Receipts are an essential part of all businesses, whether big or small. They help keep track of all the expenses and incomes and are extremely helpful during the tax season. However, the physical, paper-based receipts being used so far have more problems than one could count – but to summarise it, they cost you a lot of time and money that you could otherwise save.
Physical receipts occupy space, aren’t environmentally friendly, and are very easy to lose. Worse still, the task of manually entering information from receipts into the accounting software opens room for a lot of human error, all the while taking a lot of time. The good news is that receipt scanners help you with precisely all the problems mentioned above – and a lot more! By taking the digital route, receipt scanning helps you automate most of your labor-intensive tasks and keep track of all your receipts easily.
If you already wish to check out the best receipt scanning software, go for it. But before that, let us walk you through some of the critical ways a receipt scanner can help you save time and money so that you are confident in your decision!
Round-the-clock, easy access
Receipt scanning applications make it easier for you to access any receipt you require, in real-time, just by using the internet and a compatible device. This is strictly opposite to what you would otherwise be doing – rummaging through your wallet, cabinets, and files. Such round-the-clock access to all the documents with just a few taps goes on to save a lot of time in the long run. Further, since receipt scanners work with the latest technologies, you might even be able to find one that allows you to tag your receipts to help in searching later.
Before receipt scanning applications came to the fore, humans performed most of the data entry work related to receipts. This was a process that was riddled with time and manual labor, especially for small businesses without an adequately defined accounting unit. Fortunately, receipt scanners like Dext or Zoho help you save up on a lot of time by automating most of the mundane, laborious tasks. Further, based on your history, or the rules you set, the application can organize all the receipts into a comprehensive report.
Reduced clutter, increased security
Dealing with physical paper receipts is a task full of hassles. Apart from just the physical clutter, these are also very prone to fire hazards, thefts, and a lot more that can leave your business without the receipts that are much needed for your tax returns. Receipt scanners keep all of your documents digitally safe and secure, with sufficient backup and restoring functionalities to help you in case of any misfortune.
A poll conducted by the UK government revealed that 70% of decision-makers in finance and accounting had suffered the consequences of losing their receipts. With a receipt scanner application, you get the ability to organize your receipts on different parameters, like data, vendor, payment method, price, and more, thereby storing all your receipts in the most clutter-free way possible!
Simplified receipt sharing
Receipt scanning applications offer utmost security even while providing you with the ability to share receipts easily with others, either within the application or via outside sources like email, WhatsApp, and such. You don’t need to fax the receipt copies, and you can simply share them digitally with just a few taps. Most receipt scanning applications also allow you to add others to your account with controlled access. This feature makes it extremely easy for you to share receipts quickly, thereby saving you a lot of time and effort that would have gone into accomplishing this task manually.
Automated and insightful expense report
Receipt scanners come with the ability to synthesize all your receipts and provide you with comprehensive expense reports. Using information, you get a bird’s-eye view of your business’s overall expenses and make informed financial decisions. These reports come with intuitive and easy-to-understand visualizations, and you can automate report generation to save even more time! However, some receipt scanner apps might find this creature only after integration with accounting software.
Lesser room for human errors
Since receipts are integral to any business, you might manually enter the receipt information into the computer or your accounting software. This process comes riddled with human errors. Just one number in the wrong place can have dire consequences in the longer run. Retrospectively fixing these problems costs even more time, money, and effort. All in all, it’s best to adhere to a process that leaves little room for human errors, especially in primarily mundane tasks – and a receipt scanner is the best way to do it!
Simplified taxation time
One of the most important benefits of using a receipt scanner application and how it helps you save time and money is by aiding during your taxation process. Instead of spending weeks gathering all the receipts and input all the information into the accounting software for final calculation, you can use the information present on your receipt scanner application and get a quick overview of all your expenses and incomes. This approach frees up more time for you to focus on other tasks and ensures that there’s utmost smoothness in your tax filing process.
Take your receipts digital and save time and money!
Digitization has offered benefits to businesses belonging to different sectors of all shapes and sizes. Receipt tracking and management is one task that cuts through all of these businesses, and digitizing this process can help in ways more than one!
Want to know more about receipt scanners? Reach out to us!