A receipt carries important information which is needed for trade to occur between companies and much of it is on paper or PDFs and images of hard copies. To manage the information properly, companies extract and store the relevant information contained in these documents.
For a very long time, companies have relied on paper invoices to process payments and maintain accounts. Reconciling invoices involves someone manually spending hours browsing through several invoices and jotting things down in a ledger.
Among several drawbacks of using the manual process of receipt management, the major drawbacks of the manual process are higher costs, the requirement of manpower, time consumed in repetitive tasks, and error-prone.
A receipt scanner app addresses the challenge of manual receipt management by automatically extracting the information from a receipt. Extracting key information from receipts and converting them to structured documents is one of the most important features of a receipt scanner app by using optical character recognition (OCR) technology.
OCR technology is changing the way companies all around the world manage receipts. OCR capabilities are what makes MMC Receipt the best expense manager app.
There are several advantages a business can have on several grounds. Businesses can track processes better and can improve the productivity of their team members which can reduce costs.
Here are some of the reasons why you need to consider MMC Receipt to manage your receipts:-
- User-friendly Interface
MMC Receipt has a user-friendly interface that makes the app easy to use. It is easy to understand to use it instantly. Companies enjoy the fact that OCR technology can save a lot of time and energy as they can just scan, store and sort their receipts quickly and easily.
- Identifying and capturing data
OCR technology allows our receipt scanner app to automatically identify the fields which are most important for record-keeping which generally includes the date, supplier name and supplier address, line item description, amount, and tax amount. OCR technology works as a verification tool as it allows the users to compare the data between the information read by the OCR and information submitted by the user.
- Increase efficiency of team members
Since OCR technology allows the team members of your company to scan receipts in real-time, this eliminates the frustration of human error and can be certain that the submitted expense reports are correct.
- Audit ready
A receipt scanner mobile app with OCR technology provides a proper audit trail of the corresponding receipt attached with the expense entry, which aids in proper auditing of these expenses to be verified against the actual receipts.
How to Use the MMC Receipt Scanner App
- Our receipt scanning app has been designed to be user-friendly. To record a receipt, simply do the following, Click on the camera icon on the bottom right.
Or, select “view/upload documents” from the top-left drop-down menu.
- Click the picture of your receipt/ select from your phone’s gallery, where OCR will scan the image and automatically extract the merchant name, merchant address, date of receipt, currency, line item description, tax amount, and total amount.
- The uploaded receipt is sent to the MMC Receipt back-end for processing and you can see the same in the ‘Pending’ Tab of your App.
- Once the receipt is approved from MMC Receipt, you can push this receipt as an expense or bill to your connected accounting software (FreshBooks Accounting software for now) with a single click.
So, there you have it, a receipt scanner app with OCR technology like MMC Receipt can easily make your work easy. Automating expense management and reporting allows the team members to scan and submit expenses digitally regardless of the time and location.
Once the team members submit their expenses through the app, the application extracts important data from the expense receipts automatically with OCR technology, providing approvers with the visibility which they need to eliminate any falsified expense.
Thus, subscribing to a receipt management app like MMC Receipt with just as low as 15 USD per month with unlimited users and unlimited receipts per organization helps you to streamline the expense approval and reimbursement cycle while ensuring regulatory compliance. You can also book a demo where our experts will explain this amazing app in detail.