Both Quickbooks and Xero have just released (or are about to release) purchase invoice/receipt capture software, within their systems (Quickbooks version is called ‘Receipt capture’ Xero’s is called ‘Hubdoc’). These work by taking pictures (with smart phone or scanning in/uploading to the software), the software then optically recognises the supplier name, date, amount, VAT, description etc and will put the item into the software. The aim of this technology is to minimise manual data entry of purchase invoices/receipts.
Third party systems like ‘Receipt Bank’ and ‘AutoEntry’ have already been doing this for a number of years but for a separate charge; so now Quickbooks and Xero are bringing this functionality directly into the software. As far as we can see there are no direct extra charges for this new technology, however, some of you will have noticed that both Quickbooks and Xero have recently put their monthly software subscription prices up!
Our verdict – we’ve been using this technology ourselves for four years and we really like it. It saves us time over manually keying in information to the book keeping systems and at the same time it also stores an electronic copy of the invoice/receipt with the transaction in Quickbooks/Xero. This is highly useful for finding copies at a later date without having to rummage through paper files. If you’d like to see it in action, let us know and we can send you a brief demo video of how they work.