Do you have lots of invoices or receipts waiting to be processed?
If you use cloud accounting, there are various apps that will process your invoices for you. Here we discuss the features of some of the best ones on the market.
Document Processing apps use OCR (optical character recognition) to read the information on a scan and extract that information into a usable format.
They can process many invoices very quickly and some will automatically fetch the invoices or statements from an online account. This means you don’t need to login to each and download them. Most also have an email-in address meaning that you can forward emailed invoices straight on. If set up correctly, this can even be done automatically.
Ultimately, they can save hours of administration and processing time.
Hubdoc is my personal favourite, it automatically extracts key data from all bills, statements, invoices and receipts. It can be set to automatically download bank statements and recurring bills from your suppliers online account. This is one of my favourite features since it means I no longer have to login and download invoices, it does it all for me automatically!
Hubdoc syncs seamlessly with both Xero and QuickBooks and has both Apple and Android apps. These operate in realtime alongside your own online portal. It is protected with bank level security. You are not limited on users and their support team is fantastic. My other favourite feature is that it can all be backed up to your Dropbox or Google Drive account.
Pricing: Hubdoc is a flat $20 per month no matter how many documents you process. It offers a 14 day free trial. (At the time of writing $20 is approximately £15.50).
ReceiptBank is my next favourite. It has many of the same features as Hubdoc. However, it can work out quite expensive.
Pricing: ReceiptBank is priced on a quantity model – from £20 for up to 50 documents per month to £190 for up to 675 items per month.
Again it has many similar features to the above mentioned apps.
I find their pricing model slightly more complex as it is based on a token model. Each type of document uses a different amount of credits for example; Single line invoices, bills and receipts cost 1 credit, multiple line invoices, bills and receipts cost 2 credits and bank or credit card statements cost 3 credits per page.
Pricing: AutoEntry is priced from £9 for 50 credits to £75 for 500 credits.
Other document processing apps
- …and many more
If you aren’t sure which is the best app for you, get in touch and I can check your requirements before making a recommendation to suit your business perfectly.
Please note: When paying for software subscriptions in dollars, your bank may charge you a fee for the currency conversion.