Keeping track of bills and receipts can be a daunting task for any business owner. However, thanks to technology, automation has made this process much easier. In this video you will see a step-by-step process with how to automate the entry of bills and receipts into QuickBooks Online using Zapier and Parsio.
Zapier is an automation software tool that allows you to connect data from two or more applications together to automate repetitive tasks. There are currently over 2,000 applications that work with Zapier! In this case, we will be connecting Parsio and QuickBooks Online through Zapier.
Parsio is a software tool that extracts data from receipts and invoices with the help of artificial intelligence. It then provides that data in an accessible and organized format, making it easier to manage and track. In this video we walk through how to set up a Parsio account, create a custom email and walk through the steps to parsing a document forwarded from your email inbox. Don’t forget to check the Download URL box in the Fields section to include it in your parsed data!
Once we confirm the parsed data in Parsio has what we need, we head back to our Inbox and create a Rule. Most of us use Gmail, Outlook or Microsoft 365 and all three email systems have Rules you can create to handle email as it hits your Inbox. In the video we walk through how to set up a Rule to ensure that each time an email from a particular vendor with certain language in the Subject line (or Body), that the email is forwarded to Parsio and moved to a “Processed” folder in the email system.
Once those first two steps are completed, we create a Zapier account and construct a workflow (called a Zap), comprised of tasks to carry out our objective of recording an Expense into QuickBooks Online. Every Zap has just 1 trigger but can encompass multiple actions. In this case, Parsio is our trigger application and the trigger task itself is the parsing of a document in the custom email in Parsio. In its essence, once Parsio receives an email and parses it, the trigger is activated in Zapier.
We then can create the second task in Zapier, which involves QuickBooks Online as the connecting application and the creation of an Expense as the action to take within QuickBooks Online. The first time you do this, it will be necessary to link your QuickBooks Online account. Be aware it is a Premium connection, which will require a Zapier subscription past the trial period.
Once we connect our QuickBooks Online account, we select the option to create an Expense then walk through the different fields to populate with the fields provided from the Parsio trigger. Once we complete the input in this task (including putting the download URL in the Memo field), we are able to test the result. If successful, an Expense is added in QuickBooks Online!
You can now save and publish the Zap in Zapier and one expense is now automated. Ready for the next one?
Automating bills and receipts into QuickBooks Online using Zapier and Parsio can save you a lot of time and effort in the long run. By setting up this automation in conjunction with Bank Feeds in QuickBooks Online, you can ensure your financial records are up-to-date and accurate with minimal ongoing effort, allowing you to focus on other important aspects of your business.
As great as this automation process is, it is not perfect. Here are a few Pros and Cons with this automation process…
PROS
It’s cheaper than hiring a bookkeeper.
It is virtually no-touch, once it is set up.
Documents are digitized and accessible within QuickBooks Online.
It is best suited for repetitive bills and expenses from the same vendors or suppliers.
CONS
It requires an investment of time upfront to create the workflows.
It is not free! There are subscription fees required for the software tools.
Automations can and do break for different reasons, so it requires a little monitoring.
It is not a solution for someone with limited accounting knowledge using Quickbooks Online.
Does this process pique your interest, but you don’t have the extra time to implement it? We would be happy to visit with you and let you know how our team here at UCentric Solutions would be able to help!
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- VIDEO LINKS -
(When available, we use affiliate links and may earn a commission.)
Zapier - https://zapier.com/
Parsio - https://parsio.io/?ref=ucentric