Here’s A Complete User Friendly Guide To Understand Your Receipt Scanner App
To manage business finances or filing taxes, you need a simple and effortless way to do so. With a traditional receipt management approach, you get lost in the ocean of physical receipts and document papers. Also, you don’t have a record of the lost and damaged receipts, which makes the audit process nerve-wrecking.
The only way to make this process easy is, shift towards digital technology which is Dext receipt scanning software.
This solution helps in recording the receipts in an organized manner without any physical space to store them, along with scanning and extracting the metadata (name, date, amount, merchant name, sign, etc.) from the receipts with just one click.
What is a receipt scanning app?
The receipt scanning apps allow you to capture your receipts through them and create digital versions of those to store, share, and process for further processes.
You don’t need any physical receipts here, as you can print them if needed through digital copies. Also, any QR code or barcode printed on the receipts will be exactly captured through receipt scanning apps, without any recognition issues.
The technology is adopted by even small businesses to track their expenses and smartly handle receipts without the hassle of physical receipts.
It helps you to focus on handling business operations which actually require human effort, and also reduce a lot of receipts processing costs like storage space, human resources, damaged or lost receipts fees, etc.
How do receipt scanning apps work?
The process of installing and shifting your business to the receipt scanning app is smooth and easy. You just need to download your receipt scanner app, or app of the software that you subscribed to, and you’re ready to scan your receipts.
Usually, all these apps work the same way except for a few additional features.
- Capture the receipts through your phone’s camera on the app
- App uses OCR (optical character recognition) technology to digitize the texts and numbers on receipts
- Then, it stores digital versions of receipts in its storage
It is harder to lose these receipts than storing, which is opposite with physical receipt management. Also, you can search for these “e-receipts” easily through keywords or other filters like date, amount, etc.
Benefits of receipt scanning app
There are various versions of receipt scanning apps with different features and benefits. Let’s learn why the receipt scanning app is the better solution.
It provides you to manage your receipts digitally, and in a paperless sustainable way. Your app is always with you with all the past data of receipts stored, and an ever-ready device to capture the receipts with a tap and get done with it.
Receipt scanning becomes feasible with an application that is always with you, which allows you to access the data online at any location. You can also integrate the app with your accounting software, through which you can process the expense receipts reporting faster and accurately.
Handling physical receipts expose you to various security risks like theft, fire damages, lost, misplaced, washed with water, etc., which are common happenings.
But, with digital receipt scanning, your receipts are secured from all these risks, and you have facility to keep them protected with password and restricted log-in access. Some receipt scanning apps also provide a backup option, which acts as an added protection layer.
icon-angle-right Errorless Reporting
Receipts don’t just function as a proof of expenses, but are needed in various processes like tax audits, tax filing, financial reporting, expense reporting, etc.
To keep these operations error-free, the receipt scanning app acts as a provider for accurate numbers reporting. With its automatic data extraction, accuracy is ensured, and is double-checked through further options.
With this app, you avoid the hassle of faxing receipt copies across departments, which makes it a tedious regular task. It allows you to export and share the files by sharing login access with restricted access of editing, which ensures transparency and security together.
Also, it makes the reporting process faster, as it allows different file formats to render and process further without any recognition errors.
What should you look for in your receipt scanning app?
Your receipt scanning app should have efficiency in common features like receipt capturing, receipts recording, storing, etc. But, along with these, you may look for some advanced features which will reduce your business costs and help leveraging your business smoothly.
icon-angle-right Countless Receipts
Your receipt scanning should not be limited to a number of receipts, especially when your business makes thousands of transactions monthly.
icon-angle-right Form Processing
With this feature, you can quickly process documents such as account payables, receipts, and purchase orders, to extract relevant important information from text and numbers.
Receipt scanning is no more a man-handling job, but a digital work. The smart technology captures the receipts and records them in the app storage without any human intervention.
It provides connectivity across departments through centralized access, and helps you reduce processing time and cost at a considerable level.