Taking care of the invoices you receive from suppliers can be a chore, but there is a seemingly ever-increasing number of services that take the load off your shoulders.
There are a growing number of ways to avoid the chore of keying invoice details into your accounting system. Among them are MYOB's smart bills feature , InvoiceSmash, EzeScan, MYOBBills and XeroBills, and Receipt Bank.
There are a bunch of other services aimed primarily at processing receipts and they may work with the rather different formats used for invoices (notwithstanding that many receipts do comply with the requirements for tax invoices).
The latest entry in this market is expensemanager's new invoice module.
New invoices are emailed to expensemanager, which extracts the data from the image, matches the supplier, checks that the same invoice hasn't already been presented, and then feeds the details into a workflow system and archives the digitised invoices.
Our impression is that this means expensemanager is better suited to businesses that are large enough to have non-trivial approval processes. It's probably overkill for the business owner who personally receives and pays all invoices, but if you're at the stage where you have instituted policies such as "the store manager can approve invoices up to $500 for stock and $150 for anything else, all invoices above those amounts must be approved by the owner" it could be worth a look. After all, this is an expense management system that can now process invoices.
Once an invoice has been approved, the cloud-based service exports the data to accounting and ERP systems including MYOB, Xero, Pronto, Microsoft Dynamics and TechnologyOne, as well as high-end systems such as JD Edwards, PeopleSoft and SAP.
There doesn't seem to be any mention of prices on the company's web site, and we worry that could mean "if you have to ask, you can't afford it."