Digital document management and scanning systems developer Neat has enhanced the integration between it's NeatCloud system and popular small business accounting systems, the company announced at CES this week.
As the first cloud-based system to incorporate Optical Character Recognition (OCR) and parsing technology, NeatCloud can extract data from business documents like receipts and automatically deliver that information directly into small business accounting systems. By instantly parsing data from business documents, NeatCloud eliminates the time associated with manually entering data into accounting software, simultaneously reducing related data entry errors.
"Small businesses often rely on information trapped on paper or in digital documents to run their business. They waste countless hours manually entering that information into their accounting software. Neat can reduce these time-consuming administrative tasks at the touch of a button," explained Chris Barbier, VP, Product Management at Neat. "NeatCloud cuts the time small businesses spend organizing financial data and getting expense reports completed, providing small business owners more time to focus on more important things, like growing their business."
At CES 2014, Neat is demonstrating two-way integration between NeatCloud and QuickBooks desktop software as well as QuickBooks Online. Using NeatConnect, the industry's first direct-to-cloud touchscreen scanner, the demonstration shows receipts scanning directly into NeatCloud. NeatCloud then automatically extracts data from the scanned images, immediately parsing it into relevant fields that translate seamlessly to QuickBooks. Because NeatCloud integration with accounting software is two-way, Neat is capable of leveraging the accounts from QuickBooks providing greater detail about an expense. This is valuable for accounting functions and provides a vital audit trail for tax purposes.
In addition to simplifying data entry, NeatCloud serves as a system of record for the supporting documents that small businesses are required to maintain for tax and accounting purposes. Whether it is information that will help accountants be more efficient or things the IRS will want to see in case of an audit, NeatCloud's ability to securely store, organize, search, share and manage financial data, enabling small businesses to save both time and money.
Neat also announced today expanded document classification and parsing capabilities for NeatCloud. Adding classifications and parsing of invoices, e-receipts, and checks will allow these categories of documents and the data they contain to be included in the integration between NeatCloud and small business accounting software further streamlining small business efficiency.
This new NeatCloud integration with small business accounting systems becomes available this month in Neat Labs. Neat Labs lets anyone with a NeatCloud account test drive the beta versions of new Neat capabilities. Neat Labs will provide real-world user feedback so features can be refined before they are made available as part of the NeatCloud offering. Integration with some small business accounting packages will be made available to all NeatCloud users during 2014.
The first small business accounting system integration to be available for NeatCloud will be with QuickBooks desktop products and QuickBooks Online. Additional NeatCloud integrations are planned for other accounting solutions in 2014.
A Digital Filing System is a cloud, mobile and desktop system where important documents and information can be safely stored, organized, accessed and shared. More advanced Digital Filing Systems automatically repurpose the information from stored documents into other formats, eliminating time consuming steps and boosting productivity at home and in the office. The information can originate from analog (paper) or digital formats (PDF, JPEG, etc.) and be placed in the Digital Filing System by scanning, emailing, mobile device image capture or uploading.