BooksTime Pricing, Reviews, Features

BooksTime Pricing, Reviews, Features

what is BooksTime

Xero is a cloud based accounting software with robust functionality. Once I’ve changed a document to “Receipt,” “Paid,” and “Purchase,” new fields appear, such as the Payment Type field. This is were you tell BooksTime to post the receipt to your credit card register, or bank account register . The RB OCR sees the last 4 digits of the card which made the purchase, and pre-enters that field for you. In BooksTime, I have to click the drop down and select the account manually, which again is more work/ more clicking for me. While BooksTime creates its own folders when setting up a new bank account, you can rename the folders it creates, and manually add additional folders. I use this feature for the instances where BooksTime has fetched multiple years of statements – I create a subfolder for each year.

Kickoff your evaluation and quickly cross-reference functionality between tools using our pre-defined features for every product. Share with your accountant, bookkeeper or colleagues to keep them in the loop. BooksTime pricing is another topic that interests many during their decision making. BooksTime offers a 14-day free trial, and no cash basis vs accrual basis accounting credit card is required. This is awesome because you can check it out and see if this is what you have been looking for without making any commitments. When deciding which software is best for your company, besides BooksTime reviews from users, detailed reviews of the software itself and how it can help you play an important role.

The Best Online Software For Every Small Business

Or select multiple bills and click “Schedule Payments” to set the same date on all of them, creating a group of bills. You can select the group by date at the top of the window in “Awaiting Payment” and Xero will only list bills with the payment date you selected. This is the same date that will be printed on your checks if printed through Xero. Keep in mind that Purchase orders do not affect financial reports since they are simply a request from you to the vendor.

what is BooksTime

Xero’s built-in feature “Email to Bills” gives you the ability to send PDF copies of vendor bills to Xero Bills via a personalized Xero email. You can even use the automated forwarding feature included with your email provider to send bills directly to your Xero file for processing. Or you can upload PDF copies of bills directly to Xero Files and initiate the process from there. Simply have your employees snap a photo or scan the receipt and send to your customized BooksTime email address via phone or computer. Set up an auto-forward to that same customized BooksTime email.

Step 3: Create Your Own BooksTime Filing System

Don’t worry – BooksTime has high-level security, encryption, and is a read-only service . BooksTime allows you to import all your paperwork into a cloud-based system that tracks all the information you upload. BooksTime sends your invoices to BooksTime for payment and then syncs with BooksTime—all with bank-level security. Another nice feature of BooksTime is that you can use it as an excellent document storage system. It provides the ability to arrange folders so that you can organize all of your documents. This will help you avoid wasted time searching for missing bills, receipts and statements because they are all stored in one place.

what is BooksTime

By connecting all of your accounts for which you have online login capabilities, BooksTime automatically retrieves your recurring bills and bank statements when they become available. BooksTime then seamlessly syncs with BooksTime and/or BooksTime to capture all bills due for payment in a timely manner. In other words, BooksTime automates BooksTime one step further by having the ability to fetch and feed your payables into BooksTime without uploading or data entry.

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Setting up the connection is simple, and it is easy to learn how to use BooksTime. If you need help, you can watch a BooksTime tutorial on the topic that interests you online or receive BooksTime help from the customer support team. Sign up for a personalized demo of the app and get 20% off your first three months of services.

  • Xero provides resources to help practices set up BooksTime for their own use, and easily onboard small business clients.
  • In future editions of this series, I’ll continue to share our experiences fulfilling our technology initiatives.
  • The transactions in your company books get misclassified because it’s hard to tell or remember after-the-fact what they were for.
  • Set up an auto-forward to that same customized BooksTime email.
  • I think we can create a small film named “the life of a receipt”.

A main key to success in automated and accurate bookkeeping lies in the setup of the software. Spend less time chasing financial documents and more time running your business.

