There isn’t much exciting about online accounting these days, except if you want to put your accounting/bookkeeping department online data entry in the Cloud and to save money by doing so. I just came across a interesting “Cloud ” based application that could substantially reduce the need or work load of an accounts payable clerk or bookkeeper(s) and easily integrates with QuickBooks and other popular software. Are you with me so far.
This Cloud based application makes the the bill entry, approval and bill paying process all electronic, and if properly utilized could increase your accounting controls covering the accounts payable process. It works like this,and just about anyone at your office can scan, email or upload a bill to the Cloud. You are given a free private fax number within your local area code and an email address to fax or email, respectively the vendor documents. A key take away, is that if someone in your office faxes or emails the bills to your private fax number or email address, all you or your accountant can either code or check the coding and make sure that the sync to your accounting program, you have taken a great step in facilitating your accounts payable needs.
The bill is digitized in seconds, and submitted by email and the Cloud, to the designated person for coding or approval and then data entry work its submitted to the owner for approval to electronically pay the bill. If you have a small or mid sized business, you can approve your bills and then pay from anywhere as long as you have the web working on your PC or Mac.
It also store bills, check images, contracts, and other important documents in an unlimited financial electronic filing cabinet with no hidden storage fees.
Like any program, the user must be properly trained for it to work as intended.
This cloud based software integrates seamlessly with popular accounting packages, including QuickBooks Pro and QuickBooks Online Plus. It facilitates the vendor expense recording for existing financial reporting and processes. While at the same time it maintains detailed audit trail of every transaction. Also, there is no duplicate entry of financial information pertaining to accounts/coding and vendors.It works with contractors and job costing as well as traditional accounting environments.