Seth Fineberg for AccountingTechnology writes: Xero has formed a partnership with Entryless, a new company focused on
automatically generating digital general ledger records from bills in
any format, physical or electronic, and syncs them into cloud accounting
systems.
By using Entryless software to automatically capture and create
accounting records based on the supplier bills processed, staff can
reconcile, and synchronize expenses with Xero.
Entryless was
formed by Mike Galarza, who had headed a team of accountants at a large
manufacturing company while one of his advisors was a vice president at
Hewlett Packard.
In his view, many companies are still overburdened by the large and
wasteful manual processing of supplier bills. He claims the ability to
reduce the time spent on a company’s accounts payable activity by up to
95 percent, lowering cost of AP up to 85 percent.
“Previous
solutions required some combination of training and behavior change for
the supplier and the AP department. We ask little to no change in the
supplier relationship, and then consolidate AP for easy data-entry less
processing,” said Galarza, who also claims Entryless can manage
thousands of bills a month in any format. “We scale with software, not
with hardware or data entry personnel.”
Thursday, November 7, 2013
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