Neat Receipts?

[Classified]

Does anyone use this?

www.neatreceipts.com

I absolutely HATE entering reciepts and often get behind in doing it because I hate it so much snowballing into a giant mess real quick.

I saw this nifty gadget and it says that it will scan the receipt and it will automatically recognize the info on the reciept and enter it into quickbooks or a few other programs. In the event of an audit the scaned receipts are accepted by the IRS so basically, you can scan the reciept and throw it away.

$200 on tigerdirect.com

and users out there?

Do you like it?

[LunarLandscape]

Hey, I was looking at that machine at tiger direct in shaumburg last week. 219.99 at the store on Golf Rd near woodfield.

[Classified]

Hey, I was looking at that machine at tiger direct in shaumburg last week. 219.99 at the store on Golf Rd near woodfield.

yeah thats where im probably going to pick it up on monday. did you but it?

[nherweck]

Hey check eBay. I saw a new NEAT RECEIPTS last night for something like $100 after shipping. Check it out!

[Stillwater]

Does anyone use this?

www.neatreceipts.com

I absolutely HATE entering reciepts and often get behind in doing it because I hate it so much snowballing into a giant mess real quick.

I saw this nifty gadget and it says that it will scan the receipt and it will automatically recognize the info on the reciept and enter it into quickbooks or a few other programs. In the event of an audit the scaned receipts are accepted by the IRS so basically, you can scan the reciept and throw it away.$200 on tigerdirect.com and users out there?Do you like it?


Hang onto all your receipts for at least 10 years

[N.H.BOY]

Hang on to them for 10 years??? ARE YOU SERIOUS??:dizzy:

[MarcSmith]

never had anything like that. but you are sitting in front of the computer at least once a week doing invoices. while you are doing invoices on QB its real easy to to key in the dozen or so receipts you generate, plus while it fresh in you mind you know which job they get costed to....

I kept one of the those 5x9 accordion files that have a slot for each month. One of those for each year. I kept everything for 7 years....

[Stillwater]

Hang on to them for 10 years??? ARE YOU SERIOUS??:dizzy:

Absolutely, I am serious as a heart attack. I will let others explaine why this is a good Idea.

[Team-Green L&L]

Seems like a lot more work than turning in the CC statements at the end of the year...

[HOOLIE]

I have one...it's nice.

Besides sending the info to a database, it retains an image of the receipt. Since this is IRS-approved, YES you can actually shred your receipts you don't have to keep them in the attic until 2018. If you need to reproduce them you just print them.

[MarcSmith]

but how does it know what the invoice was used for? Which job to cost it to... Is if on road fuel, off road fuel, meal for workers, repair part for a mower, repair part for a sprinkler head you broke.

you still have to do data entry and sit in front of the computer. I do like the idea of having a years worth of receipts and invoice and such on a CD and have it in the fire proof safe.
But we still live in a paper society unfortunately.

[HOOLIE]

Marc- you're right you do have to do some 'tweaking' but overall it's a pretty nice little machine.

If you're a very organized person, you probably wouldn't need to buy it, unless you want to be able to shred your old receipts. If you're like me :rolleyes: then it comes in handy.

The other nice thing, my wife can scan the receipts, and I can go back and do some tweaking at my convenience. She doesn't have to know if it's gas for the truck or mowers at the time. When you highlight an entry, the scanned receipt is shown to the left, so you can easily correct any mistakes.
Before the wife tended to not do this sort of stuff unless I was home to answer questions...

[ICS]

We bought ours almost a year ago and it has worked great so far.

[1wezil]

found them on e-bay for 170.00 to 180.00 it looks like a cool thing .

[MarcSmith]

Its is a novel approach. I guess its kinda like QB, if you don't have it, you really don't know what your missing...

[Classified]

Looks like im picking up mine on monday! Cant wait!

thanks

[LunarLandscape]

I did a little more searching and I am going to get one on the weekend. Classy, what city are you out of??

[Classified]

I live in schaumburg. Im going to pick it up from the tiger direct store on 72&58

[Classified]

Its is a novel approach. I guess its kinda like QB, if you don't have it, you really don't know what your missing...

Marc here is a good review that I saw that pretty much sold me on it. Its a review off the manufactures websit and there are many more of them


Business Travel News
March 19, 2007

» Healthcare Firm Holds Expense Solution In Its Hand
MaxIT Healthcare, a consulting firm for technology and staffing for the healthcare industry, transformed its travel and entertainment expense reporting methods to a paperless process with the help of hundreds of portable receipt scanners its travelers carry.

