Whether you are a freelancer, a small business, or a legacy company, you must know how your business finances are being spent. It would help if you had an overview of how money is moving in your organization. That is what makes receipt tracking an essential task for any business looking for financial clarity.
However, as businesses scale, so do their accounts and the number of receipts they need to deal with. In such situations, managing receipts manually becomes an impossible task. In such a situation, receipt scanning software comes in extremely handy and simplifies many tasks around receipt management. Let’s look at some tips that you can keep in mind while using receipt scanning software to get the most of it!
Immediately process financial data
Usually, if you take the manual route to manage and store receipts, you will first need to physically keep them in one place and then set aside a day to process all the physical documents and insert them into your system. However, with receipt scanning software, you can automate this entire process. You need to click a picture of your receipts quickly, and the tool will convert it into a digital form. To add to that, receipt scanners can also extract textual information from your receipts to give you all the information you need. If you follow this approach to receipt management, you will never have to deal with large amounts of receipts at once; you can do it in real-time without spending much effort.
Export expenses to bookkeeping software
Another essential tip to keep in mind while using receipt scanning software is that once you have placed all the receipts and financial documents in the right place, you can export them to your bookkeeping software. Receipt scanners integrate with other third-party tools to give you a comprehensive overview of your financial dynamics. Most accounting software integrates seamlessly with different bookkeeping software and brings all your financial information to one place.
Compare receipts with transactions in real-time
You no longer need to match individual receipts with various transactions on your bank statement. With receipt scanning software, you can say goodbye to that and can directly use the tool to perform all the comparisons of transactions. Alternatively, you can click the receipt whose transaction you want to match, and the app will do the rest for you.
Automate expense reporting
With receipt scanning software and all the receipts stored in a central location, you get a chance of generating reports on-demand. Further, you can automate this report generation process to get detailed reports routinely. This is an essential feature of receipt scanners and comes in extremely handy during forecasting and future planning.
Search receipts easily
Earlier, when businesses managed receipts in physical formats, it was challenging to search for a particular receipt at the time of need. However, with cloud receipts scanning software and everything turning digital, searching for the required receipts is just a few clicks away. Digital storage simplifies access beyond limits, enabling receipt scanners to search for receipts within a matter of seconds.
Complement financial receipts with tagged metadata
When it comes to making your financial data easily searchable, adding metadata goes a long way. Metadata includes items like the project, expenses, location information, etc. Metadata gives more details on the receipt being saved so that it can later be retrieved using the same information. With proper metadata in place for different receipts, you can effortlessly search through your documents and find the one you require!
In conclusion, receipt scanners are highly beneficial and proved quite helpful in scaling businesses. Reach out to us today if you look for receipt scanning for your business!