MYOB SME solutions general manager James Scollay said smart bills provides a benefit to clients that no other accounting solutions provider has delivered in Australia and New Zealand – the ability to capture key data fields from supplier invoices and enter it into the software.
“This feature allows users to simply email or drag and drop a supplier invoice into AccountRight and Essentials, which can be used to create a bill, or easily linked to an existing bill.” says Mr Scollay.
The smart bills feature includes Optical Character Recognition [OCR] software, which is designed to save even more time when it comes to data entry.
“If the supplier ABN is not already in your accounts, it will be read from the supplier invoice, validated against the ATO service and automatically added to the supplier details. This allows future bills from that supplier to be automatically matched. This unique feature to AccountRight and Essentials, provides multiple compliance benefits such as ABN validation, and the electronic storage of source documents. In other words, AccountRight and Essentials users no longer have to keep paper files,” Mr Scollay said.
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.
“Smart bills basically grabs what’s otherwise paper and strips the information off that paper and automatically populates it into the accounting system,” Mr Ross said in Melbourne.
“It uses OCR to read off the most valuable bits of data and populate it into the accounting system. It’s a great way for a small business to go paperless.”
He confirmed smart bills is available at no extra cost to MYOB clients using AccountRight Standard or Essentials later this month.
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