In this era of digitalization, everything has been transferred online. Everything from a safety pin to a washing machine can be found on e-Commerce platforms. While purchasing different kinds of goods and gadgets, you may have received a receipt or invoice as proof of the purchased item.

Different kinds of documents are issued as proof of purchase of different goods. They might be credit card statements, receipts, invoices, etc. However, a receipt is the most popular document proof issued while goods are purchased.

You must be already familiar with receiving physical receipts for purchased goods. However, with digitalization with all services, people now directly receive their purchase receipts by email and thus end up having countless digital and paper receipts. Keeping track of all these receipts can be especially challenging.

Despite your profession, you should keep track of receipts and expenses, as they are significant in managing expenses and tax management. However, managing them manually can be a hectic task for the users. But don’t worry; the receipt scanner is here as your savior.

There are different methods for managing receipts, but you’ll not find a better option than a receipt scanner. In this blog, we will discuss receipt scanning, receipt scanning software, and why and how you should use them.

What is a receipt scanner?

As its name implies, a receipt scanner is a business tool for receipt scanning and keeping records of the same. This tool uses OCR technology (Optical Character Recognition) to scan text from images of the receipts.

The receipt scanner scans the receipt and uploads a copy to your smartphone or computer. Moreover, you can program the tool to upload directly into your cloud storage account. The receipt scanners are an essential tool, as it helps in creating expense management report, tax management report, etc.

Why use a receipt scanner tool instead of a physical scanner?

Most businesses use physical receipt scanners to transform paper-based receipts into digital files. They put the receipt in the scanner, to convert the receipt into digital data to be stored on the computer. However, most businesses use receipt scanning instead of scanner machines now.

The widely available receipt scanning applications and software are economical and convenient options for people. Unlike physical scanners, they are portable, as they reside within your smartphone or portable smart device. Moreover, the receipt scanner application can automatically scan for digital receipts and expenses from your emails, contacts, etc. You can allow the application permission to scan digital invoices, receipts, etc., and automatically create a report.

How to Use Receipt Scanner?

Using a receipt scanner is easy; anyone knowing a smartphone’s basic operations can handle this application. To track expenses or digitize the receipt using the receipt scanner application, follow the below-mentioned steps-

1. Open the application and allow the necessary permissions.
2. Click on the camera button. The application will use a phone camera for scanning.
3. Capture the photograph of the receipt.
4. Edit the photograph as per your requirement.
5. Convert the edited photograph into pdf or desired file extension.
6. You can save the file on your device or upload it to your cloud storage. Using the share option, you can share the file with other contacts or expense management software.

Benefits of Using Receipt Scanner Application

● Enhanced Security

By using the receipt scanning software, you can make your purchases even more secure. If you’re not using a receipt scanner application, you might lose the whole data in case of theft, fire, disaster, etc. However, the receipt scanner application makes a backup of your expenses, assuring that your data is safe, in case of emergencies.

● Keep receipts organized and offers easy access

Instead of rummaging around for the invoices and receipts on your desk, you can keep track of receipts, invoices, etc., using a receipt scanner in a structured manner. Moreover, as they are appropriately organized, you can easily access them.

● Avoid Mistakes

Entering the manual data from the receipt will consume your valuable time. Also, there is a considerable chance of making mistakes while doing it manually. The receipt scanning software automatically derives the values from the receipt and shares them with report-making software to avoid errors and save time.

● Integrate with other software

Most receipt scanning applications can be integrated with any accounting software you use to create or update expense reports. Moreover, you can budget with the expense report to make more precise real-time buying decisions.

● Secured data sharing

The receipt scanner application offers users various options for securely sharing data with clients, customers, and employees over different platforms. The sharing option makes your work easier and more flexible.

Conclusion

With the availability of convenient and affordable receipt scanning applications, there is no excuse for your expense management, budget planning, and bookkeeping to be disorganized anymore. Receipt scanners are essential in managing and tracking bills and receipts to make the right financial decisions. You are stepping towards hassle-free financial management by getting a receipt scanning application.