One of the biggest evolutions of cloud accounting, since cloud accounting! Computer based invoice reading has been out of reach for the average business up until recently. Large businesses with thousands of transactions a day have been using this technology for years, but the costs and the support for unit has been expensive and requires specialist knowledge.
ReceiptBank and AutoEntry have addressed this, by creating user friendly interfaces, and simple processes to get a piece of paper into an accounting system without you having to type anything!
How Does it Work?
- Scan your purchase invoices using a scanner and save as PDF, or ask your supplier to send you a PDF
- Upload to ReceiptBank or AutoEntry, or email them using your company’s personalised email address (great for processing those parking receipts from RingGo or invoices for online subscriptions)
- The magic happens! The software will split apart multiple invoices into individual invoices or process the one invoice you have sent, and then scan it for all of the information you would have entered onto your accounting system like Supplier Name, Date, Net, VAT and Gross.
- If the software cant recognise these things automatically the errors are flagged for a human to read at the software company (it’s included in the price) which results in a 99% accuracy rating
- Your invoices are saved in the software, which is linked to your cloud accounting software like Xero, Sage One or Quickbooks Online.
- The software is able to share the expense codes from your accounting software, so you go on and categorise where each of the invoices belongs, in batch. If you have 50 invoices from the same supplier, going to the same code, then you select all 50 and code them once.
- When you have checked all the entries, rather than input them, they are automatically posted in your accounting system (Xero, Sage One, Quickbooks.. etc) along with a copy of the invoice so you don’t need to file them away in lever arch files – its all on your accounting system.
- The next time you send invoices from that supplier to ReceiptBank or AutoRec, it will guess what expense category you want to post it to, saving you even more time!
Is it Expensive?
This software costs around 25p per invoice to use (50p if you want all of the line items included in the invoice posting), but get cheaper if you subscribe. At the time of writing AutoEntry was £17.00 per 100 invoices every month and those credits could be rolled forward for 90 days if you have heavy and light invoicing months.
How Much Time will I Save?
Most people would spend a day entering between 50-100 invoices, longer if they were uploading the scanned image. To scan a batch of 100 invoices, after removing staples and with a reasonable scanner can take an hour, and you can do other things while the software recognises the documents
How Long Does it Take for the Software to Finish?
Most invoices are dealt with by the end of a business day, but if there are a lot of hard to read invoices then they may take a little longer as humans have to check for accuracy.
Can it Accept Handwritten Invoices?
Yes! And it does surprisingly well. Humans are on hand to give the computer a chance.
Hamlyns are experts in cloud accounting software, and can help businesses of every size reduce their administration and spend more time being productive. If you would like help making a bespoke cloud accounting system, please get in touch.
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