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What is a Receipt Scanning Software? 5 Things To Know Before You Buy One

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Whether you are a large-scale enterprise or a small or medium-sized business —  it’s imperative that you know where your money goes. Only then can you sustainably scale your business to new heights.

This includes keeping track of your receipts,

However, if you rely on paper-based receipts and physical documents to keep track of your expenses, managing finances and filing taxes can get tricky and overwhelming. For one, it’s difficult to hold on to paper records; they are likely to get lost at some point — to recklessness or natural causes. Plus, you can’t possibly sort physical documents in a meaningful and accessible manner that doesn’t eat away at your time.

Hence, the best option is to convert your paper-based receipts into digital files. How? Using a receipt scanner that consolidates your printed documents, sorts and organizes them automatically, and provides access from anywhere, at any time.

Let’s take a look at the key beneficial features of receipt scanning software to help you get the best bang for your buck.

What is a Receipt Scanning Software?

A receipt scanning software is an application that allows you to capture and upload images of printed receipts and documents so as to digitize business documentation. It converts your data to digital files and stores it in the cloud for you to access from anywhere, using any device.

New-age receipt scanning apps help businesses simplify expense calculations, initiate reimbursement, and file taxes easily.

5 Features to Look for in a Receipt Scanner

Look for the ability to seamlessly access data

If you have employees, vendors, contractors, and other financial teams managing expense receipts you should invest in a receipt scanner app that can be accessed on the go. This typically means that your receipt scanner should be cloud-based that allows you to click images of receipts and instantly upload them to a common storage system on-the-go access.

This will ensure that anyone who needs to retrieve a particular receipt can conveniently do so using any device. Plus, you can share and collaborate with vendors and employees to speed up your workflow.

Look for top-notch security

In today’s digital age where cyber threats are rampant, how you store your data will determine how secure it will be.

You will want to make sure that your receipts and data are protected by at least two layers of security.

Cloud-based receipt scanners with User Permissions, Two-Factor authentication, etc are some features to look for in your receipt scanner for strong encryption measures. This will not only protect your data from external threats and breaches but also limit unauthorized access internally to thwart data leakages.

Look for apps that will speed up operations

Maintaining and tracking receipts for expense reports has to be one of the least attractive activities for anyone. It is ideal for everyone to have this task automated so you can be done with it as quickly as possible.

The best receipt scanner apps allow you to complete scanning and uploading in a few clicks. It typically includes taking a snapshot of your receipt with your device camera and uploading it to the cloud. It is then converted to a digital file and stored securely after sorting by date, mode of payment, etc.

Look for automatic backups and upgrades

One of the major benefits of a receipt scanning app is that you can never lose your digital records.

Paper-based receipts are vulnerable to theft, losses, and destruction due to wear and tear or accidents. This could ditch you into serious trouble when it’s time to file taxes.

However, if you have a cloud-based receipt scanner app that automatically creates backups and deploys routine updates, you can rest assured your data will always remain safe and secure.

Aim for better organization and reduced clutter

Most business owners and accountants are likely guilty of sticking all their receipts and documents in a shoebox or cluttered filing cabinet. Here, being organized goes for a toss.

Plus, physical records can only ever allow you to sort by one method, either by date, mode of payment, type of transaction, etc.

But a receipt scanner app lets you scan and organize your receipts based on any sorting method(s) you choose. You can access records by date, depending on the vendor, whether it is a debit or credit transaction, and so on.

Conclusion

As businesses are ditching conventional practices and switching to digitization, you need to stay ahead of the curve by leveraging the best digital solutions available to you. Put a stop to time-consuming, manual processes; automate record-keeping and tracking to save valuable time for yourself and your employees. This way, you can direct your attention to tasks that require it the most.

Now that you know what to look for in a receipt scanner, check the best receipt scanning software available in the UK market today!

 

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