As part of our ongoing commitment to prepare our clients for upcoming changes to the VAT reporting system in April 2019 under the government’s Making Tax Digital (MTD) initiative, we are carrying out a monthly review of relevant software apps. These are generally third-party apps which are capable of integration with many of the cloud accounting packages which our clients are either currently using or anticipate using in the coming months.
This month we are reviewing AutoEntry – a data entry automation system which removes the need for tedious and time-consuming manual data entry by digitally reading information on invoices, receipts and paper bank statements and entering the information in your cloud accounting system.
AutoEntry can capture information from either of the following:
- Email attachments sent to a specific mailbox address
- File uploads from a scanner
- Photos taken with a smartphone, tablet or webcam
Once integrated with your cloud accounting system, AutoEntry will identify customers and suppliers by matching captured information with that held in the accounting system. It will learn your types of data entry and remember for next time, thus further reducing the need for user intervention.
The system can be fully tailored to allow data to be either pushed straight into your bookkeeping software or held for your approval. VAT is captured based on the applicable rate(s) included in the document and dealt with correctly in the books. New contact types and income / expense accounts can be created on the fly within AutoEntry and automatically synced with your cloud accounting software. Furthermore, a scan of the document will also be retained in the accounting system, allowing those boxes of manual records to become a thing of the past!
AutoEntry charges on a credits system – the minimum package starts at £9 pcm – and depending on whether you are scanning a bank statement, invoice with a single line item or invoice with multi line items dictates the number of credits used.
CB Reid has been using AutoEntry for a number of months and in recognition of our support for the system has joined the AutoEntry Partner Program. This allows our clients to access substantial discounts, receive initial training and ongoing support with their AutoEntry integrations. Clients can find out more about CB Reid’s AutoEntry Partner Program here.
For further information about AutoEntry, cloud accounting and other software apps please contact Matt Haines on 01305 215800 / mhaines@cbreid.co.uk.