You can access what you need in one place instead of having to log into multiple sites to retrieve the information. Both these applications are cloud-hosted, with strong mobile apps which allow you to photograph or scan in documents – both receipts and bills . They can also fetch statements automatically from suppliers such as telecoms, banks, and utilities – particularly useful if you want to avoid year-end chasing for statements when you want to close your accounts. Many companies believe Certified Public Accountant’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. BooksTime can sync to a company’s bank accounts and to any vendors that regularly deliver documents such as utility and telecom bills. To create an account, a business can simply go to the application’s website and sign up for a free, 14-day trial.

We’ve taken a look at two applications that can handle receipt scans – Receipt Bank and BooksTime. Once a document or an account is deleted on BooksTime, the data will be lost unless another copy of the document is saved elsewhere. To provide exceptional services, we work with exceptional partners to provide you with the right technology platform to achieve your goals with maximum efficiency.

This makes it easy for you and your accountant or bookkeeper to get a hold of them when needed. Plus, there’s no need to keep any paper receipts or bills around anymore. Because all your documents are stored securely in the cloud, they are always easy to access and integrate with your other business apps so you can streamline your business processes. Our modern approach to small business accounting and tax services simplifies financial management for entrepreneurs and small business owners. It executes data entry tasks and organizes all your data in one central place while conveniently integrating all your data with your accounting software. Small businesses need every advantage they can get to compete with larger companies with bigger budgets. You may not have the biggest accounting and bookkeeping staffs, but your software can do the job and save you time.

BooksTime’s data extraction technology helps advisors eliminate paper, save time, and increase accuracy in their bookkeeping workflow. Another one of the key reasons why customers choose BooksTime is because of our auto-fetching technology. BooksTime gets your key financial docs in one place – automatically. Say goodbye to chasing documents and data entry and say hello to increased productivity. Every time a document is uploaded or fetched, BooksTime seamlessly creates transactions in your accounting with key data inputted and source documents attached. The mobile version of the application allows users to quickly snap a photo of a financial document. The mobile app automatically syncs the data from the photo with the company’s BooksTime account.

As a small business, you likely don’t have fully-staffed accounting and bookkeeping departments. But you still need to balance your books, pay your taxes and do financial planning.

BooksTime focuses on data capture, categorization and storage and it’s very good at what it does. However, Receipt Bank does have a little more finesse, for instance with user permissions, and with the ability to split invoices. It has more integrations, and is a bit more streamlined; it’s also a bit more speedy, while some users report BooksTime can be slow. BooksTime too demands you spend a bit of time on setup to get the maximum mileage out of its auto-sync capabilities. It automatically imports the chart of accounts, vendor and customer details, but the rest is up to you. BooksTime integrates with accounting packages BooksTime Online and BooksTime, and with BooksTime. If you use another accounting package, that doesn’t rule out using BooksTime, but you’ll have to export your data to a CSV file and then import it to your accounts system.

The acquisition is expected to fuel the next phase of BooksTime’s global growth by accelerating the company’s ability to automate the flow of data. At Aldridge, our team stays up-to-date with the latest industry innovations. Our knowledge and expertise can help your business keep pace with leading competitors and create a more efficient work environment for your employees. Contact an Aldridge representative to learn more about how we can help your businessleverage emerging technology. This includes 256 bit encryption, SSL/TLS and a Premium Extended Validation certificate – as well as monitoring and verification from McAfee & TRUSTe, the trusted industry standards in data security.

assets = liabilities + equity automatically pulls your bills and statements into your secure ‘hub’, giving you a single login in to view all of your accounts. 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. Accounting and bookkeeping practices can use BooksTime to save time chasing documents from clients, do less data entry, and check transactions against original documents. BooksTime provides resources to help practices set up BooksTime for their own use, and easily onboard small business clients. client’s receipts, bills and statements the moment they are synced or uploaded.


