A receipt scanner is an OCR-based (Optical Character Recognition) technology that intelligently recognises and captures data from receipts. As companies worldwide are adopting digital-first operations, accounting systems are being streamlined for increased productivity and efficiency.
Receipt scanning software has a critical part to play in speeding up accounting processes, boosting organisation and accuracy, and ensuring businesses are tax-ready.
In this article, we’ll be discussing the top 9 benefits of using automatic receipt management software for businesses.
9 Advantages of an Automatic Receipt Management Software
Helps stay organized
Say goodbye to scouring through your inboxes and shoe boxes (in case of paper receipts) to locate a specific receipt or glean valuable financial insights. An automatic receipt scanning software stores all of your receipts, paper or digital, on the cloud, ensuring you have quick access to key information any time you need it.
There is also the option to sort your recipes by date, mode of payment, purpose, etc, for easy accessibility.
Cuts down on clutter
If you have been maintaining paper records, you probably have hundreds of recipes lying around your desk—plenty of which may also have been misplaced or lost. You might also be spending unnecessary time trying to track all your receipts amidst the clutter.
The solution to reducing disorganisation is uploading your receipts to your receipt scanning software.
Once you digitize your receipts, you don’t need to hold on to your paper receipts. You can rest assured your data will remain safe and secure along with your other smart receipts.
Boosts security of invaluable data
One of the main reasons why businesses switch to receipt management software is to protect the privacy of their financial data. With traditional accounting systems—more so with paper-based receipts—you risk compromising confidential data to theft or even lose documents to natural disasters.
It can prove to be problematic when filing your taxes returns. A receipt scanner app offers proactive protection from unexpected attacks or accidents; it uses backup services to ensure you have access to accounts data even in the event of a fire or a security breach.
With receipt scanning apps storing your documents on the cloud, you can indulge in seamless collaborations with other accountants and bookkeepers. You can share receipts via email, add users to your system, or even share within the cloud-based ecosystem for greater security.
All you need is an Internet connection and a device — and you will be able to access and share your receipts from anywhere, at any time. Any new receipts you capture and upload will be accessible by authorized users instantly.
Speeds up operations and saves time
Possibly the biggest and most obvious advantage of a receipt management software like Dext is that it saves you invaluable time.
Manual data entry is extremely time-consuming and eats away at your resources. Entering an entire receipt’s details into a spreadsheet or binder might take you a minimum of 5 minutes but capturing and uploading a receipt to your software takes less than 5 seconds.
For a boxful of receipts, you are bound to save hours of time on a daily basis. All you need to do is take a picture and Dext’s OCR software will do the rest.
Digital receipts can be produced before the HMRC
Did you know digitized records serve as valid legal documents? You don’t have to worry about holding on to paper receipts to present before the IRS or HMRC; both government bodies recognize digital receipts as valid documents to be used for filing tax returns. Tax-filing doesn’t sound so dreadful now, does it?
Whether it is tax calculations or data entry, when done manually, human errors are bound to creep in. Needless to say, automated practices boost accuracy.
Dext receipt management software leverages top-notch OCR software to scan and save accurate receipt data. Since the documents are also saved as images, you can access your paper receipts with utmost clarity and readability even after a long period of time.
When integrating with other third-party software, you don’t necessarily have to manually enter your details. Dext automatically fills up data and processes your requests with 100% accuracy.
Generates expense reports and insights
Armed with up-to-the-last-minute digitized data, your receipt scanning software generates real-time expense reports to give you a clear picture of your finances at all times. You can leverage these reports to make effective data-driven decisions and improve your company’s financial health.
Dext receipt management software allows you to create expense reports from the dashboard using only a few clicks. With real-time insights into your financial status, you can strive to remain on budget and effectively follow through with your financial plans.
Increases workforce productivity
With your accountants, bookkeepers, and relevant employees having convenient access to updated data at all times, they can carry out their jobs with greater efficiency and efficacy.
Plus, you know your bookkeepers and accountants will have to spend far less effort and time on accomplishing tasks — which means they can contribute their abilities towards the long-term goals of your company.
Considering the many benefits of automated scanning software, it’s a no-brainer that you should be adopting receipt scanning software to improve business performance.
Take advantage of Dext receipt scanning software today!