Unlike what many Finance Professionals think, HMRC does not specify any rules on how you must keep records. You can keep them on paper, digitally or as part of a software program (like bookkeeping software).
What HMRC says is that they can charge you a penalty if your records are not accurate, complete and readable so make sure you store your documents in a digital format and well organized making sure that you can have easy access to them.
Therefore, the current trend of scanning invoices to speed-up invoice processing speeds and keep the information organized and easily accessible is something that HMRC accepts as long as documents are accurate and readable.
SO WHAT INVOICE SCANNING OPTIONS DO I HAVE AVAILABLE?
Sage 50 Accounts, Sage 200c, Sage 200 Standard, Sage 200 Standard Online and Sage 200 Extra Online users can keep all their documents properly stored and organized with the Sage Developer solution, PaperLess software. PaperLess is a powerful document management solution with build-in OCR that integrates seamlessly with Sage allowing accountants and finance professionals to easily manage all accounting and non-accounting documents having them directly linked to transactions in Sage.
Besides being a Sage Developer, PaperLess is also listed on HRMC Record Keeping Software Providers List, which presents to users a number of software suppliers that have produced simple record keeping applications to help accounting professionals manage their documents and, in the case of PaperLess software, to have those documents directly linked to transactions in Sage 50 Accounts, Sage 200c, Sage 200 Standard, Sage 200 Standard Online and Sage 200 Extra Online users.
- Automatic Invoice Recognition
- Online Invoice Approval with Automatic Approval Workflow
- Documents directly linked to transactions in Sage
- Lookup of documents directly from Sage
- Full Document Management Automation with PaperLess Company Inbox
