Does HMRC allow me to go PaperLess?
When an increasing number of Finance Professionals looking at ways to automate invoice scanning, invoice data capture and invoice approval processes it is important to clarify HMRC position on how companies should keep their records.
According to HMRC, yes you can go PaperLess since invoices can be kept on paper, digitally or as part of a software program. It is really up to you to decide how you want to keep your accounting documents as long as they are kept accurate, complete and readable, otherwise HMRC can charge penalties.
Click here to check what HMRC says about digital record keeping and make sure you store your invoices in a digital format and well organized making sure that you can have easy access to them.
Take a look at the video to learn more about digital record keeping and invoice processing automation
- Automatic Invoice Recognition
- Automatic Attach of Invoices to Sage Accounting Lines
- Live Lookup of Invoices directly from within Sage
- Online Invoice Approval Software seamlessly integrated with Sage
- Automatic Matching and Closing of Purchase Orders
- Full Automation of emailed invoices
What is the best way to process, manage and store my invoices?
Well, first of all it is important to make sure you implement a document management software that is fully integrated with your accounting software. If not, you will end up duplicating the amount of work by having two separate systems that do not talk to each other.
For example an increasing number of Sage 50cloud, Sage 200cloud Professional, Sage 200cloud Standard and Sage 200 Extra Online users are going PaperLess and automating invoice processing and approval routines with Sage Approved Document Management Software.
This Sage Approved Software brings together automatic invoice recognition, online invoice approval and automatic upload of invoices to Sage. Since it is fully compatible with Sage, Finance Professionals ensure that all accounting data is automatically captured and posted to Sage.
Invoice filing is also done in a fully automatically manner, since when transactions are posted invoices are automatically archived and easily accessible via a live invoice lookup from Sage transaction lines.
Besides being a Sage Authorised Software, PaperLess is also listed on HRMC Record Keeping Software Providers List, which presents to users a number of software suppliers that have produced record keeping applications to help accounting professionals manage their accounting documents and, in the case of PaperLess software, to have those documents automatically archived and easily accessible directly from Sage 50cloud, Sage 200cloud Professional, Sage 200cloud Standard and Sage 200 Extra Online.
Why is PaperLess the choice of thousands of Sage users to keep and store their digital records?
Well, because the seamless integration between PaperLess and Sage gives Finance Professionals access to a lot more than what traditional document management systems have to offeroffer.
With PaperLess Document Management for Sage, accounts teams can fully automate invoice processing routines and increase the number of invoices processed without having to increase the headcount.
From the moment invoices are received and brought into PaperLess, everything can be done in a fully automatic manner. Invoice data is automatically captured by PaperLess Invoice Recognition for Sage and can then be sent for approval or automatically posted to Sage at the click of a button.
On posting the transactions to Sage, PaperLess Document Management will also automatically archive the corresponding invoice so that no more time is spent neither on manually filing invoices nor on searching for invoices, since invoices are automatically attached to Sage transactions and can therefore be retrieved directly from within Sage.
Here is what Sage users are saying About PaperLess Document Management Software for Sage
“be able to track our invoices more efficiently and with a cost saving to the business...This saves a lot of time trying to find old invoices in the paper archive"
Andrew Barlow, Micronclean Management Accountant & Acting Financial Controller.
“…the time spent prior to installing PaperLess on processing invoices was lengthy with manually inputting the supplier, description, nominal code and values for each invoice. Invoice recognition does all this for you at a click of a button.”
Kurt Roberts, ACCA MAAT Management Accountant for CPL Training Group Limited
“I personally think it’s great. It allows me to enter invoices without the requirement to manually input all of the data and then refer to archived documents with ease”
Joseph Ryland, UKFast.Net Ltd Finance Director
“..save £10,000 every year with staff as well as to save employees time spent on processing invoices”
Colin Mayrs, Blair’s Caravans Managing Director
Sage Authorised Developer Partner