Accounting software company MYOB added a feature called Smart Bills to its online accounting program MYOB Essentials last week which automatically enters invoices.
Workflow and screenshots below.
Users drag and drop invoices into the Smart Bills screen or email it to their Essentials program in a similar way to the Xero Files document storage in Xero.
Smart Bills takes the next step of scanning the invoice and turning it into a bill. The software can recognise and automatically saves key information such as the supplier invoice number, the Australian Business Number or GST number for New Zealand businesses, and goods and services tax.
The invoices are securely stored as part of the Essentials file for five years in compliance with Australian and New Zealand tax authorities and without risk of fading.
Bookkeepers will save hours of time they would have spent manually entering every single client bill and invoice, MYOB said in a press release. The Smart Bills feature also makes it easier to share source documents between the business owner, accountant and bookkeeper, and was another step towards a paperless office.
Faster processing of invoices helps manage cash flow and improves the accuracy of information in a company file, MYOB says. “You have insight into money you owe by entering expenses as soon as you receive them, not just when you pay them.”
Smart Bills will soon appear on AccountRight Live in Q1, says Ben Ross, MYOB general manager for design and user experience. It will also be built into MYOB’s On The Go mobile app so users can record a paper receipt while out of the office.
Smart Bills can’t scan individual line items in the same way as dedicated third-party programs such as Receipt Bank and Invitbox. However, most businesses don’t need that level of detail, Ross says.
“This is an 80/20 solution where it’s good for the majority of businesses,” Ross says, pointing out the convenience of a native feature. “Receipt Bank costs $20 a month or more and it isn’t integrated into the workflow.”
MYOB plans to build out its document storage for other types of documents.
Here is the workflow for adding an invoice via Smart Bills.
- Drag and drop an invoice into the Smart Bills folder. Alternatively, forward an email from a supplier to your MYOB Essentials email address. “You can also set up an auto-forwarding rule from your suppliers to send the invoice straight to Essentials,” Ross adds.
- Once the invoice has uploaded it is automatically scanned and data such as supplier number, date of issue, etc are added to a new bill.
- The user selects the supplier from Essentials’ list of contacts, adds more detail if necessary and approves the bill. (Smart Bills will automatically add the supplier the second time around through the ABN on the next invoice.) “It’s just going to get smarter over time,” Ross says.