QuickBooks Users: What is Receipt Snap & How can I set it up?
Posted on 9th Mar 2023
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.
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.
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.
There is more automation meaning there is less risk of errors being made.
3. Don’t lose any purchase invoices again.
A pdf copy is held in QuickBooks (forever!).
4. No more pain of gathering invoices together at the year end.
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).
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
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. firstname.lastname@example.org).
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@example.com or call us on the number above.