PaperLess & HMRC – Can accounting records be kept digitally?
By taking a look at HMRC website, we can see that HMRC clearly states that companies can keep accounting records on paper, digitally or as part of a software program as long as those records are accurate, complete and readable.
How can my company go PaperLess?
Going PaperLess is the best way for companies to keep their accounting records digitally and for companies using Sage the top choice is PaperLess Document Management Software.
The reason for this is that PaperLess is a Sage Approved Document Management Software that offers full compatibility with Sage 50 and Sage 200.
With PaperLess, Sage users can get a PaperLess Office by scanning invoices directly into Sage. Since all invoices are stored in a digital format, PaperLess can also easily attach invoices to Sage transactions.
By having all invoices linked to Sage, your company makes sure that all accounting records are easily accessible. All that is required is to login to Sage and do a live lookup of the invoices directly from the corresponding Sage transaction lines.
As you can see, for Sage users to go PaperLess is a quite simple and straightforward process. PaperLess stores all invoices in a digital format and makes them easily accessible by attaching invoices to Sage.
Will PaperLess automate my invoice processing with Sage?
Now that we have shown you what HMRC have to say about Digital Record Keeping it is important to focus on some of the many advantages of going PaperLess.
Besides automatically attaching invoices to Sage, by going PaperLess companies can also automate invoice processing with Sage. This is because since all invoices are processed in a digitally manner, companies can easily implement invoice processing automation mechanisms like Invoice Data Capture.
With invoice data capture for Sage, Accounts Teams can automate invoice data input processes. This is possible because PaperLess automatically captures all invoice data with PaperLess OCR for Sage.
Click to Learn more about PaperLess OCR for Sage
OCR technology for Sage is the best way to automatically process invoices and post them to Sage. By not having to spend time on manual invoice data input, Accounts Teams can process a much higher volume of invoices.
PaperLess OCR for Sage also increases data accuracy levels by removing human errors that occur when keying in invoice data into Sage.
What type of data can my OCR Software for Sage Capture?
With PaperLess OCR Software for Sage you can capture all relevant invoice data. From invoice amount, date and number to invoice description, department, project and/or cost centres.
The difference is that instead of having someone spending hours on manual invoice data input, Automatic Invoice Capture for Sage extracts all invoice data in just a few seconds.
For companies who need to post invoices with multi lines, they can use PaperLess Multiline Recognition for Sage. An even more powerful OCR Software for Sage, where invoice data is captured on a line per line basis.
With PaperLess Multiline Recognition, for Sage users can eliminate the need for manual data input by automatically capturing individual line amounts, descriptions, quantities in a fully automatic manner.
Multiline Invoice Recognition, also makes it possible for Sage users to automatically capture data from invoice summary lines. This way, Sage users that only need to capture invoice summary lines can do that in a fully automatic manner.
If the invoice has the VAT Amount or the VAT rates present on the several accounting lines, the powerful intelligence module built-in PaperLess Multiline Recognition can even automatically identify which VAT code and nominal code to populate on each accounting line.
What do I need to know about HMRC, Digital Record Keeping and Going PaperLess?
As we have seen in the beginning of this article, for HMRC companies can go PaperLess and store invoices in a digital format. As long as invoices are readable and accurate you no longer have to print and store each and every single invoice your company receives.
However, it is important to note that going PaperLess is much more than just storing invoices digitally. It is about automating invoice processing, increasing productivity levels and automating accounts payable processes.
Only by doing so is that companies can keep up with the increasing number of invoices that need processing, while keeping labour costs under control.
Is going PaperLess just about Digital Invoice Storage and Invoice Data Capture?
Even though digital invoice storage and invoice data capture play an important role on automating invoice processing, going PaperLess offers a lot more than that.
An example of this is the approval of invoices with PaperLess for Sage. With a built-in invoice approval software for Sage, PaperLess enables Sage users to gain control over invoice authorisation processes.
PaperLess turns the process of authorising invoices with Sage into a simple and straightforward process. With PaperLess Invoice Approval, Sage users have real-time overview of the entire invoice workflow process and, if required, can take immediate action to ensure invoices are approved on time.
The is a lot more to PaperLess than to just scan, capture and archive invoices. Book your free online demo to learn more about the best software to automate invoice processing, invoice capture and invoice approval processes with Sage.
What are Sage users saying about PaperLess for Sage?
Edward Walsh, A1 Services Manchester
“… as the company further expanded the way that things were done was not sustainable… we could not keep increasing the headcount indefinitely so PaperLess Invoice Processing automation levels were definitely the right choice for us.”
Gerard Murray, David Wood Baking Accounts Department
Nicholas Reyes-Ramirez, Everyman Media Group’s Finance Assistant
“The approvers in our business enjoy the ease of use of the system as well as having instant online access to all invoices relevant to them. The approval process for approvers is simply a click of a mouse!”
Alan Lynch, Fitzgeralds Woodlands House Hotel Financial Controller
UKFast Finance Director, Joseph Ryland
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Phone Number: +44 (0) 207 135 2007