The Receipt Bank Blog

News, advice and tips from the world of cloud accounting

Flexible, powerful receipt software: Receipt Bank’s automated line item extraction

line-items-1.pngReceipt Bank can automatically extract line items from your digital receipts and invoices, saving you even more time on bookkeeping. Line item extraction allows you to offer a flexible, detail-focused service for clients who need extra information. All with no extra time commitment from you.

Please note, this feature is only available for Custom accounts.

Line-by-line accuracy

Our Partners save, on average, an hour per week per client using our receipt software, and often much more. For those clients who require that extra level of detail, our software can go through digital invoices line-by-line. We extract each individual item with an unbeatable level of accuracy.

Automated line item extraction is perfect for those clients who need to assign different tax categories to certain invoice items, or who are invoiced for multiple projects.

You can use automated line item extraction to make these more work-intensive clients more profitable.

Download our free guide to hacking your client list for maximum profit.

How line item extraction works

When you submit a new digital invoice, we create a template for this supplier, if one does not already exist. Once we create the template, our system recognises individual items on the subsequent invoices and extracts them in just two minutes.

Each line item is extracted with its own description, category and price, which you can publish to your cloud accounting software with the original invoice image attached.

The most accurate receipt software

Receipt Bank already features the highest level of accuracy of any data-extraction tool, due to our human verification. We are also the largest bookkeeping productivity tool which gives our smart software a huge archive of past transactions to learn from.

Over the past 5 years we have created templates for over half a million suppliers. In addition we have used these templates to extract over 6.5 million line items. This data forms the basis of our efficient, quick automated line item extraction.

Since not all of your clients require line-by-line item extraction, we do not turn this feature on as standard.This lets the majority of our partners keep their workflows as streamlined as possible.

To turn on automatic line item extraction for your clients, just get in touch with your Receipt Bank Account Manager.

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