What Is BooksTime And How Can Businesses Benefit From It?

what is BooksTime

BooksTime uses optical character recognition to scan your documents and extract important information before storing them. At that point, your information is ready to be published and you can throw away the paper copies. BooksTime converts all these documents into usable data you can export into your accounting software.

what is BooksTime

This will help you avoid wasted time searching for missing bills, receipts and statements because they are all stored in one place. With Receipt Bank you’ll want to set up supplier rules so that the application can auto-publish transactions for vendors such as your telephone, rent, utilities, or gas stations. Then you won’t have to intervene manually at all – bills and receipts will automatically go straight through to your accounts system. The mobile version of the application allows users to quickly snap a photo of a financial document.

Both applications have very similar features, but Receipt Bank has a little more finesse. We’ve taken a look at two applications that can handle receipt scans – Receipt Bank and BooksTime. We are a technology management, consulting, and outsourcing company specializing in providing best-fit IT and cloud computing solutions to midsize organizations and small organizations that are growing. It’s no secret that bill payments have traditionally been a slow and painful experience – a necessary evil for many business owners. A lot of people have found a way to tackle bill payments through trial and error, and would eventually find a process that kind of works. BooksTime offers a free trial period, and you can sign up without a credit card. BooksTime protects all your data with 256-bit encryption, SSL/TLS and a Premium Extended Validation service.

BooksTime

Taking it a step further, the application usesMcAfeeandTRUSTe to monitorand validate activity and secure your data. There’s more features too, not to mention the ability easy find a document in seconds the next time you need to look something up or compare purchase history over time. And with the BooksTime mobile App for Apple or Android, you can access all of your important documents from anywhere you have internet/cellular service. Snap a photo of your receipt, invoice, or bill with the BooksTime App on your mobile device and let it extract and store your documents, ready to be published. Take a photo of your receipt, invoice or bill with the BooksTime app.

  • Even greater, BooksTime syncs with all major accounting systems (like BooksTime!) and storage systems like Box.
  • BooksTime provides resources to help practices set up BooksTime for their own use, and easily onboard small business clients.
  • Instead of logging into a dozen different websites each month, you can login to only BooksTime to find all your monthly statements in one place.
  • A big advantage of using BooksTime or Receipt Bank is that your receipts will all be date and time stamped, giving you an excellent audit trail.
  • At Aldridge, our team stays up-to-date with the latest industry innovations.

With this, it would be easier to check what specific receipt or bill was deleted. At least then, if there is a backup copy of the missing document, it can be re-uploaded. Is your staff always after you for access to your vendor statements? An employee can take a picture of adjusting entries their receipt and BooksTime will collect the details and create a transaction. That transaction is then pushed out to accounting software likeBooksTimeorBooksTime. If a client is curious about the details of a specific expense, they can open the attachment and see the receipt.

Mobile Apps

The mobile app automatically syncs the data from the photo with the company’s BooksTime account. Many companies believe BooksTime’s account sync capability to be the application’s most helpful feature. A business can connect its accounts to the application and elect to receive notifications when a new bill arrives or a statement is due.

The documents are stored as read-only, so no one can use the service to access money or make changes to any of the accounts. Financial data gathered from the scans eliminates the need for manual entry or paper filing. Additionally, you can manage all of your accounts from a single hub—no more logging into several separate websites to see all of your records. Yes, Receipt Bank works with BooksTime so that you immediately pass through your receipts and bills to create transactions in your accounting system. BooksTime too demands you spend a bit of time on setup to get the maximum mileage out of its auto-sync capabilities.

what is BooksTime

Major vendors, such as Amazon, Comcast and Verizon, can also be connected. BooksTime, a BooksTime-owned company, helps you spend less time chasing financial documents, and more time running your business. Since being acquired by BooksTime, BooksTime continues to evolve into a feature-rich platform for BooksTime users to capitalize on. Email your documents – Upon signing up, you will be given a unique email address where you can send your receipts, bills, and any other documents from any email address.

BooksTime is being designed for accountants to manage multiple clients. They will soon launch a multi-client dashboard, and volume pricing is available to accountants and bookkeepers. BooksTime pulls in your client’s chart of accounts, vendors and classes from their BooksTime account. If this is a recurring bill or monthly statement, select “Autosync” and “Save Configuration” so BooksTime will remember this transactions and automatically create the entry in BooksTime. Set user roles in BooksTime so staff can complete tasks like uploading receipts without allowing them access to sensitive data and other features. This saves us from having to email questions back and forth about mystery expenses, giving you more time to do what you love. You can even test it for 14 days to determine if it’s really what you need.

Be The First To Review BooksTime!

