Why Automated Receipt Data Entry Works

It doesn’t matter whether you’re a new small business owner, the owner of a huge corporation, or a freelancer looking to expand your reach and grow your client list, if there is one thing we can all agree on, it’s the fact that you simply must ensure you have your finances in order.

All businesses, no matter how big or small, will have numerous aspects of their finances to consider, and when it comes to your finances, you simply cannot afford to cut corners or take any risks. Pretty much every business out there will be familiar with accounts payable and why it’s such a pain in the backside getting your receipts and finances in order.

This, however, is why accounting software and automated receipt data entry tools are so popular. Sending out invoices, chasing up discrepancies and missed payments, and general inefficiencies regarding your billing processes can make life much, much tougher than it needs to be.

This is where it pays to automate your accounts payable processes. In the world that is becoming increasingly reliant on modern technology, it pays to stay with the times rather than being stuck in the past. With that said, if you haven’t yet embraced automated receipt data entry, here are a few benefits associated with automated payable processes.

Paperless – If you have not yet gone paperless, you will only be able to fight natural progression for so long, before you eventually forced to do so in one way or another. Switching to paperless, however, is not a challenge, it is actually a reward as there are numerous benefits to enjoy.

Not only are you helping the environment, but you are also helping your business in general. You see, by getting rid of paper, you make info available right away. Take receipts for example, with paper receipts, if your clients require one from you, you will have to send them out, which takes time, effort, and money.

With automated receipt data entry, however, the receipt is digital, so it can be sent to them virtually and can be viewed instantly. This will cut back on manual labor, you will save money in the form of less paper being used, fewer postage costs, less electricity being used on printing, and less printer ink constantly being used. Ultimately, you get all of the rewards, with none of the drawbacks.

Keep your finances in order – Another very useful benefit associated with automated receipt data entry is the fact that it will allow you to keep your finances in order. Whether you make use of accounting software yourself, or if you pay an expert to handle your books for you, with everything being automated and digital, keeping things more efficient and better organized is easier than ever before.

Everything will be available to you with just a few clicks of a mouse so you will save time, and you can keep everything neat and tidy. If for example, you are being audited, rather than having to dig through mountains upon mountains of receipts for the tax man, you can simply hop onto your computer or smart device, and find whatever it is you need to find, all in a matter of seconds.

Less room for error – Let’s face it, we’re all human and we all make mistakes, that is what sets us apart from machines. However, in business, human error can cost money, and can potentially be catastrophic.

When it comes to your invoices for example, if you’re going with a paper-invoicing approach, these invoices must be filed by hand and entered into various types of the accounting system. If for example, this piece of paper was lost or even stolen, it will take time, money, and effort to put things right. In business, time is money, so it pays to have everything as streamlined and as efficient as possible.

With accounting software, automated accounts payable processes run smoother than ever, as it cuts back on the risks associated with human error. By going with an automated process, often you can set up the system so that, each month, without fail, it will automatically send an invoice to a client for you, for a pre-determined amount of money.

Basically, the software takes care of all of the hard work for you, so you don’t have to. This cuts down the risk of a lost invoice, duplicate invoices, incorrect invoices, or anything else associated with paper-based systems.

Improved staff efficiency – In most businesses, you will find that a lot of the time, staff members have to spend a significantly long amount of time answering telephone calls, emails, and queries in general, regarding misplaced invoices, duplicate invoices, or incorrect invoices. With automated accounting software, however, as there is a much, much smaller risk of a discrepancy, this frees up your staff members and allows them more time to focus on other aspects of your business which were perhaps deemed to be more important.

Speed things up – As mentioned, in business, time is money, so every second count. You need to receive payment for jobs well done, and if you don’t, your business may suffer. You have bills to pay like everybody else, and if your clients pay you late, or fail to pay you the correct amount, because a paper-based invoice was lost in the post, or was unreadable for whatever reasons, you then have the foot the bill some other way.

Put simply, you need paying on time to ensure you pay your bills on time, which is why automated accounting software is so useful. You see, rather than having to print out the invoices, seal them in an envelope, and take them down to be posted, you can simply set them up in advance to be sent out whenever you like.

If you invoice the same company, on the same date, for the same amount, you actually won’t need to lift a finger once you’ve set the software up to do just that. The quicker your invoices and receipts are sent out and received, obviously the better this becomes for your company.

Put these tips into practice and improve your business today!

