With today’s automation tools it is quick and easy to capture data from receipts, bills, invoices and bank statements. Applications like Auto Entry, Hub Doc, and Receipt Bank provide a low-cost system to save significant time in processing your organization’s bills and receipts.
Using Receipt Bank as an example, let’s take a closer look at what these services can do for your organization.
RESOURCE: Receipt Bank Submission Methods
Using Receipt Bank as an example, let’s take a closer look at what these services can do for your organization.
RESOURCE: Receipt Bank Submission Methods
Submitting Items
The first step is getting supporting documents to process receipts, bills, and expense reports. Receipt Bank provides several ways to do this, including snapping a picture with your smartphone, emailing, scanning, using a drobox folder, or automatic fetching.
Fetching will automatically login to supplier sites and download your receipts for you. Receipt Bank checks authorized suppliers weekly. Fetching frees you from having to visit supplier websites, logging in, finding the document and downloading it. Check out the extensive list of currently supported suppliers at https://help.receipt-bank.com.
Fetching will automatically login to supplier sites and download your receipts for you. Receipt Bank checks authorized suppliers weekly. Fetching frees you from having to visit supplier websites, logging in, finding the document and downloading it. Check out the extensive list of currently supported suppliers at https://help.receipt-bank.com.
Processing
Once Receipt Bank receives the bill or receipt, it uses Artificial Intelligence (AI) to extract key fields from the document. These fields include vendor, date, total, taxes, and the payment method if applicable.
With all the information extracted by Receipt Bank, you simply input a category for the expense. If it is a frequent vendor, you can configure supplier rules, including the category, default tax, and payment method.
With all the information extracted by Receipt Bank, you simply input a category for the expense. If it is a frequent vendor, you can configure supplier rules, including the category, default tax, and payment method.
Posting and Summarizing
With the details completed, you can now add the invoice to an expense report, post it directly to your online accounting program (including QuickBooks, Sage Accounting, Xero, and others), or download the details as a PDF or CSV file.
If you are not using an online accounting program, you can use the CSV file to import the transactions or create a summary for posting into your accounting system.
If you are not using an online accounting program, you can use the CSV file to import the transactions or create a summary for posting into your accounting system.
Archive
Receipt Bank retains an archive of all your documents for quick and easy access. In addition, you can download copies as PDF, and when using an online accounting program, a copy of the document is attached to the transaction.
Improved Workflow and Time Savings
The result of using one of these automation tools is:
I recommend giving automation a try for yourself. I have found the improved workflow and time savings are significant. Use the following links to sign up for a free trial.
Receipt Bank
Auto Entry
HubDoc
- Bills and receipts are quickly captured and processed
- Multiple supplier documents are automatically downloaded and processed
- No more time spent sorting and filing invoices and receipts
- Quick and easy access to any document stored
- Secure archival of documents
I recommend giving automation a try for yourself. I have found the improved workflow and time savings are significant. Use the following links to sign up for a free trial.
Receipt Bank
Auto Entry
HubDoc
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