Individual users find the mobile app for entering receipts very easy to use. And there’s almost no time lag when you publish to BooksTime Online, which means if you have a once a week session to get your accounts Online Accounting in order, you’re not wasting time waiting for them to come through. Both these applications are cloud-hosted, with strong mobile apps which allow you to photograph or scan in documents – both receipts and bills .

what is BooksTime

Check out this BooksTime video to see how this app could help you regain time in your day by simplifying your document management process – unless, of course, you actually enjoy data entry and filing. BooksTime has more of a small business focus, and isn’t scalable beyond 1,000 vendor accounts. It also has no user access controls, and that, for us, makes it a difficult choice for businesses which have grown beyond a small number of users.

Receipts and bills can also be emailed into the system using a specific email address. High definition OCR allows the system to process the data – you don’t have to. After setup, BooksTime will automatically retrieve bank statements, credit card statements, plus your monthly vendor bills for many companies like phone, utilities, web services, and more. No more logging into ten different websites, and you can turn off paper mailings — they’re already all in one spot ready for you whenever you like. The long-term vision for BooksTime is to help accountants and bookkeepers automate the process of accounts payable by creating the accounting entries with the source documents attached. This will free up accountants and bookkeepers for high value work, support more clients, and save us from the drudgery of data entry and pestering our clients for information.

You can connect your bank accounts as well as the vendors who regularly send your utility and telecom bills. Instead of logging into multiple online accounts to check your statements and bills, you can view all of them with just your BooksTime credentials.

Key Single Audit Topics

BooksTime allows you to sync the data from your documents to your accounting software. You can automate the way in which your documents are published and coded by adding rules to the process. You can also forward email paperwork to BooksTime and they will extract key data for you. And if you have already scanned receipts, invoices and bills, you can upload them to your account and BooksTime will extract all the important information. Guess what, BooksTime can do the work for you because it extracts key information from your receipts, invoices, and bills, and then syncs that data with your preferred accounting solution. You might use BooksTime or BooksTime Online, or you might even want to go straight to BooksTime for bill payments, it doesn’t matter because BooksTime works with all of them. Sync your bills, receipts and invoices and their data to your accounting software.

Cloud accounting firm cum small business platform BooksTime has announced acquiring data capture firm BooksTime for $70 million in cash and equity. One of our clients, a cruise ship maintenance company, needed a way to track their receipts by individual job. But with BooksTime, their employees can take photos of all receipts, assign them to a job, and include notes about the transaction. For web-based BooksTime assets = liabilities + equity users, the app works seamlessly to extract and synchronize your data with BooksTime Online. Transactions are automatically created and posted with the original source document attached. Receipt Bank has excellent customer service which can be accessed from within the application or from within the mobile app. Support can also be accessed from the Receipt Bank website during business hours.

Why I Love BooksTime!

With proper receipt documentation, you can sit back and relax, knowing you have all the information you need at your fingertips. Taking a few seconds to snap photos at time of purchase can save you hours of headaches and thousands of dollars when the IRS or your state’s Department of Revenue knocks on your door . You can rest assured that we will work closely with you to create actionable business plans and accurate financial reporting. We offer our toolkit of financial intelligence that will be your greatest asset for business growth.

How long is BooksTime free trial?

Try BooksTime free for 30 days.

Both applications are easy to use, but BooksTime has a few annoying features that make life more difficult than it could be. All your scanned paperwork is saved in the cloud, where it’s much easier to find the original scans if you need them for any reason. Once a document or an account is deleted on BooksTime, the data will be lost unless another copy of the document is saved elsewhere. Believe me when I say that I have “been there and done that” when it comes to chasing clients for invoice records. BooksTime has opened my eyes to how much quicker and seamless the process can actually be. The same could be said for BooksTime, which is to bill payments, what the video call has been to communications. Once you start using it, you’ll question why it hasn’t always been how you manage your bills.

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Receipt Bank also ‘learns’ from previous transactions, and remembers where you posted a particular transaction last time, so it will automatically suggest where a given receipt or bill should post. That saves you having to enter data and can automate around 80 percent of transactions once you’ve been using the software for a while. Both these applications are priced on a monthly basis, BooksTime and both have a short free trial so you can easily find out whether they save you time and add value to your business. You can set supplier rules, so that BooksTime knows how to code bills from recurring suppliers. That enables you to automate a high percentage of the transactions going through to your accounting package. A business should consider the following when evaluating BooksTime.

Key Partners

This tool also has the ability to store your receipts, eliminating the need for additional paper storage. Submitting a receipt can be done on your phone using the BooksTime mobile app or you can manually upload it to the website. The BooksTime app takes things a step further – you simply scan a receipt where ever you are, and leave BooksTime to do the work. Give BooksTime some time to work, log in and it will have read your receipt and determined where the entry should be posted in your accounting system. You simply review the details, tweak them if necessary, and publish – everything is now updated! The more you use it, the smarter it gets, until tweaking is rarely necessary, and you can publish automatically.

BooksTime’s Pay with Wise integration lets you pay and reconcile multiple bills through BooksTime with just a few clicks. It’s a new standardised way to make bill payments regardless of your bank. Again, it’s all about taking steps to give yourself more time to focus on the stuff that matters, and less time on the admin.



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