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Receipt Scanning Software Are Productivity Software In Disguise: Know How

Whether you are managing the finances of your small business or filing taxes, receipt scanning can make your work done faster, along with letting you know where you are spending your amount. Documents might get lost or misplaced in today’s busy era. Receiving scanning software will help you convert bills and important documents into soft copies that you can keep safe and accessible from anywhere. 

Why should you do receipt scanning?

There are a plethora of reasons why you should do receipt scanning. A few of the benefits are:

  • To shorten the turnaround times

Everyone is in a hurry these days. People look for a quick reimbursement or try to get a solution for the delays in the process. Do you know what the solution could be? Receipt scanning software! It will help to significantly reduce turnaround times by checking the data and entering it into a program. 

  • Minimize the fraud with automated fraud detection 

Receipt scanning software automatically detects whether a receipt was submitted before or not. Even if the receipt has been altered or looks Photoshopped, the receipt scanning software will do the entire check thoroughly and let you know the defects. 

  • To reduce the costs of the overall project by a considerable amount

How can the cost be reduced with the help of receipt scanning? If that is your question, imagine how fast you can scan the receipts manually. Hard to imagine, right? That’s where receipt scanning software comes in handy! With the help of the software, you can scan a wide range of documents within seconds. This will reduce the overall processing cost. 

  • Ensure GDPR compliance and security

Many machines can produce fake receipts and steal personal data. To retain personal data safely, receipt scanning is a must. Receipt scanning software can define case-sensitive data with personally identifiable information and use data masking to keep them safe. This helps to ensure GDPR compliance and security. 

  • To limit human error to a minimum 

Error rates in manual data entry range from 0.55 to 3.6%. Human error can occur due to distractions, keystrokes or other manual mistakes during data entry. To minimise errors and enhance the work’s efficiency, all organisations and industries should take receipt scanning into a loop. 

What are the features a receipt scanning software should have?

Similar software may have vastly different features in this complex digital world. A receipt scanning software will make your life easier. But what features must it have? Here are a few features you should look for in receipt scanning software.  

  • Multiple ways to add receipts – The transition from offline to online transactions has changed how things work. The hard copy and soft copy of the receipt are essential in their ways. Keeping a physical copy helps scan the document easily, and converting those physical copies to digital ones helps better the sharing process.
  • Append receipts – The most difficult task is to scan and append the available receipts and docs in converting the physical copies to digital ones. For the scanning process, the software which is used to do the task should be able to append the paper receipts to a unified digital copy. The manual process of scanning and exporting each document is troublesome and would require much more effort for digital receipt management.
  • Adjustable receipt sizes – Since the sizes of receipts differ in height and width, any rigid scanning format can distort the quality of the scanned receipt from the physical copy. Using the wrong software to scan the receipts can lead to two major problems: long receipts would shrink, making them unreadable, and wider receipts would break down into multiple pages to fit the format, resulting in a different layout.
  • Content recognition – As human advances in the technological era, automated systems are advancing. The best practice used today for scanning documents is the OCR – ‘Optical Character Recognition, which ‘reads’ the text from the document being scanned and then rewrites it in the format of the receipt document. The next level the OCR can reach is reading the data uniformly to provide a unified document of the scanned receipt.
  • Sorting automation – OCR is a great tool as it makes your digital document easy to edit, analyse and sortable by using automated sorting. By applying different rules or conditions for sorting, OCR will sort your digital documents and provide the sorted versions. For instance, by using the OCR method, one can sort receipts from a specific dealer or digital documents using the receipt number in the selected range.

Other benefits of using a receipt scanning software

Though receipt scanning software helps you digitise your receipts, it offers substantial benefits for individuals, families, organisations and businesses. Here are a few more benefits of using receipt scanning software.

  • Get rid of the clutter of paper and save space
  • Track the finances easily and ensure financial data is inserted with convenient multiple options
  • Protect the loss of data in any natural calamity and keep the system safe
  • Align the images properly when you start scanning them in the receipt scanning software
  • Make tweaks or comments on any receipt effortlessly with editability
  • All your receipts can be accessed in one identifiable place
  • Find receipts easily with searchability
  • Access your data 24/7 from anywhere on almost any device 
  • When the receipts are digitised and stored, sharing of data is simpler and safer
  • Work with your data in many common programs, such as Excel, PDF, Quicken, etc.
  • Create expense and other reports with different receipt scanning software
  • Track all your expenses and stay on budget
  • Make returning your purchase easier
  • Maintain a more efficient workforce with financial convenience 
  • Make tax time easier and less expensive 

To Sum Up

If you want to keep your digital filing neat and organised, it is better to install receipt scanning software. Your bills, statements, medical records, and other documents will remain organised, and you can access them anytime. So, whether personal or family accounting, keep everything at your fingertips using modern technology, i.e., installing receipt scanning software!