Accurate and timely data are the most important elements to your accounting system but can sometimes be a challenge whilst running a successful business.
If you want to save time, improve the timeliness of your data and improve its accuracy, we recommend you take a look at two apps that integrate with almost any cloud accounting software package, including Xero, QuickBooks Online, Sage Business Cloud, and Kashflow. Both apps will free up your time to focus on another aspect of your business.
ReceiptBank
- An app which helps with processing purchases and expense claims – it is already happily being used by over a quarter of our clients and its uptake is increasing rapidly.
- As a cloud-based software, ReceiptBank can be accessed on any device that can connect to the internet, with an easy-to-use app for quickly taking and submitting photos of receipts whilst out and about to be processed for review when back at the office. If you are emailed invoices from suppliers, you can forward them directly to a unique ReceiptBank email to be sent for processing automatically.
- The purchases you upload to ReceiptBank are scanned for particular data fields, such as date, supplier’s name, as well as gross, net and VAT values. You then review what has been processed, make any necessary changes, and publish the item through to your accounting software whether it’s Xero, QuickBooks or another compatible package. A PDF is attached to the bill in your accounting software so you can see exactly what it relates to.
- Different permission levels can be set and users restricted in terms of submitting the items into your accounting system, to ensure that mistakes are kept to a minimum.
- An archive of all of the items you process is kept on the system in perpetuity until you delete them.
- Your accountant is able to access your ReceiptBank and help solve any issues, which may occur, quickly over the internet.
- A new feature will automatically retrieve invoices from your suppliers online – you log into the suppliers account via ReceiptBank and it will pull through future invoices for you, process them for you to approve and send straight into your accounting system.
AutoEntry
- An app where PDFs of sales and bank statements, as well as purchases, are processed in much are the same way as ReceiptBank. They are uploaded to AutoEntry and are scanned with fields being filled by the data the software has read, and then pushed through to an inbox for approval. Once approved it will generate an item with a PDF attached within your accounting software.
- It is particularly useful due to its ability to process bank statements – simply upload PDFs of your bank statements and AutoEntry will process them, allowing you to download them into an excel format appropriate for your accounting software and to immediately import.
- It works on a per-credit system and is more expensive than ReceiptBank, but offers additional functionality compared to ReceiptBank.
We recommend you spend less time on data entry and more time on the parts of your business that you enjoy.
If you are interested in seeing more about ReceiptBank or AutoEntry, get in contact and we will be happy to set up a demonstration of the software. Contact Rob on 01242 776000 or email rob.stokes@randall-payne.co.uk to have a chat or take a look.
