Document Capture and Storage – Cloud Accounting Applications

In our rapidly changing electronic world, the area of Accounting software has changed a lot, particularly in relation to capturing documents and storing them electronically.
If you use Accounting software, such as Xero or MYOB then did you know that both of these already have document capture storage functions, free of charge and without having to use a separate app?
If you currently have your supplier Invoices sent to you in hardcopy, or sent to you by email but then have to print them off to enter, you may be interested to know the following.

MYOB

For MYOB users, if Invoices are emailed to the same email address as the subscription and then forwarded to a specific MYOB email address, these Invoices can be sent directly into your MYOB file, into what is called an 'In Tray'.
Documents can also be dragged and dropped directly into the In Tray.
From there you can click on documents in your In Tray and MYOB will use OCR text recognition to scan the Invoice and autofill most of the information on the Invoice, such as Invoice date, dollar amount, due date and Supplier.
You can then use this function to create the Invoices, saving hours and hours of your time, or your bookkeeper's time.
MYOB also have a mobile app called MYOB Capture, which can be used to take photos of receipts and invoices whilst on the go, adjust the images of documents to ensure they are easy to read and extract the information directly into your MYOB file.

XERO

For Xero users, you already have access to use an online file library within the software as well. Similar to MYOB you can email an Invoice directly into your file library, drag and drop or upload. Xero users also have free access to the Hubdoc app.
Once in the file library documents can be viewed online and Xero also have the facility to upload multiple files on the go from your phone using the Xero mobile app.
Transactions can then be created by scanning the documents and creating the Invoices efficiently, without having to switch screens and available in real time.

Finally, both software also have a new function where certain suppliers can email their Invoices directly into your Accounting software, straight into your Intray in MYOB, or your file library in Xero.



If you would like more information about Document Capture and Storage, please feel free to contact us.

246 Brighton Road
SOMERTON PARK SA 5044
Ph: 08 8376 0555
Fax: 08 8376 0559
www.gibsonpartners.com.au

Important: Liability limited by a scheme approved under Professional Standards Legislation. This is not advice.

General advice warning
The information contained in this document is general advice, which means that it has been prepared without taking into account your personal objectives, financial situation or needs. Because of that, you should consider the appropriateness of the advice, having regard to your personal objectives, financial situation and needs. If this document includes general advice about the acquisition or possible acquisition of a financial product, you should obtain and read the Product Disclosure Statement which relates to the financial product before making a decision about whether to acquire the product.