Extract Data Automatically

The answer for most small businesses is to use time-saving accounting and bookkeeping software. As a small business, you likely don’t have fully-staffed accounting and bookkeeping departments.

what is BooksTime

If this is a recurring bill or monthly statement, select “Autosync” and “Save Configuration” so BooksTime will remember this transactions and automatically create the entry in BooksTime. Yes, it does, but there is some initial prep work involved. When you first get started, you have to sync BooksTime to your accounting software so it will pull in your Chart of Accounts, Vendors and Customers.

App Privacy

With BooksTime, say goodbye to chasing documents and data entry and say hello to increased productivity and automation. Small businesses need every advantage they can get to compete with larger companies with bigger budgets.

I’m seeing accounts or Vendor names I haven’t worked with in years. I wish BooksTime offered an option to “Exclude Inactive” when importing lists. Also, each BooksTime transaction sent to QBO includes the document image as an Attachment. You can also check if a Bill is on Autopay and configure the appropriate fields – a nice touch. BooksTime also offers email alerts, “Send me an email when a new document is retrieved” or “Send me an email 5 days before a bill is due,” which really leverages the power of OCR. Once you invite a new client, they receive an email notification, and, like ReceiptBank, you receive a custom BooksTime email address to provide to them .

BooksTime automatically creates folders for Automated Accounts and Manual Accounts . Fetched bills/statements or receipts and manually uploaded documents appear in a tab called “Review.” This is your work queue of expenses or bills/statements ready to be reviewed and posted.

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With proper receipt documentation, you can sit back and relax, knowing you have all the information you need at your fingertips. Taking a few seconds to snap photos at time of purchase can save you hours of headaches and thousands of dollars when the IRS or your state’s Department of Revenue knocks on your door . This will make adding the item to Xero’s Fixed Assets module a breeze! That’s right, we will register the purchase and automatically record the depreciation for you, each month. Marcum LLP is a national accounting and advisory services firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals. Since 1951, clients have chosen Marcum for our insightful guidance in helping them forge pathways to success, whatever challenges they’re facing. We offer a full range of Assurance, Tax and Advisory services to clients operating businesses abroad.

  • Help your clients get organized and get your work done faster with BooksTime.
  • Click into the bill you want to replicate and under the “Bill Options” drop down, select “Repeat”.
  • Between all the email and paper statements, it can be burdensome to keep careful records and ensure payments are made on time.
  • Tags—you can use tags to organize your documents if this makes sense to you.
  • It also seems to me that BooksTime is less smart at remembering which Vendor goes to which account; this is easier to configure in RB, and works better there.
  • BooksTime allows you to sync the data from your documents to your accounting software.

If you want to automatically include more line item detail on your vendor bills, consider using AutoEntry. You can upload multiple documents at once, or even an entire stack of bills as one PDF.

Your Guide To Xero Tips: Automating Bill Entry

Create your own custom package to suit your business needs. Typical add-ons include bookkeeping, training, tax services and payroll. BooksTime is a cloud base document collection and management software. Reduce the time you spend managing bills and collecting payments by at least 50%. BooksTime helps make your bill payment and invoicing process more efficient and with a higher level of documentation.

I try to make sure to complete all my manual uploads by close of business, that way, the queue is ready to work next morning. Last month I shared some thoughts on using ReceiptBank, and in June I discussed FileThisPro. This month, I will discuss BooksTime, which is an interesting combination of the other two apps.

AutoEntry can detect and separate them into individual documents. Once they have been reviewed and approved, they will sync into Xero Bills as Drafts. For a more robust solution, you can use an external application like BooksTime . BooksTime is a document fetching and storage system that can read and push bills into Xero. BooksTime will remember how you categorized past bills and process similar bills using the same default. You can scan and upload or email bills to BooksTime, or if your vendor provides online access to bills, you can let BooksTime pull your bills for you as they become available. In other words, BooksTime eliminates the clutter and turns chaos into order.

Simply open and drag-and-drop the receipts right into the website. But in the last two years since the acquisition by Xero, it has definitely gotten better for day-to-day users, and professionals as well. Ensure that all business expenses and statements are sent to BooksTime by the agreed to date.

Author: Elisabeth Waldon

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