Purchase invoice capture – a fundamental of the cloud accounting journey!
Being on the cloud to ensure MTD compliance is a good starting point, but now this change has happened, we should take advantage of the positives of using online book-keeping systems.
Invoice capture is as simple as it sounds, when you receive a receipt or invoice you can immediately capture this in software which is integrated to a book-keeping system. This can either be done by taking a photo or scanning the item.
Physical receipts and invoices can be captured by camera on a smartphone app and then anything received in email (regardless of the format of the file) can be forwarded to a specified email address and captured.
The major benefit of invoice capture is the fact that you are no longer required to hold on to endless amounts of receipts and invoices from the previous 7 years. HMRC have confirmed that digital copies are acceptable and often preferable as they do not age or fade and hold a date time stamp from the software against them.
Another benefit of using digital technology to read the receipt/invoice is the reduction in human error. We have seen the number of manual errors reduce on businesses who use invoice capture.
Capturing your receipts on the go and letting the technology take the strain both saves you time and also brings your books into real-time.
We have identified and developed a strong relationship with several invoice capture providers and if you would like to find out more please to get in contact with us!
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