Receipt scanning has become a very beneficial breakthrough and has grown into an essential element of the daily operations of many businesses. It is a streamlined and viable solution for clients in various circumstances. Keeping a record of receipts is a difficult task compared to other business expense processes. Receipts are susceptible to being misplaced or damaged. An effective and regulated receipt scanning software is a must to be employed in every business to simplify accounting tasks with a stamp of protection.
What is a Receipt Scanning Software?
Receipt scanner software is a smartphone application enabling business employees to take pictures of receipts. Businesses are now employing receipt scanners for work expenses that are integrated with OCR (optical character recognition) technology to eliminate a considerable amount of paperwork.
It reads textual data from the scanned or uploaded image and turns it into machine-readable data. A worker may use this method to submit expenses immediately and receive reimbursement more quickly.
Features of an Ideal Receipt Scanning Software
The features of receipt scanning software are as follows:
Fraud Protection
The primary feature of using receipt scanning software is security and fraud protection. The software recognizes fake invoices and eliminates them from your system.
Certain software can determine whether a receipt has already been processed. Moreover, the software can determine whether the receipts have been manipulated by scanning for photo editing activities, checking the EXIF data for irregularities, and determining whether certain aspects, such as the actual sum or date, have been updated.
Compliance with GDPR and Company Guidelines
A business must adhere to GDPR when handling personal information from a receipt.
Receipt scanning software can identify personal data components, including personally identifiable information (PII), and utilise information masking to anonymise or encrypt them. This supports businesses in ensuring compliance with regulations regarding data privacy like the GDPR or HIPAA.
The software also compares the data gathered from the receipt to your company’s spending guidelines once you scan a receipt. This guarantees that category spending limits are upheld and also that reimbursements aren’t filed for commodities that aren’t allowed.
Secured Data
When you use digitised receipt scanning, the expense data is simultaneously submitted to the business ERP or accounting system. This prevents data loss, entry mistakes, and time wasted on manual work.
When printed invoices are scattered across the workplace, individual invoices are challenging to protect. Additionally, the possibility of any unfortunate event would damage any documents you may need for your tax filing.
All the important paperwork is secured and kept private when you use receipt scanning software. For additional security, several scanners also provide cloud services.
Easy and Secure Sharing
While a lot of protection is provided by receipt scanning software, it also provides an easy way to share the receipts, such as emails. Workers are no longer required to get copies of invoices by fax.
A receipt scanning software lets you add additional users to the system. You can also use cloud-based storage to share documents.
The receipt scanning software does much more than just ease the sharing of invoices. It also enables remote access to the receipts. The receipts become portable and secured. Employees on a business trip can easily upload an image of their receipt and not worry about losing it.
Data Privacy
Your data’s privacy and security are of the utmost importance. It highly depends on how the software implements data extraction. The data might be sensitive to human intervention when not handled with secure software.
Several premium receipt scanning software offers data storage via a cloud-based system with restricted access, protected from all external involvement.
If your company uses reliable receipt scanning software, it guarantees data privacy, and no part of the information is exported or made accessible to third parties.
Hassle-Free Tax Season
With the help of receipt scanning software, any business and its clients will have less trouble throughout tax season. Paper receipts must be regularly collected, sorted, and organised for tax purposes. This can be time-consuming and more challenging if any of the receipts disappear by mistake.
When you use digital receipt scanning software, you may collect the receipt in a digital folder you can readily locate once tax season approaches.
The invoices can be labelled by certain markers so that you can properly classify them. Additionally, since you’ve got a digital framework to deal with, you can simplify the tax preparation process.
Digital receipts are safe from loss or disposal, so you need not be concerned about having unbalanced books at the end of every month.
Conclusion
The best receipt scanning software has proven that it is the future of expense management in any business. It has been demonstrated that employing it can boost productivity and employee satisfaction. The best receipt scanning software or app is not just simple to use but also saves your employees a significant amount of time. The enhanced security and compliance features also help protect your business from troublesome frauds, loss of documents or human errors.