Sync your accounts – This may be the most helpful feature of BooksTime. One can just connect their key accounts and be notified if there is a new statement or a bill that is due. 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.

Each professional firm gets a dedicated account manager and can book virtual meetings to address problems or simply get a boost to their skills. BooksTime opens up showing a simple folder structure, which is very easy to use even for technophobes. It’s much more open and less full of data than the Receipt Bank interface, and show clearly the actions you can take, from uploading a receipt to syncing with the accounting system. 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. The company has been a BooksTime „ecosystem partner” since 2014 and the acquisition boosts BooksTime’s strategy to deliver „code-free accounting”. Its product will be sold separately and the company will keep its current business model.

Before you know it, you’ll start saving time by having BooksTime as part of your day-to-day bookkeeping toolkit. Download the BooksTime mobile app and get up and running by signing in with your BooksTime login. does not have the ability to make account changes of any kind because we are granted limited access to your accounts, bills and statements. This means that no one, including you, can use the service to access money or make changes to any of the accounts. It’s also important to note that BooksTime software is “read-only.” That means no one, including you, can make account changes due to their limited access to your accounts, bills and statements.

  • We believe in enabling advisors with the tools they need to better support their small business clients.
  • Document management solution designed for businesses of all sizes that helps extract information from bills, categorize data, snap & send papers, collaborate with bookkeepers, and more.
  • 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.
  • This idea of BooksTime delivering clean data into the BooksTime platform to build out a really rich data set.
  • All your financial documents are securely stored and managed from one place, giving your business peace of mind.

So when you take a photo of the receipt in your pocket it figures out date, amount, tax, all of that, and pulling it out automatically. This article will walk you through the process of connecting your SmartVault account to BooksTime so you can manually upload or automatically push documents from BooksTime to a specific folder within SmartVault. Find out more about how and where to upload your BooksTime files within SmartVault. Neither of these software applications requires installation, and they’re both quite easy to configure.

Generalcents Accounting, Llc

Receipt Bank also has a line-item extraction feature, which is useful if receipts contain items for different projects or in different tax categories. It will sync your different accounts, for instance for utilities, banks and credit cards.


Stop chasing paper documents and get your clients’ bank, credit card, and other statements and information when you need them with BooksTime’s auto fetch feature. To get started, simply search for your account provider, enter your information and let BooksTime do the work for you. Once in the hub, information is automatically sorted and organized into searchable and customizable folders that can be viewed on any device. So we built our business around automation of the fetching process. The second step is data extraction and document classification. What type of document am I looking for and how quickly and accurately can I get the relevant metadata out of that document?

Snap A Photo With The App

In addition, all original documents are always attached to the transaction in BooksTime. Most major banks in the United States and Canada are supported by BooksTime. Major vendors, such as Amazon, Comcast and Verizon, can also be connected.


Setting up rules enables you to automate a lot of the process – for instance, Chevron will always go through to automotive fuel expenses. compounds this security issue by not having an audit log, so you can’t go back to see who changed a total or added a given vendor account. While you still have date and time stamps on each item scanned or photographed, you can’t be sure that all the items that should be there, are actually there, either. Both these applications work well and either would make a good pre-accounting package for a small or medium-sized business. Both applications are super easy to set up, but applying a little more thought and effort to setting up supplier rules can help automate a higher proportion of items and save time in the long run. Receipt Bank integrates with more accounting applications directly.

No longer do you need to login to several different accounts to get your information. In terms of user access, a lot of software packages offer the ability to restrict the role of other users. A normal piece of accounting software, for example, can have the account administrator assign accounts payable access to only one person and assign payroll-only access to the other. In QBO, transactions are being entered automatically based on the information being sent by . Thus, using both software packages together can totally eliminate data entry while giving you more confidence that your books are in order. Sync your bills, receipts and invoices and their data to your accounting software.

„We’ve experienced some client hesitancy to use BooksTime. I did not expect this – even the client who continues to mail in his bank statements and payroll records refuses to use this product.” We believe in enabling advisors with the tools they need to better support their small business clients.

