Receipt Scanning – How to Make Your Business Work More Efficiently
Updated on January 24, 2023 | by Alex Jones
Irrespective of the business size, documenting the receipts is a highly important task required to file the transactions for tax. However, it is also one of the most tedious acts.
People may take up numerous photos of receipts, but the piles of pictures require time and drain a lot of energy that could be otherwise productive. Manually handling each receipt, too, requires hiring a person solely for the purpose, which isn’t an economical solution.
In times of digitalization, engineers have also worked to ease this aspect of the business. They have worked to provide an app to scan the receipts and extract information which eventually saves loads of time. The article enlists numerous benefits businesses can gain from a receipt scanning app.
Also, Read: Here’s Why BigTime Software is a Wonderful Tool
Advantages of Receipt Scanning for Business
Businesses dealing with hundreds of daily transactions need to be quick, efficient, and accurate in taking the details from receipts. In such cases, using software or tools is a smart approach to reduce time wastage, ease the sharing with any concerned parties and utilize the receipts in any possible way. Some of the advantages experienced by the usage of receipt scanning apps include:
Mess-free Physical Environment
Working on a table already filled with numerous tasks to do can give anxiety and decrease performance, especially when people dread the task. Taking a picture or receipt scanning does all the work, so you can easily throw them away. Scanning stores the important data to be imported from the receipt and saves it.
Ease of Sharing
The scanning apps come with the feature to share the receipt. This enables the simultaneous performing of different tasks like storing and sharing information with the related parties.
Receipt scanning apps are often coupled with accounting software. It enables smartly tracking the expenses and even assists in categorizing them. Additionally, the overall budget can also be managed through this feature, which is made available on the dashboard.
Builds Customer Relationships
It also benefits in maintaining customer and product owner relations. Usually, people request to claim the warranty without presenting the receipts. Also, for long-term warranty products, it is practically impossible to preserve a small piece of paper. Tracking the receipts based on some of the known information such as name, date, and product ID clear the queries on warranty and provides hassle-free service.
Besides categorizing the receipts and providing information, receipt scanning apps help create the reports. It is further beneficial for comparison purposes or to take an overall view of transaction status.
Ease of Access
Organized receipts are easy to handle and to look at among the numerous piles. Physically searching among loads of receipts or from many photos in a camera requires time and energy and is not practically possible on immediate requirement.
AI-based apps hugely decrease the chances of errors that may occur on manual entry. A slight change is mostly enough to misbalance the business accounts, leading to huge losses.
The receipt scanning apps serve security in multiple aspects. It protects the damage to receipts from physical accidents like fire, water, and others. Password protection facilitates access only by known or required people. Storage on the cloud provides the platform to access receipts on multiple devices.
The apps ease the organization and save the paper as well. With easy presentation and sorting options, apps are preferred over notebooks and documents. Reduction in wastage helps preserve the environment too.
The receipt scanning apps can be downloaded and used on the phone. The portability feature further saves from the loss of losing receipts while traveling.
How does Dext Receipt Scanning work?
Receipt scanning is a 30-second task that can be performed using the phone. Here are the steps followed for the same:
Click the Picture
Click a picture of the receipt. It is mandatory to ensure proper lighting and steadiness of the camera for correct text and number recognition. The resolution of the camera plays a key role in scanning the receipts.
The Dext receipt scanning app inspects the available information and extracts it. The data is published in the associated accounting software.
Apps are based on AI and are smart enough to correctly categorize the receipt into suitable parts such as tax, region, and others. The apps also provide the facility of information extraction from bank statements or pdf files.
The procrastination associated with manually analyzing and extracting the information from receipts is entirely understandable. Considering the problem, Dext prepare provides the advantages of receipt scanning in one place through an app. The receipt scanner requires a single click of receipt, which is further processed by the app via its award-winning Optical Character Recognition (OCR) technology. To conclude, bookkeeping is made easy through automation and digitalization. It will save time and provide precise results by decreasing the risk of manual errors.