Data entry is one of the most tedious and time-consuming tasks for accountants and bookkeepers. Manually entering data from invoices, receipts, bank statements, and other financial documents into accounting software is not only slow, but also prone to errors, inconsistencies, and duplication. Moreover, it takes away valuable time and resources that could be better spent on more strategic and value-added activities, such as analysis, planning, and advising clients.
The founder of AutoEntry is Brendan Woods, a software developer who had a conversation with an accountant who told him how much time was spent manually entering data. Brendan was surprised by this inefficiency and decided to create a solution that could automate data entry.
The company was launched in 2016 and has since grown to become one of the leading data capture solutions in the market. It was acquired by Sage in 2019, extending its reach and capabilities even further.
Automating Data Capture
Fortunately, there is a way to automate data entry and make it faster, easier, and more accurate. AutoEntry is an AI accounting tool that uses optical character recognition (OCR) technology to capture, categorize, and publish data from financial documents to your accounting software of choice. AutoEntry eliminates the need for manual data entry and reduces the paper clutter in your office. It also integrates with popular accounting software such as QuickBooks, Xero, Sage, and more.
But is AutoEntry any good? How does it work? What are the benefits of using it? Well, let’s go step by step.
How does AutoEntry work?
AutoEntry is a cloud-based solution that works in four simple steps:
1. Capture: You can submit your financial documents to AutoEntry in various ways. You can upload them from your computer or file manager, email them to a unique address assigned to your account, take a picture with the mobile app, or link your supplier or bank accounts with AutoEntry and let it fetch the documents automatically.
2. Categorize: Once your documents are in AutoEntry, it will extract the relevant data from them, such as date, amount, supplier name, VAT code, etc. You can then review and categorize the data according to your preferences and rules. AutoEntry will also learn from your choices and make smart suggestions for future documents.
3. Publish: After you have categorized the data, you can publish it to your accounting software with one click. AutoEntry will sync the data with your existing accounts, VAT codes, and chart of accounts. You can also attach a copy of the original document to each transaction for easy reference and audit trail.
4. Reach out for Support: If you have any questions or issues with AutoEntry, you can access its help center, which contains articles, videos, webinars, and FAQs on how to use the tool effectively. You can also contact its customer support team via chat, phone, or email.
Does AutoEntry work with QuickBooks?
Yes, AutoEntry is one of the many AI tools that integrate seamlessly with QuickBooks Online and QuickBooks Desktop. You can connect your AutoEntry account with your QuickBooks account in a few easy steps:
1. Log in to your AutoEntry account and go to Settings > Integrations.
2. Click on Connect next to QuickBooks Online or QuickBooks Desktop.
3. Follow the instructions on the screen to authorize the connection.
4. Choose the company file you want to sync with AutoEntry.
5. Select the options you want for publishing data to QuickBooks.
Once you have connected your accounts, you can start capturing and publishing data from your financial documents to QuickBooks using AutoEntry.
What are the benefits of AutoEntry?
Save Time and Money
By automating data entry, this AI accounting tool can dramatically reduce the time spent on manual input, potentially saving accountants, bookkeepers, and small business owners hours of work every week. In fact, AutoEntry proudly claims on its website that it can cut data entry time by up to 90%. This efficiency translates into significant time and cost savings for your business.
Imagine the benefits of reallocating the time once dedicated to manual data entry to more productive and value-added tasks. Instead of tediously inputting data, your team can focus on strategic financial planning, analysis, and providing clients with valuable insights. This enhanced productivity can have a direct impact on your bottom line.
By reducing the need for additional staff or outsourcing data entry services, AutoEntry can lead to substantial cost savings. You can optimize your existing team's capabilities, making them more efficient and cost-effective.
Improve Accuracy and Consistency
Manual data entry is prone to human errors, and these errors can have far-reaching consequences in the world of finance and accounting. AutoEntry acts as a reliable safeguard against these errors by eliminating inconsistencies and inaccuracies. Its advanced AI algorithms ensure that data is captured with precision and consistency, reducing the risk of costly mistakes.
Enhance Security and Reliability
It employs cutting-edge encryption and security measures to protect your data from unauthorized access, cyber threats, and data loss. By safeguarding your financial information, AutoEntry helps you maintain the trust of your clients and stakeholders.
Additionally, the tool regularly backs up your data, storing it securely in the cloud. This redundancy ensures that your financial records are safe, even in the event of hardware failures or unexpected incidents. The cloud storage also offers accessibility and flexibility, allowing you to retrieve data anytime and anywhere from any device with an internet connection.
Increase Visibility and Insight
In the fast-paced world of business, having accurate and up-to-date financial data at your fingertips is invaluable. AutoEntry provides you with precisely that. By automating data capture and integration into your accounting system, it ensures that your financial records are always current and accurate.
This real-time access to data enhances visibility into your financial performance. It enables you to make informed decisions promptly, respond to market changes more effectively, and seize opportunities as they arise. Furthermore, the ability to access data from any location and device with an internet connection means that you are no longer tied to your office, offering unparalleled flexibility in managing your finances.
Boost Customer Satisfaction and Retention
Ultimately, the benefits of AutoEntry ripple outward and have a positive impact on your clients. By automating data entry, you can offer your clients faster and more accurate financial services. Quick turnarounds and reduced errors can significantly improve customer satisfaction.
Moreover, AutoEntry opens the door to value-added services. With accurate and comprehensive financial data readily available, you can offer your clients a range of additional services such as financial analysis, reporting, forecasting, and more. These value-added services not only enhance customer satisfaction but also increase client retention, as they are more likely to stick with a provider that offers a full suite of financial solutions.
Tips to better use AutoEntry
AutoEntry is a powerful and easy-to-use tool that can automate your data entry process. However, there are some tips and tricks that can help you use it better and get the most out of it. Here are some of them:
Customize your settings
You can customize your settings to suit your needs and preferences. You can choose how often you want AutoEntry to fetch documents from your linked accounts, how you want AutoEntry to handle duplicates, how you want AutoEntry to assign categories and VAT codes, and more. You can also create custom rules and templates for specific types of documents or suppliers. To access your settings, go to Settings > General Settings.
Use the mobile app
It has a mobile app that you can download from the App Store or Google Play. The mobile app lets you capture and submit documents on the go using your smartphone camera. You can also review and publish data from the app. The mobile app is especially useful for capturing receipts and expenses that you incur while traveling or working remotely.
Review and edit data before publishing
AutoEntry is very accurate in extracting data from documents, but it is not infallible. Sometimes, it may miss some data or make some mistakes due to poor quality or complex layout of the documents. Therefore, it is always advisable to review and edit the data before publishing it to your accounting software. You can use the filters and search functions to find the documents you want to review. You can also use the bulk actions to edit or publish multiple documents at once.
Use the reports and analytics
You can access your Reports tab in your account. You can see how many documents you have submitted, processed, published, or rejected in a given period. You can also see how much time and money you have saved by using AutoEntry. You can also export the reports to Excel or PDF for further analysis or sharing.
Why AutoEntry is the Solution You Need
AutoEntry is an AI accounting tool that can automate your data entry process and make it faster, easier, and more accurate. It works with popular accounting software such as QuickBooks, Xero, Sage, and more. If you are looking for a solution that can help you with your data entry challenges, you should give AutoEntry a try. You can sign up for a free trial on their website and see for yourself how it works. You can also watch some demo videos or read some case studies to learn more about AutoEntry.
AutoEntry is an AI accounting tool that can transform your data entry process and take your accounting practice to the next level. Don’t miss this opportunity to join the data capture revolution with AutoEntry!
