Introduction
Automations are your silent partners in productivity, designed to handle repetitive tasks so you can focus on what matters most: growing your business. SparkReceipt’s automation feature offers two main types of automations—recurring expenses/income and automatic expense details assignment—both of which are incredibly valuable for small business owners and freelancers who juggle numerous routine tasks. In this guide, we’ll explain what automations are, why they’re beneficial, and, most importantly, how to set them up in SparkReceipt.
What Are Automations?
Simply put, automations in SparkReceipt streamline routine accounting tasks. By setting up specific rules, you can create processes that run themselves, reducing the need for manual data entry and ensuring that your finances stay organized.
Two primary types of automations are available in SparkReceipt:
- Recurring Expenses/Income: Automatically record expenses or income on a set schedule—daily, weekly, monthly, or customized intervals.
- Automatic Expense Details Assignment: Set up rules to categorize and tag expenses based on keywords, helping you maintain consistency and save time.
Why Use Automations?
Automations were born out of a need to save time and eliminate repetitive tasks. By automating aspects of your finances, you’ll:
- Increase Efficiency: Let the system handle routine data entry and categorization.
- Reduce Errors: Automations reduce the risk of human error in tracking and categorizing expenses.
- Stay Organized: Consistent record-keeping means better insights into your business’s finances, especially around tax time.
How to Set Up Automations in SparkReceipt
Step 1: Access the Automations Tab
Start by logging into the SparkReceipt web application. Once logged in, navigate to your Account Settings, and click the Automations tab. Here, you’ll find options for setting up both recurring transactions and automatic details assignment.
Step 2: Create a Recurring Expense or Income
- Choose “Recurring Expense/Income” from the automations options.
- Select the frequency for this automation (e.g., daily, weekly, or monthly).
- Enter the expense or income details, including the amount, date, and any specific tags.
- Example: Set up a monthly automation for rent payments. Specify the amount, due date, and any tax categories or payment methods associated with this recurring expense.
- Click Save to confirm.
Once saved, this automation will generate an expense or income entry on the specified schedule, keeping your books up-to-date with minimal effort.
Step 3: Set Up Automatic Expense Details Assignment
- From the Automations tab, select Auto-Assign Expense Details.
- Create a rule based on keywords found in receipts or transaction descriptions.
- For example, set a rule that whenever an expense includes “Market” in the name, it is categorized under “Test Expenses” with a “Reimbursement” payment method and tagged as “Test.”
- Specify the category, payment method, and tags you want automatically assigned to this type of expense.
- Click Save to activate the automation.
This automation will automatically update any matching expense with the specified details, saving you time on categorization.
Step 4: Test Your Automations
After setting up your automations, it’s time to test them:
- Use the Mobile App to scan a receipt that matches one of your automation rules.
- Observe as the app automatically categorizes, tags, and assigns payment methods based on the rules you set.
For instance, when you scan a receipt labeled with “Market,” SparkReceipt will apply your predefined tags and categories, demonstrating the automation in action.
Practical Example: Setting Up a Monthly Rent Payment Automation
To illustrate the power of automations, let’s walk through a practical example. Suppose you want to automate a monthly rent expense of $1,000, due on the 12th of each month:
- Navigate to the Recurring Expense/Income setup.
- Select Monthly as the frequency.
- Enter $1,000 as the amount, assign the “Rent” category, and set the due date as the 12th.
- Save the automation, and from now on, SparkReceipt will automatically record this expense for you every month.
Conclusion
Automations can significantly reduce the time you spend on bookkeeping, allowing you to dedicate more energy to running and expanding your business. By setting up recurring transactions and automatic categorization rules, SparkReceipt helps you maintain accurate, organized records effortlessly. Dive into the Automations tab today and set up your first automation to see the benefits firsthand.
Have any questions or need help getting started? Reach out to our support team, or check our Knowledge Base for additional resources.