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QuickBooks Users: What is Receipt Snap & How can I set it up?

Are you a QuickBooks (QBO) user who is manually inputting your purchase invoices / receipts into the software?

If so, then you could really benefit from using the Receipt Snap function in QuickBooks.

 

 

WHAT IS RECEIPT SNAP?

Receipt Snap is a revolutionary way of processing purchase invoices & receipts compared to what has been done traditionally.

 

The ‘traditional’ way of processing purchase invoices is to manually input all the information into the accounting system.

The more purchase invoices a business has the more time consuming and costly this task is.

 

GOOD NEWS.

You don’t need to do this anymore….

 

Receipt Snap is a function within Quickbooks which means purchase invoices can be processed both efficiently AND accurately. This ultimately saves the business time and money.

 

The reason Receipt Snap is so good, is that it can read the purchase invoice you upload and automatically fills in certain fields for you (such as date, amount, supplier name, VAT amount, etc.).

This automation completely removes the need for manual input.

After that, all you then need to do is confirm the fields Receipt Snap has filled in are correct. This is done at the click of a button!

When the payment leaves the bank, Quickbooks will automatically match it against the purchase invoice. Amazing, right?

 

Receipt Snap allows you to;-

  • Take pictures of & upload your purchase invoices whilst on the go using your phone or tablet.
  • Upload PDF purchase invoices from your desktop in bulk.
  • Email supplier invoices directly into the software, rather than cluttering up your inbox.

 

WHAT ARE THE MAIN BENEFITS OF RECEIPT SNAP?

There are lots of benefits of using the software BUT the FOUR BIGGEST benefits to a business are:-

1.  Save time and money doing the bookkeeping.

because…

Receipt Snap removes a vast majority of the manual input for you.

 

2. Ensure the financial information and VAT returns are less prone to errors.

because…

There is more automation meaning there is less risk of errors being made.

 

3. Don’t lose any purchase invoices again.

because…

A pdf copy is held in QuickBooks (forever!).

 

4. No more pain of gathering invoices together at the year end.

because…

Your accountants will always be able to access the invoices in QuickBooks.

 

AND THIS IS HOW YOU CAN SET UP & USE RECEIPT SNAP PROPERLY….

The great thing about Receipt Snap is that it’s far easier to set up than the other main purchase invoicing software in the market (eg Dext or Hubdoc).

BUT

To get all the benefits it’s imperative that Receipt Snap is set up correctly.

To help you do just that just follow our step-by-step guide…

 

STEP 1             DOWNLOAD THE QUICKBOOKS APP

Downloading the app allows you to access Receipt Snap on the go.

Once done now log in using your QuickBooks credentials.

 

STEP 2             ADD RELEVANT USERS

Even though Receipt Snap is part of the QuickBooks app, you still need to add users that need access to Receipt Snap.

User Access is a great feature as it allows a business owner to just add the people who need access to Receipt Snap, and not every QuickBooks user.

Typically, people who need access would be;-

  • Business owners
  • Employees receiving purchase invoices
  • The accountant

 

ALSO

Every user can be given different access rights.

Employees can be given ‘standard’ access (just uploading the purchase invoices) whereas Business owners/accountants can be given ‘admin’ rights, so they have full access.

 

STEP 3            SET THE UPLOAD EMAIL

In order to email purchase invoices into Receipt Snap, you need to set the upload email.

Best practice is to set this as something particularly easy to work with like your company name (e.g. [email protected]).

 

One last thought….

With any new software it is always best to introduce it gradually.

This allows any teething problems to be sorted and to make sure there is clarity on what is the best process for the business.

Over time you can steadily increase the number of purchase invoices being processed into the accounting software via Receipt Snap.

 

If you would like any help implementing Receipt Snap or other invoice processing software, please drop a line to  [email protected] or call us on the number above.

 

 

 

Disclaimer
It is important that you take professional advice before making any decisions based on the information that you learnt here. While every effort has been made to make sure it is accurate it cannot be precisely tailored to your personal circumstances. This article is for general information only and no action should be taken, or refrained from, as a result of this information.  Professional advice should be taken based on specific circumstances in each individual case.  Whilst we endeavour to ensure that the information contained in the article is correct, no liability will be accepted by Krystal Clear Accounting which is a trading name of Kim Marlor Associates Ltd or damages of any kind arising from the contents of this communication, or for any action, inaction or decision taken as a result of using any such information.

What are Bank Feeds and how do they work?

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In short, bank feeds create a digital link between your business bank account and your accounting software, such as Xero or QuickBooks.  

This means bank transactions are automatically downloaded into the accounting software. This simple piece of automation, completely removes the need to manually input every bank receipt and payment into the accounting software. 

Having bank feeds in place, saves a HUGE amount of time bookkeeping. That’s because it completely removes the need to manually input bank transactions into the accounting software. 

Saving time bookkeeping isn’t the only benefit for the business…. 

 

 

Quickbook & Receipt Snap

What are the main benefits to a business using bank feeds?

Bank feeds automate, what was previously, a time-consuming task of entering all the bank transactions into the accounting software. 

 This saves the business a HUGE amount of time (& money) spent on bookkeeping.  

With bank transactions being downloaded from the bank every day, it means it’s quicker and easier to keep the bank balance in the accounting software up-to date. 

With the accounting software up-to date, the bank is updated daily which gives you a clearer, real-time view of your business’s cash flow.  

This makes it easier for you to plan your cashflow, and take action to improve it. 

There is always the risk of errors being made when data is being manually inputted into the accounting system. It is often time-consuming to find and correct any errors. Also, if an error is large then the Profit & loss and Balance Sheet reports will be inaccurate and potentially misleading. 

 Automating the bank transaction entry previously manual process, reduces the risk of errors being made and ensures that the bookkeeping records and reports are accurate. 

How to Link Your Bank to Xero

Ensure that your bank account is set up for online banking. This feature is typically available from all major banks. 

Log into your Xero account and navigate to the banking section. Select ‘Add Bank Account’ and follow the prompts to search for your bank. 

After adding your bank account details, you’ll see an option to set up bank feeds. Click ‘Agree’ to the terms, then securely log into your online banking portal through Xero to authorize the connection. 

 

Are Bank Feeds Safe & Secure?

Yes. 

Firstly, having bank feeds in place ONLY means bank transactions are downloaded into the accounting system. They do NOT give anyone else access to the business bank account. 

 Secondly, XERO has various security measures in place to give you a piece of mind that your financial data is safe and secure: 

 

  • Encrypted Connections: Xero uses advanced encryption technology to secure the data transmission from your bank to Xero. This means your sensitive information is encrypted during transit and cannot be intercepted or read by unauthorized parties. 

 

  • Compliance and Standards: Xero adheres to high standards of data security compliance, thus ensuring that its practices meet or exceed industry security standards and regulations. 

 

  • Regular Renewals: To maintain a high level of security, XERO requires that the bank feed connection is renewed every 90 days. This process is straightforward and helps ensure that the integrity of your financial data is always protected. 

 

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KIm Marlor the MD of Krystal Clear Accounting
krystal clear accounting

In Summary

In short, having bank feeds really saves businesses time and money on their bookkeeping.  

 They automate and eliminate what is otherwise a time consuming and error prone manual process.  

 Bank feeds is just one of the ways technology can be used to help business owners improve the financial side of their business.

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