Tax time is fun huh? Ummmm, no, not when your receipts are kept in a large tote like this……
But if you’re smart, you’ll invest in a unit from The Neat Company – A NeatDesk. I am in love with this document scanner. It’s fast, it’s simple, and it’s smart! I had seen a million times and was thrilled with the opportunity to review it for you guys. While it does have a hefty price tag (under $400 for the desk unit), it’s money well spent in my opinion, especially for anyone who is self-employed!!!
SETUP
Setup is super easy. It literally took all of 5 minutes to setup, however, I did have to update the software. Our internet is slower than most but it wasn’t too bad.
SCANNING
The desk unit has 3 different slots; Documents, Receipts, and Cards (business). Even if you scan in a document, you can easily change it to a receipt if that’s what it is. I started scanning in gas receipts immediately and was wowed by it! It pulls the info from the receipt and is smart enough to remember certain things about each receipt that may apply to a similar one.
Some other scanning ideas include:
- business cards
- receipts (for bookkeeping, taxes, expense tracking, etc.)
- documents (shot records, contracts, etc.)
- articles & resources you want/need to keep
- tax forms
You totally need receipts if:
- You have gazillions of business cards.
- You wad up receipts in your pocket, then toss them on the counter.
- You hate data entry and bookwork. <—-blech
- You want to get rid of the waste, aka, paper.
Things I love about NeatDesk:
- SIMPLE! SIMPLE! SIMPLE!
- Create folders to categorize receipts, documents, etc.
- Drag and drop.
- Has tax categories for filing which makes tax time even easier!
NeatDesk gets 5 stars from me. I absolutely love everything about it and as long as you sit down and take the time to scan in your receipts, you won’t be dreading your next tax year! Here’s a quick video view of how it works. I blacked out some of the numbers (like my credit card) on the receipt.
You can get the NeatDesk for PC or for Mac. There is also a mobile version that is super handy for folks who travel a lot!
Disclosure: NeatDesk provided me with a unit in return for my honest opinions.
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Oh that is so cool! I have also seen the infomercials for it. I sell a lot of items through flea markets and such. This would be a great way to organize all my info.
I love the photo of your face. I’m cracking up! Great video. Thanks Lori!
Karen
Wow, that is pretty slick. Does it connect with tax and accounting software? IE can I link it in to my quickbooks online account?
GREAT question! I hadn’t done it, however, I did research it ’cause I was curious. Here is what I found.
“For getting data into QuickBooks, you can choose from two methods: one is a direct port, the other is via IIF file. I especially like the Quicken QIF method. The latest version (2.7.5) has TurboTax export too.
In addition you can push data into Excel® via CSV, Word® via RTF, and even MS Money® via OFX. Or if you need a reimbursement, you can create an expense report and automatically email it as a PDF.
There’s more but you get the idea. If that’s not enough, you can scan business cards to go to Outlook or export to other PIM/CRM solutions.
I’ve tried both QuickBooks export types. The easiest method is called “Direct to QuickBooks,” although to work, both databases must be on the same computer. The QuickBooks Integrated Application permissions are set once, at the initiation of the first import. After you set it up, the link is a one-step import. Just keep in mind that the QuickBooks data file must be open and running on the same PC. (If needed, you still have the alternative of creating an IIF file for later import into QuickBooks on a different PC.)
Regardless of your destination, be it Quicken or QuickBooks, group your scanned receipts by account (cash, credit card, or checking). Begin your prep in NeatReceipts by creating folders that match with the debit and credit accounts in QuickBooks. For Quicken, set up a folder for each bank, credit card, or petty cash account; no need to worry about debits and credits.
Because of the double entry model in QuickBooks, you will probably want to create batches which have like debits and credits. Note: NeatReceipts can only process one designated debit and credit account coding per QuickBooks import. The debit account will usually be a QuickBooks expense account which is analogous to the NeatReceipts “Category” column. The credit account in QuickBooks refers to the bank, credit card, or petty cash account.
Test the Import. Test your imports with QuickBooks sample files to achieve the best possible data migration technique.
Quicken Tip. If you use Quicken, here’s a trick to allow you to bypass restrictions in place with Quicken versions 2005 and later, regarding QIF. First set up a generic petty cash account in Quicken. This will be an interim account to hold the batch import. Group your receipts in NeatReceipts by account, be it cash, credit card, or checking. For each account, import into this staging cash account. Unlike with QuickBooks, you will be able to import all of your categories (expenses) together. Use the Quicken function to move transactions en masse to the appropriate cash, credit card, or checking account with the expense designation intact.”
This is from this website Jenn. http://accountant.intuit.com/practice_resources/articles/practice_development/article.aspx?file=vm_NeatReceipts
:)
Fantastic! Thanks!
Love my Neat Receipts scanner! There are so many uses for it, and it’s so incredibly simply to use. I tell everyone about it!
I totally need Neat Receipts and a box to put all of my receipts. Maybe I’ll section it off to separate business and personal expenses cause you don’t look too happy with your bin, lol!