If you run a bookkeeping firm, you could certainly reduce the number of hours that your precious (and costlier by the day!) human resources spend on mundane and somewhat mindless tasks like data entry.
The same is true if you run or work for a company where the quantum of reimbursements to staff or clients is very high. Examples of such companies are travel agents that reimburse their tour guides based on receipts submitted or companies where sales folk have to be reimbursed for their travel, lodging, and food regularly like on a fortnightly or monthly basis.
The relationship between receipt scanning, productivity, and profitability
Chances are that you’re keeping your bookkeepers or tour guides or sales folk – or in general, the people tasked with data entry – away from bigger and better functions that could drive improved productivity to your business. Those three hours a week that a sales manager spends entering data to get his or her reimbursements could be spent on sales meetings and raking in earnings for your company, instead. Clearly, a tour guide is more useful on a tour (or even helping to plan a tour) than entering reimbursement data. And all those amazing brains of your bookkeepers can be put to work on more complex bookkeeping functions.
Tips to scan receipts like a pro – use receipt scanning to the fullest
- Link
Receipt scanning software can be linked to your seller accounts on popular platforms like Amazon and Shopify. As soon as you make a sale, the data will be reflected in your books.
Similarly, you can link receipt scanning software to your PayPal so that payments can be logged automatically and seamlessly as soon as they happen.
Your business bank account can also be linked so that data flows seamlessly from your business bank account to your books.
As a result, you and your team also save on the effort of having to call or email your clients and suppliers to confirm payment settlement.
- Scan
All you and your team need to do is upload a scan or photo of receipts, bills, and invoices for the system to extract all user data from the source document. This dream-come-true shortcut to data entry is made possible by technology that is capable of what is known as optical character recognition. You will be pleasantly surprised at how the most relevant data is picked up and then presented to you as digital text that you can export or copy as required.
If you don’t want to link your business bank account to your books, you can also simply upload a PDF of your bank statement which will be scanned and presented as digital text. Now you can export data in a spreadsheet or CSV format which is extremely convenient.
This scan feature should also encourage you – as the business owner – to forgo fewer tax deductions.
Tip: The scan feature is optimal when receipts are hot off the press, with all the ink intact and the text clearly legible. Encourage immediate scanning and set a good example by scanning particularly those little receipt slips, immediately.
- Sort
If you want to use the receipt-scanning feature like a pro and really milk it for its full value, set up supplier rules related to tax, region, or any other useful criteria. By doing this you’ll have all your financial data linked to your suppliers and clients automatically categorized and sorted.
Of course, even if you aren’t big on creating rules and sorting, the system will begin sorting data based on prior data received by it.
And even if you’re saving data haphazardly, receipt scanning software allows you to search using keywords or by date.
- Integrate
Receipt scanning software brands like Dext go all out to ensure that their solution integrates seamlessly with all major integrated accounting software. This saves 40% of processing time (or 40% processing time per client if you are a freelance bookkeeper)
- Approve (in a flash)
Minimize the time spent on expense approvals whether these are employee reimbursements or supply chain spends. Enjoy quick and easy at-a-click approvals and get these done on the go with receipt scanning software and their partner mobile apps.
- Delegate
Alternatively, place the onus and responsibility of approvals on trustworthy team members by adding layers to the expense approval hierarchy. You can be a titular approver only or alternatively you could pop in and check on expenditure whenever time permits. This frees you up for the more important functions of running your business.
- Discuss/ clarify
Receipt scanning software allows you or your bookkeeper or accountant to get clarity on specific line items. The in-app chat facilitates easy discussion.
Check out the best receipts scanning software and unlock business productivity and profitability by scanning receipts like a pro: https://dext.com/en/business-owners/receipt-scanning