We live in an increasingly digital world. Technology has the power to re-wire the way we think, making the seemingly impossible, possible. Who’d have thought two decades ago that today we’d be able to connect instantly with anyone on the planet, pay for goods and services without needing a wad of notes or plastic card, or record the world in breath-taking high definition.
It seems that if we can dream it, we can develop it. Digital technology is accelerating at an exponential rate – so much so that futurists are technophiles are constantly speculating on what will be the next big breakthrough that will forever change our lives.
Optical character receipt scanning (OCR) is one technology that’s firmly staking its claim to be the next big technological innovation – and for good reason. OCR technology has the power to enrich and improve our lives, completely changing the way that we manage our finances.
Here are three reasons why you can expect OCR receipt scanning technology to become a large part of your life in the years to come.
Secure and Private Finances through a Receipt Scanning API
Paper receipts are pesky. They can be easily lost or discarded. As annoying as that may be, what has always been somewhat disconcerting is that receipts hardly keep any financial transactions private from prying eyes.
OCR receipts keep your financial transaction data secure and private. All receipts can be stored on a single mobile device which means you’ll never have to worry about anyone accidentally viewing information that’s for your eyes only.
All your financial data will be neatly organised and only accessed through password protocol. Additional receipt scanning API security levels can also be programmed, making it nigh on impossible for anyone to view sensitive financial data.
Once stored, your receipts can be backed up on the Cloud. This means that even if the lifespan of your device expires, you’ll still be able to gain access to pertinent financial information. Once paper receipts are lost or discarded, they forever remain lost or discarded.
Data Can be Accessed Anywhere at Anytime
Keep your receipt. A phrase that we’ve all heard and uttered after buying a product or service. But, what if you’ve kept the receipt, but haven’t instantaneous access to it. Then proof of purchase becomes a problem.
Receipt OCR technology allows you access to proof of purchase anytime – no matter where you are. Let’s say that you’re away from the office and have made a purchase that a supplier wants to see evidence of, but you only have a paper receipt and it’s not on your person. How can you resolve the matter?
Well, simply all you need to do is forward the supplier an image of your stored receipt and hey presto! There’s your proof of purchase! You’ll save valuable time, not to mention frustration opening and closing drawers and checking your pockets for a single receipt that you may have already discarded or lost.
But, what if you need to access multiple transactions? No problem. The intuitive receipt scanning API will identify and record every line of a transaction individually, pulling in all financial information.
Once accessed, data can be downloaded to an Excel spreadsheet. This provides you with an itemised account, tracking every transaction – and best of all, the process can be completed on the go with a mobile device.
Optimal Expense Control
Whether calculating comprehensive financial expenditure for a large commercial organisation or tracking your personal expenses, meticulously recording every financial transaction can become demanding and tiresome.
The process often demands a significant investment of time on your behalf – and it’s not uncommon for mistakes to be made. OCR receipt scanning API technology makes the entire process completely hassle-free.
Most importantly, all data will be meticulously recorded with each transaction and the precise amount recorded and stored. You’ll never have to worry about lost expenses ever again! This is especially useful to large commercial organisations with a wealth of employees claiming their expenses every month – improving employee relations and maintaining optimal expense control.
These are just three of the ways that OCR receipt scanning API technology will enrich and improve our personal and professional lives. It’s only a matter of time before receipt scanning becomes a mainstay of the daily lives of everyone in the world.