For decades, proof of purchase has taken only one form – the check. Whether buying groceries to feed a family or purchasing products or services vital to the successful business operation, a receipt provides undisputed evidence that the transaction has been completed.
This proof of purchase, however, isn’t without its drawbacks. How often have you found your pockets stuffed with little pieces of crumpled paper? Or, how often have you accidentally misplaced a check? Sometimes, it seems that receipts were almost designed to be damaged or lost; tiny pieces of paper with smudge-able ink that rip at the slightest pull, hardly seem a reliable way of keeping track of your expenditure.
However, thanks to advancements in technology, we no longer need to quell that frustration we feel with the fragility of paper checks. Converting paper receipts and other important documentation is easy when you use a check scanner. Not only that, you’ll never have to worry about losing a receipt again!
Are these the only benefits of using check scanning software and apps? No, of course not. Believe it or not, there’s a wealth of benefits to scanning and storing your receipts digitally – some of which you may not have ever considered.
So, if you’re considering completely overhauling your business practices and utilising check scanning technology, or if you’re weighing up the pros and cons of using a mobile receipt scanner to manage your personal expenditure, take a look at these benefits of using an OCR scanning platform that you may not have considered.
Effortless Financial Organisation with Check Recognition Technology
Most of us are guilty of not keeping our checks as organised as they could be. Whether we have a desk drawer dedicated to discarded paperwork like receipts of if they never leave our pockets only to be ruined in the washing machine spin cycle, they’re often forgotten.
The benefit of having an OCR receipt scanner is that checks can be easily parsed, stored and accessed later. Let’s say, you’re wining and dining corporate clients in hope of winning that big account. That doesn’t come cheap. But, you can’t claim important businesses expenses without a receipt.
Taking a picture of the bill, saving the data to a device document or the Cloud means that you’ll never have to worry about paper receipts ever again. It’s basically, effortless financial organisation can be yours. Not only that, but receipts and documents can be categorised, labelled and sorted precisely how you’d like. Say goodbye to scrolling through folders and documents to find a single receipt, or worse still, emptying handfuls of small bits of paper onto your desk.
Financial Expenditure Can Be Recorded Promptly with a Check Capture API
How often have you intended to log expense receipt data to digital platform or Excel spreadsheet, yet once you return to the office more pressing matters demand your attention? This happens more often than we may think.
That delay in recording your expenses may cost you a prompt reimbursement, or even cause you to forget to log the expense at all. The more you fall behind on tracking your finances, the more expenses progressively build up. And, guess what? You may neglect or forget to log one, two or ten different expenses.
Receipt capture software makes managing your receipts promptly a breeze. Simple, efficient and able to be completed in a matter of seconds with a few clicks of a button, this technology makes financial management easy, swift and able to be completed without delay.
This is especially useful for anyone who’s job keeps them travelling for much of the year. Syncing to all mobile devices, it has never been easier to promptly record expenditure, making sure that you’ll never forget to record a transaction ever again.
Receipt Data Can Be Shared Simply and Safely
One of the lesser acknowledged benefits of using an OCR receipt API is to record and save your transactions is that with checks digitised and stored, it is very easy and safe to share data with colleagues.
This is especially helpful should the time of the most arrive when businesses calculate expense claims. If you’re away from your desk and travelling, you needn’t worry about not having your expenses reimbursed. Why? Your colleagues in accounts will be able to access your digitised receipts and accurately calculate your reimbursement.
Not only that, many receipt scanning platforms allow for receipts or documents to be emailed with ease. Data can also be accessed by different users using mobile devices, or even the Cloud.
So, if you’d like your latest business expenses to be promptly reimbursed and not forgotten until the following month, receipt data can be easily shared wherever you are.
Have a More Efficient, And Happy Workforce
One of the keys to running a successful business is having a workforce that can efficiently streamline processes and effectively work as part of a team. This is true of any department, but no more so than in the financial department.
Having financial data so conveniently accessible to those that require it, without having to waste time searching for it, streamlines processes – and contributes significantly to employee happiness. No one wants their job to be made harder than it already is. Employee confidence is driven by trust in colleagues and the business. This creates a happy workforce.
By expending far less energy on certain tasks, such as expenditure, employees will be more equipped to handle complicated tasks. Less mistakes are likely to be made – causing less conflict and more camaraderie. This is the beauty of integrating a receipt scanner into your business.
Using Check Scan OCR will Save Money
Regardless of the size of your business, saving money to maximise profits is something that every business does. Now, it can be argued that some do this better than others, but regardless of the nature of your business, there are always ways to cut down expenditure.
So exemplary OCR check scanner technology has grown to become that it can save you hiring financial manpower just to manage expenses. Hiring more employees doesn’t just cost your business their salary. The cost of equipping them with everything they’ll need to perform the role, including, computer, desk, chair, stationery and even heating or cooling the office in the winter and summer months, can add up to a significant cost.
What if you could use existing technology to save manpower expenses? Well, using a receipt scanner you can. All you’ll need to pay is the initial outlay and a nominal monthly fee. You’ll save money from the moment that you introduce it to the office.
Calculating Your Tax Has Never Been Easier
There are several reasons why a good OCR receipt scanner will help you calculate and manage your personal or commercial tax. Firstly, you can easily generate tax reports directly from the platform. This gives you comprehensive information and allows you to understand the precise amount of tax owed after the financial year is over.
Important information can also be scanned and stored with ease, allowing you to organise and prepare documentation, making the process of calculating and paying tax as quick and hassle-free as possible. This will save you time – and when you’re saving time, you’re saving money.
Well-organised expense reports, compiled with the help of a receipt scanner, will also save you money. Why? They will help you to accurately understand and calculate all the tax deductions that you’re entitled to, helping you to make savings that you may not have realised that you’re eligible for.
These are just some of the benefits of using a check scanner. If you’ve held off using receipt scanner technology in the office for a while, yet are now curious of the benefits that you may be missing out on, perhaps it’s time to reconsider your stance?
