Receipt scanning is the first step in the process of capturing source documents that relate to expenses incurred by a business.
In it’s simplest form it enables the business to have a digital record of a receipt. This means it won’t fade in sunlight, like most receipts, and it will be easily accessible if required during a tax audit or as evidence when working with a BAS Agent.
Works with Xero, MYOB and QuickBooks Online. EzyLearn Training Courses for jobseekers, employees and business owners.
One of the most publicised recent acquisitions for Xero was Canadian Receipt Capture, Scan and Coding software HubDoc. Rather than send a “bank-like” email informing users that the monthly fee to use Xero was increasing, Xero “sold” the value of the pesky increase of $2 as a saving of $27.50 because they included the Receipt Capture features in the software! That’s smart marketing.
In the meantime, MYOB forged an alliance with Bunnings as every large fintech, accounting and banking organisation tries to get into the Smart Receipt marketing at the source. Here are some of the things that have happened.
MYOB is starting to get their act together providing much desired features in their accounting software.
I’ve written about some of the major receipt scanning programs like Dext/Receipt Bank and Auto Entry in the past and happy to say that we have some new MYOB training course resources in development for our MYOB bank reconciliation Training courses.
It almost seemed like Xero was giving you $27.50 of extra value when they announced their $2 per month increase last week. These effects take effect on 18 March 2020 but not everyone wants Hubdoc and competitors like QuickBooks already offered similar functionality!
Xero has had a love/hate relationship with bookkeepers ever since the days when they promoted their accounting software as so easy that small business owners could use it themselves – without the cost of a bookkeeper – and it looks like they are well on their way with this mission. Continue reading Xero going up a pesky $2 rather than $27.50
MANAGING EXPENSES AND capturing source documents, like receipts, is the bane of most accounting department managers. But can this now be done with ease?
Before I sold the business for AccessID/EzyAccess Safety Management software, I used the business credit card for all business-related expenses. However, credit card or not, the Financial Controller for our financial team was constantly asking for hardcopy or electronic receipts.
DO YOU GET frustrated when you see the little box at the bottom of the BAS lodgement form? You know, the one where they ask how long it took to complete the form because I feel like writing, “It took 10 minutes to complete the form, but 4 hours to do the data entry and bank reconciliation work!”
Junior bookkeepers, accounts receivable and accounts payable clerks, and office administrators will all share that their most time-consuming work is data entry, coding and bank reconciliations. However, there is software available which almost totally automates this work — and it’s becoming increasingly accurate and speedy.
I RECENTLY HAD the pleasure of visiting the Reckon head office in Sydney to learn more about their new Reckon One product — and it’s quite a compelling offer.
To start with, Reckon, a listed company, was not allowed to sell its accounting practice management software (APS) to its competitor, MYOB, because Xero HQ wasn’t much chop.
Yes, that’s right, Xero HQ was deemed so “insufficient and unsophisticated” that it wasn’t viewed by the ACCC as offering any competition in this marketplace whatsoever and therefore they wouldn’t allow MYOB to hold the monopoly.
This made me, and no doubt, many others, realise just how powerful Reckon could be in the online accounting market if it had the right software offer — and now it does.