One of the biggest evolutions of cloud accounting, since cloud accounting! Computer based invoice reading has been out of reach for the average business up until recently. Large businesses with thousands of transactions a day have been using this technology for years, but the costs and the support for unit has been expensive and requires specialist knowledge.
ReceiptBank and AutoEntry have addressed this, by creating user friendly interfaces, and simple processes to get a piece of paper into an accounting system without you having to type anything!
How does it work?
Is it expensive?
This software costs around 25p per invoice to use (50p if you want all of the line items included in the invoice posting), but get cheaper if you subscribe. At the time of writing AutoEntry was £17.00 per 100 invoices every month and those credits could be rolled forward for 90 days if you have heavy and light invoicing months.
How much time will I save?
Most people would spend a day entering between 50-100 invoices, longer if they were uploading the scanned image. To scan a batch of 100 invoices, after removing staples and with a reasonable scanner can take an hour, and you can do other things while the software recognises the documents
How long does it take for the software to finish?
Most invoices are dealt with by the end of a business day, but if there are a lot of hard to read invoices then they may take a little longer as humans have to check for accuracy.
Can it accept handwritten invoices?
Yes! And it does surprisingly well. Humans are on hand to give the computer a chance.
OS Accounting are experts in cloud accounting software, and can help businesses of every size reduce their administration and spend more time being productive. If you would like help making a bespoke cloud accounting system please contact us