 

 

Image: GraphicStock

New! Meet MagicBot – Data Entry No More

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One beautiful evening during a visit to a family friend who owns and operates a small printing shop, the owner patiently opened up a box full of receipts. He lined up all the bills and receipts from the box and started typing them in an Excel sheet while we were chatting. It took him more than two hours or so, and once done, he powered his other computer on, logged in and started entering that Excel data in his accounting software. We were chatting, drinking, and having fun, but it was becoming slowly boring, and finally just before midnight, he was done.

An evening that was supposed to be fun, ended up quite dull and boring. Unfortunately, that was the only time the poor soul could have done this time-consuming and repetitive task. He is no different than millions of other small business owners working almost 70-80 hours a week and still barely catching up because the world is not made for them.

On the way back home while driving, I thought over this. This needs to change. He does not have to do this thing again, ever. This led us to MagicBot, the modern foundation of an accounting cycle in the 21st century. The changing landscape of small business bookkeeping and accounting demands that humans spend minimum time on boring, repetitive, and dirty tasks. Entrepreneurs, small business owners, and accountants are some of the hardest-working people on the planet, and now SlickPie just makes their lives a little bit easier.

MagicBot is a core part of SlickPie online accounting software, a revolutionary innovation that is going to change how all accounting software works today. It goes out and fetches all those hundreds and thousands of receipts, bills, and other documents that you have stored with a storage service provider like Dropbox. Not only that, MagicBot will create automatic accurate financial transactions that you can review, edit, and approve, thus saving hundreds of hours for small business owners. MagicBot does it all seamlessly by leveraging the power of machine learning and feedback from humans.

I was hooked to SlickPie as soon as I took the picture of a receipt and saved it in my Dropbox and it showed up almost instantly in SlickPie. I almost had a heart attack! Now I just have to take a picture of a receipt and send it to Dropbox and I am done. My bills are being delivered automatically to my Dropbox now.

 –       Souror Wong, Coastal Learning & Training

 The automatic expense account assignment option will help you to categorize your data to the appropriate expense account. MagicBot automatically updates your general ledger as receipts and bills are fetched from Dropbox. All you have to do is review and approve. In fact, there’s literally a little requirement for human input. There is really nothing more to do than reviewing and approving the data!

We believe our lead in innovative technology will define the bookkeeping industry in upcoming years and will be followed by other big 400-pound gorillas in the industry. Current major players in the small business accounting software industry only offer partial solutions and have been unable to fix difficult “time-traps”. MagicBot solves this ancient age problem and solves it quickly.

Now business owners can have reliable financial data that shows a true and current picture of what is going on in their business’s reality.

SlickPie has helped us save more than five hours a week in bookkeeping.

 –       Ben Mutz, CEO – New Age Media

A collective community of 120 businesses came together to test and develop MagicBot during the private beta. Enthusiasts and experts came together to impart valuable feedback, information, and best practices to optimize the automation process for usability and simplicity and today I invite you to join this journey by participating in public beta to make it even better. More feedback we receive better will be your automated data entry tasks.

Delightful experience with SlickPie is going to eclipse all providers, and we are on the path to becoming one of the most popular and fast-growing cloud accounting software on the market. New SlickPie innovations in accounting software make managing books easier than ever. By helping and delighting businesses, MagicBot secures its spot at the heart of SlickPie online accounting software.

Core innovations in MagicBot make SlickPie a winning product to be used by every business. Forward-thinking software makes accounting ridiculously easy and simple, which a big deal and always was for entrepreneurs.

The SlickPie team thinks, plans, and codes how we can just make SlickPie easier to use for you. Every time we do an update the software gets easier to use and becomes more accessible to even more people.

SlickPie is packed with useful, time-saving features including automated reminders, recurring invoicing, and live bank feeds. Technology benefits are full of abundance, and MagicBot makes it even better by instantly populating data in the general ledger. We create an ultimate amazing experience of working with cloud accounting software. That leads to your success because now with more time in hand, you can extend the same delightful experience to your clients:

I got my three hours back just in one week because of you. You have given me five hours back that I can spend with my family as my work is being done not only quickly but also efficiently.

 –       Sandra Gallo, Freelancer

 Business owners are spending countless hours on boring and repetitive tasks, and that worries me. It scares me when I see hour after hour being wasted when there is a much better option to do the same thing. Accounting automation means more time for you, a less stressful life, and a happy personal and professional life. Go ahead and empower yourself.

As always, I am always interested in your input during this public beta on how we can make it even more useful and powerful for, just you. Join the cloud revolution today. Make fewer mistakes… Process faster… Any receipt or bill… Any format… It’s all automatic!