Robert Moore, COO and founding partner of the Westfield, Ind.-based firm and self-confessed gadget fan, said the idea for the change first blossomed when he saw the NeatReceipts Scanalizer tool in an airplane catalogue. It seemed like an effective solution for the firm, which has between $2 million and $12 million in annual booked air volume and employees traveling to client sites on a weekly basis, he said. Up to that point, handling of expense receipts was done entirely on paper.

"It was very labor-intensive," Moore said. "People would have to mail all these receipts, or they would lose them."

The portable scanner allows travelers to image receipts into PDF, Quicken or Excel files as well as the specific NeatReceipts software and send it to the proper authority while traveling. The U.S. Internal Revenue Service last year determined that such a reporting method was acceptable for tax purposes, Moore said.

MaxIT Healthcare went live with the scanners for its travelers at the beginning of this year and now uses close to 300 of them, he said. The scanner, small enough to fit in travelers’ bags next to their notebooks, exports PDFs of receipts to the accounting office as they receive them.

"When the accountants come in each morning to verify expenses, they have a queue of things to approve," Moore said. "They click on an expense to open the attachment, view the expense and approve it."

The new process has saved hours of work for both accountants and travelers, who can scan the receipts while on a flight home, he said. MaxIT Healthcare plans to expand on that efficiency by further integrating it with its Juris accounting system, set to complete by year-end.

Philadelphia-based NeatReceipts said it has installed about 5,000 of its scanner tools in companies using at least five of them. Companies typically install only about 10 of the units, but some have installed as many as 400 for imaging purposes.

Spawned by the need for greater audit controls in the wake of the 2002 U.S. Sarbanes-Oxley Act, receipt imaging is becoming an increasingly common practice for businesses looking to streamline spend management processes. In addition to such do-it-yourself methods as MaxIT Healthcare’s, most major expense reporting tool providers offer an imaging option, and report rising demand for that capability (BTN, Aug. 15, 2005).

Incorporating the scanners mostly was a seamless process, Moore said. The announcement that MaxIT Healthcare was moving to a paperless reporting process was met with a standing ovation at a company meeting in October, he said.

"When you roll something out, people usually complain," Moore said. "With the scanners themselves, I haven’t heard anybody complain. It’s the efficiency of using it: It doesn’t take up a lot of space, and you can create a PDF on the fly."

The scanners have added benefits-for both business and personal needs-for employees in addition to expense reporting, he said. They also can use them to scan contracts and other documents as well as business cards they collect during travel, which they can immediately convert into Excel spreadsheets.

In addition, NeatReceipts recently made its product compatible with TurboTax software, which allows users to import information directly from deductible receipts, according to the company.

"Our goal was to make it really simple for employees," Moore said. "We like working with companies that are on the cutting edge, and NeatReceipts and Juris are two of those companies."

[mowing grass 1111]

ttt.....,,,

[IndyChad]

Thanks for bringing this up Classy! This looks like another tool to streamline and save money. I know we cannot keep all of our receipts in a pendaflex, so it ends up being a big storage tupperware. This will help a lot and I think this will be a good investment for our company!:clapping:

[SpruceLandscape]

Hey everyone!
I have been following this thread for a while and for anyone who is still thinking about getting one of these machines, Costco has them for $150! I just saw it up there this past week.

[Classified]

Thanks! ill head there now. tigerdirect was out of stock the other day

[Classified]

Hey everyone!
I have been following this thread for a while and for anyone who is still thinking about getting one of these machines, Costco has them for $150! I just saw it up there this past week.


i just picked up my neat reciepts from costco for 150! it even comes with more stuff than normal too!

Thanks for the heads up, you saved me $70!

[Roger]

For those who have these machines and QuickBooks, what is the link between. When reading the web page for NeatRecipts, the information on the procedure to get "from here to there" is vague.

After the receipt is scanned, now you have a file with that receipt. The information says an OCR will scan the information. But, how does the information on a receipt (positioned in all kinds of places on the paper, all different shapes of paper, all different kinds of print) to a QB expense entry? Are there some keywords it finds, so the software knows it is an expense, any receipt from store XXX always get allocated to a specific account? Or, is each receipt processed individually by hand, setting the right account allocations? If the second choice, it would seem that much hand work is still required to get from the piece of paper to the QB entry.

