By Lucinda Rasmussen | Accountant & Cloud Specialist – All in Advisory

The easiest place to start building your business’s ecosystem is at your desk. As you look around your office, how much paper do you see?

How many invoices do you have floating around or in piles?

How is all that information being entered into your accounting system, and how are you tracking your creditors?

Automating your invoicing is the perfect way to get comfortable with technology performing the repetitive work for you.

There is now software available that will fetch invoices from suppliers, extract all the information such as contact, amount & due date, and then send the information over to your accounting software.

With the time you save not having to enter this data into your accounting software yourself, you have more time to spend doing what you love!

There are two industry leaders at the moment, and more out there if you are willing to try a company who has just entered the market.

HubDoc and Receipt Bank are well regarded as expense tracking software and both have very user-friendly interfaces.

This is the process involved with automated bookkeeping:

  • Upload your receipt via the mobile app or forward on an emailed invoice
  • The software extracts key details and categorises it according to your chart of accounts
  • The data is then published to your accounting software, including the copy of the invoice for reference later on

The best part about this being able to throw away the paper! The ATO now accepts electronic copies of documents, so you won’t need to keep copies once the invoice has been uploaded.

The cost starts from around $20/mth which is a bargain given that this can save hours and hours of your time each month!

Simplifying your bookkeeping is a great place to begin your business’s automation journey! It’s low cost and low risk.

It’s perfect for those who are still getting used to the cloud and there is plenty of free training and webinars available to make sure you are getting the most out of the software.

Stay tuned for our next ecosystem suggestion in the November blog!

All in Advisory is a proud partner of TiCSA.

Photo credit – Receipt Bank.