist to get more productive by unlocking unnecessary time spent on manually inputting paperwork into your accounting files.
Grow your business by utilising the unlocked time to invest and work on your business!
It really is the old concept – work smarter not harder. You do this via using a document collection services software program such as receipt bank or Hubdoc.
The Concept – How it works
Document collection services allow businesses to extract key information from bills, receipts & invoices, eliminating the need for manual data entry. The service integrates extracted data straight to your accounting software.
The two main providers of this service are Receipt Bank & Hubdoc. A key benefit of both services enables us to aid “going paperless”, along with cloud software.
The benefits to implement paperless:
- Minimises the risk of losing receipts, invoices and bills.
- No need to hoard document to send to your bookkeeper / accountant for manual entry.
- Environmentally friendly
- Cost effective – minimising the need to print invoices and bills to gather for your accountant
The Key Features you need to know
Receipt Bank
- Data extraction – the ability to extract data from your invoice, bill or receipts including the GST.
- Upload extracted data directly to your accounting software as a digital invoice, bill or receipt.
- The ability to customize additional information on the generated document including the project the receipt is related to, linking receipts to customers for on charging and invoice and reference numbers.
- Compatible accounting software;
- Xero
- Quickbooks
- Sage Accounting
- MYOB
- User friendly mobile app for easy document uploads wherever you are.
- Bank statement extraction for those unable to directly feed to your software.
- Clean, permanent storage of all documents, simplifying a potential audit & record management.
- Easy search for previous documents
Hubdoc
- Automatically import your financial documents & export them into data you can upload to your accounting software.
- Send receipts, bills, statements and email documents straight to Hubdoc for easy upload.
- Take a screenshot of receipts, bills and invoices on your smartphone to upload directly to Hubdoc.
- Extract data, including GST, from uploaded receipts, bills and invoices to a digital file ready for export.
- Integrates easily with the following accounting software;
- Xero
- Quickbooks
- Box
- Bill.com
- Auto filing and storage for easy access with the ability to organize all documents into folders.
- Clean document audit trail.
- The ability to customize additional information on the generated document including the project the receipt is related to, linking receipts to customers for on charging, invoice and reference numbers.
I like it – what do I do now?
Get in contact with us. At Hailston & Co Chartered Accountants we love helping clients unlock time. We are always looking at ways to improve processes and functions of our clients business.
