Subscribe Blog

Aug 20

Scanning For Gain

Posted by Sarah Manderson on Tuesday, August 20, 2013

The advent of browser based bookkeeping is changing the way businesses record financial transactions.

Why so?

Because, beyond the ability to manage your business anytime, anywhere, from any device with internet access, it offers so much more.

Which is why businesses need to be aware of opportunities such as replacing manual data entry of supplier invoices and POS dockets with electronic solutions that integrate with your bookkeeping package and do the data entry for you.

How?

By scanning the invoice or docket, extracting the relevant data (such as the supplier name, date, invoice number, currency, tax, amount etc.) and electronically transferring it to your bookkeeping system along with the scanned image, already coded.

Imagine you (or your employee) need reimbursement for expenses purchased on a personal credit card. The transaction can be electronically identified as having been paid for with a personal credit card, the data extracted and submitted as an expense claim, already allocated to the appropriate expense account and tax code, ready to be authorised and reimbursed.

And the scanned image available in two places so you can comfortably throw away the docket thus minimising the time taken to file, and the longer term costs of storage.

Sound too good to be true? it’s not. It’s here, and why you need to know about it is because solutions like these produce savings and efficiency gains by lessening the burden of data entry and minimising employee or external bookkeeping costs and document storage fees.

All of which means you have more time to focus on money making activities rather than being bogged down in admin.