Taking the labour out of data entry
This month we take a look at Xero's multi-award winning Add-On Partner, Receipt Bank.
Receipt Bank have revolutionised the face of bookkeeping, taking what what used to be a labour intensive process of entering on purchase invoices, and making it into a streamline procedure. They have achieved this by taking documents from online storage platforms, such as Dropbox, and automatically transfers them into an accounting software, such as Xero, Quickbooks or Kashflow.
How does it do it? We aren't going to pretend that we understand the technology behind it, we will leave that up to software whizzes. What we do know, is that they have taken Optical Character Recognition (OCR), and made it work better than anyone we have seen before. For those that are new to OCR, this is where a document can be scanned in, and the software will automatically be able to pick up the date, amount, supplier name and description and enter it into a chosen system.
Once Receipt Bank has worked it's magic, and sends the data across to your accounting software, you are then just left to finish off the transaction by allocating it to a nominal code so it appears in the correct place within your reports. It's always advisable to give the entries a "once over", to ensure the entries are accurate as they will affect VAT Returns and other reports if they are not entered correctly.
With pricing starting from £9.99+VAT a month, Receipt Bank doesn't have to save you much time for it to have paid for itself.
Most bookkeepers are reluctant to recommend Add-Ons such as Receipt Bank, in fear of it making them redundant. However, here at Cloud 9 we are embracing it, as we believe the less time we spend entering the day-to-day invoices, the more time we can spend on other services to add more value to your business.
If you would like a free trial with Receipt Bank, please feel free to get in touch and we can arrange this for you and advise you on how best to integrate it with your current accounting system, and into your daily routine.