These software platforms save time through automation of data entry and serve as a central repository for your accounting records. Key features for document retention software should incorporate optical character reader (OCR) software and should be able to export data to accounting software mentioned above and into the correct accounts.
Hubdoc
Hubdoc offers multiple ways of uploading receipts and bills to be integrated into a business account. The subscription platform utilises various methods of capturing data including taking a snapshot with using a mobile app, forwarding emails and the ability to drag-and-drop scanned documents. Further, the software automatically pulls bills and statements from online supplier or service provider platforms – that way there is no need to log into different online accounts to retrieve statements for integrated organizations. HubDoc then forwards the periodically retrieved data into your accounting software, saving hours of data capture.
Receipt Bank
Like HubDoc, Receipt Bank captures bill and receipt data and integrates it into QuickBooks Online and Xero, but also Bill.com, Sage, Zapier, Gusto and other platforms. It also allows the use of supplier rules which allow a business to automatically categorize receipts. For example, gas and electricity bills are classified under Utilities while receipts from Google, Apple or Microsoft are grouped under IT costs. Receipt Bank is renowned for their excellent customer service.
Conclusion
Document retention systems provide organization to your firm’s files so they are easier to find and use when you need them. Since these systems organize your client files, the most immediate benefit is that you can more quickly and easily find client files when your clients request them. Document retention systems can also provide clients with convenient features like e-signatures and portals. These systems can make your firm more efficient, your clients will appreciate that their work is completed faster. When choosing a document retention system for your business you can successfully meet all your current file management needs. However, making sure to consider what your future needs may be as your business grows. Always choose a system that can scale with your business.
