How to use bookkeeping technology to input your receipts and save time
Be honest … how many of you store your receipts in the bottom of your handbag, or in your wallet?
Do you find you often lose receipts and invoices, which can mean paying too much tax?
Book-keeping doesn’t have to be you slaving over stacks of receipts and invoices in your spare time. Evenings and weekends are your personal time, spent doing what you love to do. Even if it is having a pint in your local with your mates!
Technology has come a long way in recent years, Automation is no longer the future, it’s the here and now, and its thankfully here to stay.
The great thing is, the technology works nicely with your cloud accounting software (like Xero and QuickBooks), meaning its now even easier to get information to your accountants!
We’re going to give you a brief overview of what apps are out there to help you do your book-keeping in as little time as humanly possible!
Bookkeeping Technology – ReceiptBank
ReceiptBank is a piece of software (and even a smartphone app!) that effortlessly feeds your receipts and invoices into your cloud accounting software, with the use of the latest technology.
We all use our smart phone cameras on a daily basis – so by simply taking a photo of a receipt or invoice using your phone camera, its technology can pick out key information, and turn it into data.
The data is sent into most cloud accounting packages, doing the hard work for you.
That’s where your hard work can end.
Your accountant can take over from there, or you can manage it yourself.
It even saves a copy of the image on the cloud, so you don’t have to have a bag of receipts stored in the office!
ReceiptBank is a monthly subscription agreement starting at £20 +VAT per month.
Bookkeeping Technology – AutoEntry
AutoEntry works in almost an identical way to ReceiptBank in that it uses technology to turn your receipt images into data.
They too have an App (on both iPhone and Android) that you can use to snap pictures of those receipts.
How you pay for it is slightly different however. You buy credits to use, either in one off blocks, or a monthly credit allowance, so you only pay for what you use.
Monthly plans start at £9 +VAT per month for 50 credits.
Bookkeeping Technology – Hubdoc
Hubdoc has recently been acquired by Xero. There offering is very similar to ReceiptBank and AutoEntry, however they also have a service that can actually get your invoices from their source.
For instance, you need to log onto your broadband providers website each month to get the invoice, which is a pain in the backside. Hubdoc actually does this for you, and then sends it into Xero and QuickBooks. How cool is that?
Hubdoc plans start at $20 a month.
Automating your bookkeeping means you have better control and faster knowledge of your businesses finances – take expert advice to find a solution that works for you and your business.
Simple advice from Yorkshire Powerhouse
Have you any questions?
Here at Yorkshire Powerhouse, we’re happy to help as much as possible – is there anything else we can do to help you, do you have any further questions or can we help introduce you to an expert – please let us know: