In today’s hi-tech era, with all business transactions going digital, it has become tough to maintain track of expenses. Organising and managing the financials is tedious with so many daily digital transactions. However, with advancements in technology, this scenario has changed drastically.
Organising, recording, streamlining, and maintaining expense records up-to-date has become easy and efficient with the help of receipt scanners. They are powerful tools that have surely emerged as a hit choice among businesses.
It is due to its seamless technology that goes beyond just capturing data from the receipts. Hence, it is crucial to understand how to leverage an intelligent receipt scanner to optimise financial decisions effectively.
Why Go for an Intelligent Receipt Scanning Software?
Digital receipts are usually in PDF format or even sometimes in the form of scanned images. Thus, it may not integrate well with other business processes, such as the most commonly used ERP. Also, the system fails to read data from such digital receipts if it is not in a machine-readable format.
It is here that modern receipt scanners come in handy.
The latest technological developments have equipped a receipt scanner with the ability to identify, extract, and convert data into a machine-readable format. Hence you can easily regularise your workflow and feed important information into the system whenever required.
How to Effectively Leverage a Receipt Scanner for Expense Management?
Businesses can use the following measures to leverage receipt scanning software effectively for optimum expense management and better profitability.
Maintenance of Updated Expense Records
With a receipt scanner, it has become easy to maintain updated financial records of all business-related expenses. The scanning software is designed to extract data from the digital receipts, classify it categorically and maintain detailed records on expense trends. This information can be further used for well-informed decision-making.
Real-Time Integration with Accounting System
As one needs to make financial decisions based on the latest information, business processes must be designed to provide access. Hence, receipt scanning eases this as it bridges the time gap between transaction occurrence and recording.
All transactions are integrated into the accounting system on automation in real-time. Thus, you can access any expense information related to any category on demand.
Minimise the Risk of Fraud
Businesses can use receipt scanners as a great means to secure their accounting system against fraud. Some receipt scanners are empowered to scan digital receipts and conclude whether they have been altered, photoshopped or have been submitted before.
Hence, a fraudulent or suspicious transaction will be automatically red-flagged for further review. Financial teams can then reassess these receipts to avoid entering incorrect information into the accounting records.
Generation of Regular Reports
When it comes to running a business, ample amounts of reports must be generated. Receipt scanners make it easy for you as they carry the most recent information and are designed to generate intricate reports. These reports are based on the fields customised for you. For example, you can easily sort the data and generate reports based on products, regions, services, and suppliers.
Utilisation for Email Marketing Opportunities
Confused about what a receipt scanner has to do with email marketing opportunities? The connection between the two is straightforward. Receipt scanning software can quickly validate the receipts generated and to be entered into the accounting system.
Furthermore, it expedites the process of receipt export to customers. These exports are done through emails, and since the customers value their receipts, they won’t ignore your emails. So, here’s the catch. You can easily slide in marketing for your brand elegantly in the email and earn a loyal customer. Thereby you can save lots on marketing campaigns.
Latest Breakthroughs in Receipt Scanning that Enhance Expense Management
- Gone are the days when receipt scanners used to completely depend on and use only the OCR technology for data extraction, organising and recording. Today, Artificial Intelligence (AI) and Machine Learning (ML) algorithms have been trending in designing receipt scanning software.
- The AI and ML-based techniques help the receipt scanning software work with limited data input and ‘learn’ how to perform accurately.
- As transactions change, so do the inputs. Hence, in the case of receipts with irregular data patterns, these AI-based receipt scanners learn to extract information suiting the needs of the scenario.
- Also, tabular data extraction has become easier due to the combination of OCR and AI techniques used by a modern-day receipt scanner.
As receipt scanners are operated digitally in an online environment, remotely accessing all the business expense information is possible. An online receipt scanner can potentially elevate your business to a new efficiency level as it employs automation. Due to this, your financial teams are free to take up more productive operations and focus on better strategies for expense management.
Thus, this receipt scanning software helps businesses free up their employee time. It helps accommodate employee skills in productive activities to achieve the desired efficiency. Also, this highly advanced software eliminates the chances of human error, thereby enhancing productivity.