All refreshed and holidayed and ready for the new year at work? (I hear a few ‘yeah, right!’s) I have been doing some big thinking over the summer break, mostly about getting my own business right, but that involves researching some ways to improve all businesses.
Some of the non-negotiables we are hearing is that for businesses to succeed in 2016 and beyond we need to invest in technology, use social media marketing, and get into the ‘cloud’ with our processes and storage, thus cutting down on the amount of paperwork and unnecessarily time consuming stuff.
So. With that in mind I have a series of recommendations for you starting with the data entry of bills (creditor invoices, payments to suppliers – whatever your terminology is!) If you have a lot of them each month, and if you are using Xero, Quickbooks, or Sage to name a few, there is an Add On partner called Receipt Bank that can do all the work for you. It is an award winning software and service that extracts the key information from your bills, receipts and invoices, removing the need for manual data entry. Receipt Bank can then publish the data to your accounting software or it can be downloaded as a spreadsheet or used to create expense reports.
You scan any hard copies through to them, or redirect your emailed invoices to Receipt Bank. The beauty is you can also use the app on your smart phone to snap any receipt (parking tickets, shop dockets) and send it straight to Receipt Bank – it all turns up in your accounting software as an invoice or expense claim ready for you to approve. What is wonderful is that you can trial it free for 14 days to see if it is going to be worthwhile for you.
When compared to the cost of employing someone to do all that data entry, it is very sensible. They also keep every document stored for you (retrievable at any time) for the required 7 years. Take a look and at least consider changing the way you do things to be smarter about your time: receipt-bank website.