Anybody have any observations, or experiences, they can share on this point? Thanks.

It sure looks like a great idea in principle because I hate handling all the expense entries. But, if each one needs considerable amount of processing between the scanning, and the final QB entry, then the labor savings seems very small.

[Stillwater]

If their is any time savings it is totally minuscule, but that is all I will say about it. The machine appears to be liked by some, so I do not want to offend anyone. Someone hear said it was IRS approved so if that is true then it has its value as long as the data is backed up.

[SpruceLandscape]

i just picked up my neat reciepts from costco for 150! it even comes with more stuff than normal too!

Thanks for the heads up, you saved me $70!

Hey no problem, I'm glad I was able to help. Keep me informed on what you think of this thing in the long run. I'm curious. Thanks

[Stillwater]

Hey no problem, I'm glad I was able to help. Keep me informed on what you think of this thing in the long run. I'm curious. Thanks

ya keep us informed I am on the fence with this thing i have a opened mind

[Classified]

well i can tell you in the short term, its worth it. i scanned 186 receipts in last night in less than 3 hours. i still have a little bit of setup to do before i import them all into qbooks but the interface is pretty impressive. its really cool how it pick up the appropriate information. you have to watch it though, sometimes it will mess up but id say its about 95% accurate.

Ill keep you informed once i import it all into qbooks

[Stillwater]

well i can tell you in the short term, its worth it. i scanned 186 receipts in last night in less than 3 hours. i still have a little bit of setup to do before i import them all into qbooks but the interface is pretty impressive. its really cool how it pick up the appropriate information. you have to watch it though, sometimes it will mess up but id say its about 95% accurate.

Ill keep you informed once i import it all into qbooks

thanks...........

[MarcSmith]

i scanned 186 receipts in last night in less than 3 hours.That's why folks hate doing receipts. If you wait until the pile gets so large...you dread working on it...That is impressive though a minute per receipt...to get them scanned.

[AI Inc]

Why do you guys have so many receipts? I have like 10 a yr.

[MarcSmith]

I could get 10 a day....one trip to the gas stations netted two reciepts. a trip to the landfill got me one, a trip to the nursery, another, Home depot, another...The mower shop for blades, ect....

heck with only 10 receipts a year....you must not do much..if any...work...Or...just are not aware of all the deductions you have available...

[AI Inc]

everything and I mean everything including coffe for the boys ocasionaly goes on a credit card, or an in house account, gas is on an account , supplies account , hardware store account.

[MarcSmith]

You get statements each month from each of your suppliers, which is 12 per year per supplier. Every visit you make you should get a receipt for you purchases, even if its going on the account that way you can reconcile you account and you know that you are paying for goods you received.

I have enough purchases that were job specific that I would job cost all my receipts (except fuel and equipment maintenance stuff) So usually once a week I would enter my receipts into QB...usually about 30 a week.

[Frue]

put all your recipts in a folder and at the end of the month put them in excell. Has worked great for me takes about 20 min a month.

[SpruceLandscape]

everything and I mean everything including coffe for the boys ocasionaly goes on a credit card, or an in house account, gas is on an account , supplies account , hardware store account.

I hope you still keep all your reciepts from your credit card purchases...
Just because you are showing a purchase on a credit card it doesn't give specific enough info on what that purpose is. I'll bet if you were to get audited the IRS would try to disallow a lot of those purchases... I do the same thing, have 4 different cards for different types of purchases for the business which helps ME keep track of expenses and simplifies my taxes at years end, but even my accountant stresses making sure that you still keep all the ACTUAL receipts in a box or files.

[IndyChad]

We just purchased this program also. It is being delivered tomorrow! The biggest asset I can see is that we can log all of our receipts on our zip-drive and throw it into our safe instead of having box after box of receipts to store. In case of a fire, we will still have what we need in the fireproof safe. I am not expecting miracles, but just more efficiency.

[MowingMowingMowing]

I just bought one tonight on Ebay. Looking forward to using it. Here is the link if anyone is interested, this seems to be the best deal.
http://cgi.ebay.com/NEW-Neat-Receipts-Mobile-4-0-Scanner-NeatReceipts-4Plus-/250746902186?pt=LH_DefaultDomain_0&hash=item3a61ae16aa

[walker-talker]

I didn't read the entire thread, but can you just buy the program and use your own scanner at home?