If you’re still undecided on whether mobile receipt capture is best for your business – and are considering a more streamlined approach to accounting – there’s only one question to ask yourself. What’s stopping you integrating the technology into your commercial practices?
Managing employee expenses has long been a thorn in the side of businesses large and small worldwide. However, this issue is notably prevalent in larger businesses with a vast workforce. The issue is further exacerbated in businesses with employees on-site or traveling to site, for much of the week. Why? Expenses can only be reimbursed when employees return to premises and literally hand over a paper receipt to the account management team.
Does this issue ring true in your business? If so, there is a solution. Optimizing your expenses by using OCR receipt scanning technology and then uploading the document to a shared drive on the cloud, will streamline expenses processes – and get employee expenses paid, even when they are on the go.
Want to learn more? Here are just a handful of the benefits to using receipt capture software.
Emails Become Receipts
In our digital world, it’s not uncommon for online merchants to issue digital receipts for purchased products and services – you only need to consider the transaction record when using Amazon, and it’s a safe bet that most everyone has used Amazon at one time or another!
The emails received by online merchants act as proof of purchase. Consumers will never have to worry about misplacing a paper receipt again – they’re in your emails. Moreover, receipts can be easily forwarded to another party by simply hitting a few clicks on your email account. Perfect for swift commercial reimbursement, all employees need to do is forward receipts to the account expenses. It’s that simple.
Instant Paperless Expense Reports
Completing expense reports couldn’t be easier, thanks to OCR receipt software. Arguably one of the most notable technological innovations for commercial application, OCR will become instrumental in how every business in the world manages expenses in the very near future.
The technology scans a picture of a receipt, using the camera, digitally reading the data line-by-line before transferring it from paper to digital format. Users can instantly store data in the cloud, meaning that they’ll never have to worry about losing a document, or even an email, ever again.
Credit Card Feeds to Match Receipts
Organizations the world over are already employing credit card feeds, pulling pertinent data into employees’ expense reports. Once employees upload their receipts, the data can be instantly matched to those transactions, based on the numerical amount spent. This will streamline expense management processes – and avoids any potentially costly mistakes – as no longer do employees have to manually enter data.
As any commercial operation will appreciate, it’s paramount that billing is done quickly and efficiently. Employing OCR receipt software will drastically reduce the potential for mistakes to be made – and allow expenses to be paid quicker. This significantly contributes to employee satisfaction and contentment as they trust that expenses will be paid without any delays or mistakes.
Company directors and high-level managers with significant responsibility have much on their plates. They are, almost always, busy completing high-level tasks. In terms of expenses reporting, their action may not be high on the priority of tasks to be completed – especially if client relations or immediate commercial action is required.
In using receipt capture software, digital expense reports can be generated. This saves much time and effort in addition to eradicating the potential for losing or damaging paper receipts or having to endure a cluttered workstation.
Employee Expense Confidence
Following on from the previous point, employers who still employ paper receipts as proof-of-purchase force employees to take meticulous care of each of their receipts. Whereas this has been an established part of expense management, why would you continue with a flawed process, when there are technological innovations that enhance workflow processes?
In training employees to use mobile receipt capture software by taking a quick picture of a receipt using their mobile phone, you completely negate the potential issue of employees losing receipts – and hence losing out on reimbursement. This bolsters employer-employee relations as employees appreciate that a business is doing everything it can to make sure that expenses are paid.
So, there are five commercial benefits of employing receipt capture software for expense management processes. Don’t delay, implement the software today and enjoy these benefits immediately!