Receipt scanning software has the power to boost team productivity, eliminate errors in data entry, simplify (or strengthen) your expense approval process, and keep you properly up to date with the financial health of your business. It is able to achieve such amazing efficiency by virtue of bringing automation to everyday tasks.
But first, let’s understand what you get when you opt for receipt scanning software:
When you opt for receipt scanning software, you’re actually getting a whole lot of accounting convenience in a single software. The receipt scanning software is certainly the most talked about and the most widely used feature of accounting software like Dext, because it is useful to all employees who bill expenses to the company. However, it comes with a universe of other features that are extremely useful to the movers and shakers of a business – the entrepreneur/ business owner in startups and the management and departmental heads in growing companies.
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Entrepreneurs must therefore adopt receipt scanning software because it improves their chances of being successful because it acts as a catalyst to 360-degree efficiency in any business.
We’re not being dramatic. Here’s how it’s done:
Data entry automated
Receipt scanning software runs on a technology known as optical character recognition or OCR.
This tech is capable of extracting data from a variety of sources and presenting it as a data entry or text that can then be copied into other documents or spreadsheets or expense statements.
Your employees no longer need to spend hours filling out expense sheets and sales reports because data can be extracted from a photograph snapped from their smartphones. All they need to do is take a picture of a receipt or bill from their smartphone
The burden on sales can also be reduced because part of their report-making process is eased – the software is also capable of picking up data from invoices.
Your in-house accountant or bookkeeper can simply have data flow directly from your business bank account to your books. Receipt scanning software integrates seamlessly with other accounting systems.
This empowers you to keep your team happy (by eliminating one of the most mundane tasks they must accomplish). You’ll also be able to make a trim team (which is typically a staple at startups) achieve more in the same amount of time.
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Receipt scanning software can also keep your “paperwork” well organised. It is able to achieve this because it automatically sorts new entries based on prior entries. Users may also set up rules for the scanned entries to be sorted into categories unique to your business.
The software allows you to also sort your suppliers by tax and region (based on information available in supplier invoices and receipts scanned by the software).
At a click approvals
You can approve your team’s expenses at a click from your smartphone. As your team grows and you are able to put trusted middle management on the job, you merge the new company hierarchy into the approval process by adding expense approvers.
Live access to updated books
Because information flows automatically from your business account to your books, and because you can use the app via any device, you have the amazing convenience of live, on-the-go access to your books. You’ll be making perfectly informed decisions, leaving no room for poor judgement that comes from using the previous week’s data or the previous month’s data.
Useful business insights delivered spontaneously
What part of your supply chain is a strain on your resources? Wouldn’t it be amazing if such insights came to you without having to spend hours and hours poring over spreadsheets? Receipt scanning software has the ability to deliver such insights to you because it already has access to all your data and being a smart platform, it is able to sift through all those data points and come up with useful business insights that are delivered to you regularly and spontaneously.
Clarity delivered immediately
As an entrepreneur, you are well within your rights to ask for clarity on any given expense. However, small teams are busy and delays in responding to such queries may or may not be purposeful. That said, you certainly can’t have such queries going forgotten and unanswered amidst the daily business humdrum. Receipt scanning software might also allow you – or your bookkeeper to seek clarity on a given entry.
In the UK, it is essential that businesses maintain and save bookkeeping data for 7 years. When it comes to the best receipt scanning software like Dext, they’re all about making your operations streamlined and keeping your data secure. Your data is protected by a firewall or a double firewall and users get IDs – one needs to log in to access data; it isn’t as simple as hijacking someone’s computer when they are away at lunch.
Ready to up your game with receipt scanning software?