With the changing business landscape, there has been a need for software or application that would make your business expense management easy and less time-consuming. Many applications and software in the market can meet this need. But when you have so many choices, which one should you choose?
Before committing yourself to a receipt scanning application or software, you must know your needs and what you need the software for. Generally, receipt scanning applications bring you many more benefits alongside expense management, which all contribute to better managing your finances.
Know All About Receipt Scanning
Receipt scanning is a process where you can scan the information of your bank statements, invoices, bills, and receipts with a single click. Various receipt scanning software and applications are available in the market to do the process. Through receipt scanning, you can manage your expenses easily, automate your invoice processing, and improve your accounting process.
Receipt scanning combines AI and Optical Character Recognition (OCR) in a single software. It reads the text on the invoice or bill and then converts it into organized information that you can use for various activities.
How Does It Make Expense Management Easy?
With receipt scanning software, managing the endless expenses of your business becomes easy. It is achieved by simply taking pictures of the documentation and getting the information scanned in seconds. But the detailed steps that involve this process include the following:
- Take a picture of the invoice, receipt, or any other financial documentation using the software or application.
- The application then analyses the information, extracts the significant aspect from the document, and then publishes it to whichever accounting software you choose.
- Once the data is uploaded, it is automatically sorted by region, supplier, and tax. You can also sync your business account or upload the statement’s PDF.
The expense management task is also streamlined by using a receipt scanning application and its process. It also decreases your need to manually do your data entry, allowing you to track and submit all your expense claims accurately and fast.
The way receipt scanning applications make expense management easy for you is by utilizing the technology of OCR. With timely developments and ease, OCR can recognize the patterns of your financial documents and do text identification even in various fonts.
How Does Receipt Scanning Help?
Receipt scanning and its applications help your business in several ways, and some of these ways involve the following:
- Manage and scan your receipts anytime, anywhere
With the assistance of a receipt scanning application, you would never have to lose any of your invoices or receipts. As soon as you get the receipt, you can click an image, scan and upload it no matter where you may be. You can extract your important data with the best accuracy and publish or send your expenses and business receipts directly to your accountant or your accounting software.
- Automate and sync your business data
Using some of the best receipt scanning applications would automate your process of bookkeeping along with the management of your expenses. Through the software, you would not have to do many of these tasks manually, and whatever time and money you save, you can spend on growing your business.
Alongside that, once your business data is synced, you can utilize it in any way you want. And once the data is properly categorized, you will have an easier way of differentiating the information overload.
- Unlimited, paperless, secure storage
The receipt scanning applications keep your information and documents secure and safe for up to a decade. The storage and promise of security assist you in successfully being on top of your data records with compliance.
- Data extraction with advanced technology
Considering that your receipt scanning application would utilize the OCR technology, your data gets extracted in all the necessary fields required for filling any expenses. Paired with the feature of Optical Character Recognition, there are fewer chances of any information misreading by your financial team during the reimbursement processing.
- High efficiency
Overall, a receipt scanning application would exponentially boost your productivity and efficiency. It is an amazing way of filing expenses faster without worrying about where or how you would be storing your receipts until you would need their information. It also becomes easy to manage and store your data on a single software without using many applications and spending hours on end. Whatever your main purpose for using the receipt scanning application may be, it will assist you in securing your data in various ways.
Conclusion
If you are not using a receipt scanning application now for your expense management, in the future, they will become a constant need. It would never be that your business would stop generating expenses. As a result, you will always need effective receipt-scanning software that meets your needs.