Help! I’m trying to find an app for Accounts Payable. What’s the difference between them?
Hoping to improve upon your current processes? Starting a new business and want to start off with the easiest option right away? There’s so many new technologies available (especially for Accounts Payable), but how do I find the correct one? What’s the difference between Hubdoc and ReceiptBank? What’s the difference between those two and Datamolino?
Even though these apps may sound the same initially, it may be incredibly helpful to have more than one of them.
Why should I get Datamolino?
Datamolino will “read” your bill or statement and automatically enter the data in your accounting software. My favorite feature was the customer support. I was connected with somebody who actually knew the software and was able to explain everything very well. Datamolino was priced reasonably and user friendly. The biggest drawback was the processing time. It took 12-24 hours for Datamolino to “fingerprint” a document. Once it’s “fingerprinted”, future similar documents should be uploaded much more quickly. Unfortunately, this was not the case for me. I uploaded several similar documents after the first one was “fingerprinted”, but the next documents still took 12-24 hours for processing.
Overall, if you are looking for a reasonably priced option for automatic data entry and can wait for the processing, it’s worth considering.
Why should I get Hubdoc?
Hubdoc will fetch your statement / invoice automatically for you. For example, if you do not want go to your bank’s website, you can input your login information to Hubdoc, and Hubdoc will automatically retrieve your bank statement(s) for you as soon as it is available. This is helpful to accountants, as your accountant will have access to your information immediately. In turn, this should speed up their processing time. You also do not need to give your accountant your password to your bank accounts. On the downside, I did have instances where the bank or vendor I needed was not available.
Overall, this can be very helpful for business owners and their accountants. Be sure to inquire which banks and vendors you would like to use this for.
Why should I get Receipt Bank?
The goal of Receipt Bank is to automate data entry. The ease of use and quick processing time of Receipt Bank definitely made it stand out from its competitors. I had all of my documents uploaded and processed within minutes most of the time. They recommended scanning / uploading to Receipt Bank and then going to lunch, but I’ve never needed to wait that long. I also liked how well Receipt Bank not only integrated with the online accounting software systems, but also QB Desktop.
Overall, this tool has helped saved time for my clients and for me and was reasonably priced.
Why should I get Bill.com?
I signed up for a free trial, but this was by far the least user friendly option. I could not figure out how to use it, so I cannot compare a lot of these features. From my research, it was a pricier option. In general, the reviews online seemed positive (for those that could figure it out or had training), but there were also some reviews about how long it takes to send / receive cash.
What about other apps?
I also tested others (InLattice, Entryless, Circulus). While they do connect to accounting software systems and have similar features to some of the above, they also have different features than those listed above – for example, bill payment and multiple user approvers.