Do you know somebody who has fallen behind in their data entry for their bank or credit card accounts? At a recent Accountex conference, my coworker and I discovered a wonderful tool which automates this historical data entry by capturing information from bank and credit card statements. This app is AutoEntry.
AutoEntry can be used by accountants and bookkeepers for multiple purposes such as processing invoices, capturing receipts and converting bank and credit card statements for importing into client accounting systems (such as QuickBooks Online or Xero).
Our firm was especially drawn to this last feature. Oftentimes we onboard new clients who have fallen so far behind in entering transactions into their accounting system that the bank and credit card feed option will not work.
So how does AutoEntry work?
The accountant dashboard allows you to add an endless number of new clients to your account. Once you have set up the new client on your dashboard, you will scan the historical documents (such as bank or credit card statements) into AutoEntry. As part of the setup, the client’s accounting platform will be selected and integrated with their AutoEntry account, and the client will receive an invitation to view and update their AutoEntry transaction lines.
After a short time (usually within 24 hours), these scanned pages from the statements will be automatically converted into a spreadsheet format in AutoEntry. Each transaction from these statements will be displayed on a separate line. The payee and category (from the accounting platform’s Chart of Accounts) will need to be entered by either your staff or by the client. The data entry is minimal and can be completed efficiently by selecting multiple transactions at the same time to update the payee and category for similar transactions.
Once the transactions have been updated with the appropriate payee and category, the next step is to import them directly into the client’s accounting platform. This sync occurs within a short amount of time (usually less than a minute depending on your Internet speed). The resulting transactions appear in the register of the bank or credit card account in a much more expeditious manner than if they were entered manually by the client (or by your staff).
Are you ready to try this automated data entry system? Let our RAD staff assist you with setting up your AutoEntry account and syncing it to your company’s accounting platform. Just think about how much time you will save with this automated system, and the peace of mind you will achieve in getting your accounting file in good working order.
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Written by Martha Leonard, Microsoft Certified Trainer (MCT), Certified Bill.com Expert, QuickBooks Online Certified ProAdvisor