One of the most time-consuming activities of owning and running a small business is keeping record of all transactions – and worst of all, you need to literally keep physical receipts and invoices. This paper trail is time consuming and tends to take the fun out of owning your own business. Many small business owners delay doing this, and as a result, accountants and bookkeepers need to hound their clients for data to complete their records before the financial year-end. This process can be extremely stressful and time consuming, but it does not have to be!
Due to technological advancements in the industry, the entire process can be automated, and you can finally make annoying receipts and data-entry disappear. With smart accounting apps and software, like Xero and its partner apps, business owners can record all their transactions by taking photographs of receipts and invoices with their phone. The software will then read your image and transcribe the information into purchase data, which is then sent to your Cloud Accounting software.
It also works for invoices that you receive electronically – the emailed invoice simply needs to be forwarded to your app.
To help small business owners manage their accounts, and more specifically their receipts and invoices, better, developers are creating practical apps to help convert physical receipts etc. into Xero data. Some of these apps include AutoEntry, Hubdoc, Expensify, EntryLess, ApprovalMax, Receipt Bank, and more.
Receipt Bank is a practical and easy-to-use app that integrates with Xero’s Cloud Accounting software to provide accountants and bookkeepers with a comprehensive solution. It offers a simple way to enter all client data into their Xero account – with this advanced app, you can say goodbye to paperwork, data entry and chasing information, and enjoy more time to focus on managing your business.
How it works:
You would submit your bills, invoices and receipts via a personalised Receipt Bank email address, or directly on the app, and the app, with its advanced OCR data extraction technology, will provide your accountant with the information they need from the documents that are submitted. All your accountant must do, is review and publish it to your Xero account. Therefore, manual data entry is no longer required – and you can say goodbye to chasing paper trails and spending endless hours submitting receipts. The app can be customised to suit specific business needs, so you have the option to add further functionality.
Getting started is simple as there are easy integration steps set out within the app. If you are ready to work smarter, go further, and grow your company, Cloud Accounting and Receipt Bank is the way to go!
(Article sourced from: https://bit.ly/2TLxs20 and https://bit.ly/2CsBEsL)
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