The big office supplies retailer is the first to join an MYOB initiative to further reduce data entry.
MYOB’s smart bills feature has been around for a few years, initially in Essentials and more recently in AccountRight.
The idea is to process PDF or digitised invoices to simplify the creation of a corresponding record in the business's accounts, and then store the digital document in the cloud with a link to the transaction.
An upgrade to smart bills means supplier invoices can now feed directly into the accounting system (much like bank feeds) with faster and more accurate recognition and automation.
The aim is to dramatically reduce error rates and processing times, as well as giving owners and managers a more up to date view of their situation.
“MYOB pioneered the smart bills concept and this latest iteration will improve the accuracy of automated data entry,” said MYOB general manager of product David Weickhardt.
“Just as importantly, it is a clear example of additional technology simplifying the bookkeeping process, ensuring more time can be spent on running the business.”
The first company to partner with MYOB for smart billing is Officeworks.
The way it works is that Officeworks account holders can opt into smart bills by authenticating their MYOB account within the Officeworks portal and then selecting the option of having invoices sent directly to their MYOB ledger.
Then whenever the customer charges a purchase to their account, the transaction automagically appears in Essentials or AccountRight.
This functionality is currently in beta, but customers are welcome to join the trial.
“We’re pleased to be partnering with MYOB to provide an automated solution that reduces business administration and helps make our customers’ lives easier,” said Officeworks chief financial officer Michael Howard.
“This service will be particularly valuable to business customers who purchase large quantities of products in one order and want to quickly and accurately have that information fed directly into their financial systems.”
Other major retailers are expected to follow suit.
“Partnering with the some of the most-used suppliers will automate the most regular invoices. The response to trials of the new smart bills has been extremely positive and we expect it to become even more popular as more suppliers come on board,” said Weickhardt.