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Embracing new technologies that make life easier should be a no brainer, for example, being paperless in the digital age should be simple right? However, as the move from paper to digital records has evolved, a twilight zone has emerged where some records are paper based and the other half are scattered about in cyber world.
The technology is now at a point where a full commitment to digital records can be easily made. If you have not done so already, we urge you to plan and implement your move to become 100% digital.
If you are in business, complete, accurate and up-to-date financial records are crucial and full digitisation of your accounting systems can save your valuable time and enable fast access to the information you need to create success.
There are now numerous products available to build a fully paperless system and one that caught our eye is Receipt Bank. We think it is very smart and here is what it can do:
- Documents and images of documents (photos from your phone) can be emailed directly to Receipt Bank. To be fair there are numerous ways of getting your documents into the system and they are all quick and simple.
- Using optical recognition technology the documents are ‘read’ and key information extracted ready to be coded and sent to your accounting software.
- The system links to your preferred cloud accounting software, such as Xero, for easy processing of transactions.
- Each document is attached to the transaction within your accounting system so you can review it alongside the transaction at any time.
- The advanced ‘custom’ version of Receipt Bank allows you to set rules which allow for greater automation and accuracy of processing and is a valuable tool if your business requires a large volume of invoices to be processed.
- Your records are stored for seven years. Should you cease business you can still access the records.
- Records can be easily searched and sorted, all you need is an internet connection.
To appreciate the full ‘wow’ effect, you need to see the system in action, as they say, one picture tells a thousand words. We would love to show you how Receipt Bank could be a valuable addition to your accounting system and are happy to arrange a demonstration for you.
If you transfer your annual accounting to Gilligan Sheppard,
or if you are an existing client,
have a one year subscription to the basic version of Receipt Bank on us!