However, BooksTime is the clear winner for companies which already use BooksTime as their accounts package, because it’s seamlessly integrated. 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. ServiceNow also announced bevy of updates and new features across its portfolio, all tied to the company’s virtual Knowledge 2021 event. Rod Drury will remain with the cloud accounting firm as a non-executive director when former Microsoft Australia CEO Steve Vamos takes the reins in April. For the 2018 financial year, BooksTime posted an after-tax loss of NZ$27.9 million. The result was much improved on FY2017, which saw the company report an after-tax loss of NZ$69.1 million.

BooksTime Sells To BooksTime

But you’ll want to do the initial preparatory work if you want to save time through automation. First off, both need to be synced to your chart of accounts – the hierarchy of accounting items in your accounts package. 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. It has a number of default fields that you can’t change, such as ‘unpaid’, and ‘invoice’. That’s annoying if like some small businesses you have a large number of cash or credit card receipts to process and only two or three bills to pay. If your workload contains mainly paid receipts, you’re going to have to change the defaults every single time, and that’s more keystrokes and more effort.


This means employees can quickly submit expenses into the app and check for accuracy. BooksTime Expenses connects directly to the small business platform, making it easier to reconcile expenses against their accounting ledger. 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.

What Considerations Should Be Made When Using BooksTime?

You can also connect what are retained earnings to your usual cloud storage account such as Box or Dropbox. Or, you can set up the Email Forwarding option so that every new document uploaded to BooksTime will be forwarded to an email address. It is still a good idea to have backup storage when using the software. Remember, you are dealing with your financial records – receipts, bills, checks, bank statements, and perhaps important contracts. Once you delete a document or an account in BooksTime, it will be lost if you haven’t downloaded it and saved it to your hard drive. Once documents have been uploaded to BooksTime, BooksTime will automatically extract the key data (supplier name, date, amount, etc.). BooksTime can pull all of your bank statements, recurring bills and uploaded receipts into one hub, reducing the need for manual data entry and filing, and making it easier for your company to finally go paperless.

If a document is deleted without being copied, or an account is deleted by accident, the business could suffer damages to its reputation and bottom line. BooksTime allows you to upload bills and receipts using your mobile, drag and drop from your desktop, send via email or scanner. Once uploaded to BooksTime, the key data is extracted before the transaction is published to BooksTime, with the original document attached. Transactions are matched with bank feed transactions in BooksTime, providing an accurate view of how your business is doing. When you use BooksTime and BooksTime together, it’s easy to get your bills and receipts into BooksTime, automate data entry and simplify the process for matching transactions with your bank feed. The result is a better handle on your financials, and gives your advisor the information they need to offer insightful business advice. All the while, you’re automating some of the manual processes that are traditionally time consuming.

How do I invite clients to BooksTime?

Create the client BooksTime account 1. On the Organizations page, click Add a Client Account.
2. If you’re adding a client for the first time, you’ll be asked to enter your billing information.
3. Enter the email address you’d like to use for your client’s BooksTime account.
4. The address you’ve entered will receive an invitation email.

A business should consider the following when evaluating BooksTime. When a business registers for BooksTime, it will receive a unique email address. Employees can send receipts, bills, and invoices to the address to be stored by the application. When an email is sent to the application, its attachments will be automatically uploaded to the user’s BooksTime account.

Digitizing and automating the process frees up your time to focus on more useful things. That’s where pre-accounting tools like BooksTime and Receipt Bank come in. Both these programs collect the data from your invoices by scanning them and using OCR to understand the content. That content can then be passed through to your accounts system without anyone ever having to key it all in. It means taking paper invoices and receipts and having to enter them painfully into the accounting system, and then storing all the paperwork safely in case your auditor or the IRS wants to check up. While BooksTime can be beneficial for a business looking to improve its management of financial documents, an organization should still evaluate the technology’s ability to securely and effectively serve its operations.