AutoEntry is the perfect solution for business owners struggling to keep track of receipts, bills, invoices and statements.
In the past, you may have had a huge amount of paperwork to take care of. And many accountants will tell you about receipts being delivered in plastic carrier bags.
But using a software tool such as AutoEntry takes away all those issues. It makes bookkeeping a lot easier!
What is AutoEntry?
AutoEntry is special software that uses artificial intelligence (AI) to extract data from your bills, receipts, invoices and statements.
While AI can seem alien and futuristic it an incredibly sophisticated method of data retrieval and input.
By “reading” the information on receipts, invoices and bills it takes away the hassle of you having manually enter data. It is revolutionising the way bookkeeping is now done.
How does it work?
There are 2 ways to use AutoEntry and you’ll probably use a mixture of both
- When invoices or bills are emailed to you, just forward them to your unique e-mail address that AutoEntry provides you.
- If it’s a printed receipt, you can use the app on your smartphone to take a picture and upload it.
Once the email or picture is sent to AutoEntry, it extracts the data from the documents.
There is some set up work to do initially but the AI learns and remembers information for future transactions. All this information is integrated into your accounting software, such as QuickBooks.
There will always be an element of manual checking as machines don’t get everything 100% correct. Uusing AutoEntry, however, speeds up the data entry process of bookkeeping, especially if you use an accountancy firm or bookkeeper.
The benefits of AutoEntry
The major benefit of AutoEntry is that it links directly with your accountancy software. You can see the financial position of your business in real time, making financial decisions quicker and better.
Receipts, invoices and bills are emailed/uploaded instantly, meaning no waiting for a trail if paperwork to be brought back to the office.
You can access AutoEntry anytime, anywhere. Giving your accountant or bookkeeper access to it means the process the transactions for you. As a result, you are freeing up your time to concentrate on your business. This means you can keep track of your finances much easier and filing accounts is quicker.
Another advantage is that once uploaded you do not need to keep the physical receipts as they’ll be stored electronically within AutoEntry, which helps keep clutter to a minimum. Plus, once they have been published into your accounts software the copy of the receipt is also stored there, hence you have a double back up and will keep HMRC happy! It also reduces the risk of losing documents, so it is wise to scan them as soon as you receive them.
Is it secure?
AutoEntry stores the data in a secure cloud location using advanced features, including end to end encryption to guarantee your data security. Only you, approved members of staff and your accountant/bookkeeper have access to the data. Just make sure that you keep passwords safe.
Would you like training?
Whether you are a Guidon Group client or not, we offer training to help you get to grips with AutoEntry.
If you would like to see a video tutorial of AutoEntry and learn more about how it can help you, please contact us today.