A new QuickBooks tool that makes capturing receipts a pleasure
The thought of sifting through and capturing a mountain of receipts is not a pleasant one. Every business generates receipts that must be captured as business expenses, but the process of inputting the information manually is time-consuming and can lead to errors. QuickBooks Online has just introduced its super-useful new tool, ‘Receipt Capture’, which does away with the tedium of capturing receipts.
Rather than physically inputting data from each receipt and then filing the receipts for recordkeeping purposes, Receipt Capture allows you to take a photo of the receipts with your phone and then upload them to QuickBooks Online. When you log in via a computer, the receipts will be available, ready for review. Receipt capture does away with the need for paper receipts and saves valuable time.
You can add receipts in three different ways, namely:
- Scan the receipts directly through the QuickBooks mobile app
- Drag and drop the image or upload it into QuickBooks Online Accountant.
- Forward the receipt by email.
Once submitted, QuickBooks Online reads the receipts using Optical Character Recognition (OCR) to scan the receipt files. This technology extracts the necessary data, such as the vendor and the amount, to create a transaction record allocating the purchase to one of your categories for business expenses. And, if there’s no match found, a new transaction can easily be created.
Another great feature of Receipt Capture is that, once a receipt has been captured using the QuickBooks Online mobile app, the receipt details can be edited if required. Also, important receipt details such as VAT can be added on the spot, an expense transaction can be created from the actual receipt, and the receipt can be matched to an accepted transaction.
Every business aims to save time, streamline processes to keep tedious jobs to a minimum and avoid unnecessary errors. QuickBooks Receipt Capture is designed to achieve all of these, and most importantly, to get the job of accounting done more effectively and with less aggravation.
Want to learn more about Capturing Receipts with your Smartphone? Watch the QuickBooks Online Tutorial.