Receipts and expense records help businesses, assessing if they are utilizing their finances properly. Especially when you have several employees making business-related expenses, this all becomes more important.
But what if you are still using the traditional method for expense management, it can prove to be a challenge and a time-consuming method. This can take up a considerable amount of your team’s productive hours as well.
What happens when you use traditional means of expense management?
- Many a time it may happen that you have forgotten to add a zero or have used the same number twice. Errors in data entry are bound to happen after a long day at work.
- Calculating taxes and auditing can be impossible if critical data is lost. Additionally, without numbers, it is impossible to take a number-driven business decision.
- Using an updated and accurate view of cash flows is important in order to check account balances against bank records. Identifying errors and correcting them can be time-consuming, this could lead to delayed reimbursements.
- The accounting department has to make sure that each expense fulfills company policies and in order to do so, they need to go through each report manually and check for any discrepancies which easily leads to further delay.
If you are facing the same challenges with your business, then maybe it is time to switch to a modern approach. The modern approach of easily managing expenses is using a receipt scanning mobile app which can help you in data extraction.
A receipt scanner mobile app for data extraction
We all know how much time-consuming expense reporting and submission can be. It involves a time-consuming process and a lot of manual tasks. Hence, we have come up with a solution in order to address the problems,
- OCR (Optical Character Recognition) and machine learning completely remove the task of manual data entry and eliminates human errors.
- Team members can easily extract relevant data from bills and receipts.
- A receipt scanner mobile app increases the efficiency and accuracy of expense reports.
- With OCR technology integrated into a mobile app such as MMC Receipt, it is easy to create expense reporting
- With the help of OCR and machine learning, team members are provided with the flexibility to report the expenses in just a few clicks.
Using your smartphones as a receipt scanner
One of the notable challenges in expense reporting is receipt management.
Collecting, printing, and again collecting several receipts consume a large portion of team member’s productive hours. With the involvement of manual data entry into expense reports, errors can easily occur. This further leads to inaccurate expense reports.
- By using a receipt management app, you can easily eliminate the problems related to the errors in data entry.
- By using a receipt scanning app, you can easily automatically extract the data and push it seamlessly into the integrated accounting software.
- By using a mobile app, you can easily reduce the errors and time consumed while creating reports.
Creating expense reports anytime
For companies that do not use a receipt scanning mobile app, team members do not have the flexibility to report expenses on the go, this can result in misplaced or damaged receipts. Further, it can also lead to team members losing their own personal money due to the loss of receipts or missing the deadline for expense report submission.
- Companies that use a receipt management app provide their team members the freedom to report expenses at their convenience.
- Team members do not have to wait to get a physical copy of bills and receipts or fill an expense report form. This simplifies the process of expenses reporting for everyone
- Team members can scan the receipts with their smartphones and click to submit. This process makes expenses reporting a matter of just a few clicks.
Storing all the receipts in one place
Receipts and bills are essential components for expenses reporting without which the validity of an expense report can be questionable. However, paper receipts can easily be damaged and misplaced. Having multiple receipts and keeping a track of all of them is another challenge.
- With the help of a receipt scanning app, you can easily manage receipts and can store them under a cloud system.
- Team members can easily minimize the chances of receipts getting misplaced or damaged.
- The finance team can easily keep a track of reported expenses and receipts with the help of a receipt scanning app
- Automated receipt scanning apps such as MMC Receipt comes with an unlimited cloud storage which allows its users to upload unlimited receipts.
Moving to a receipt scanning mobile app
When a company does not use a receipt scanning app, all of the expense reporting is done manually. Receipts need to be collected and stored, expense reports forms have to be filled, and losing any one of them can cause delay or no reimbursement for team members. It is also challenging to keep a track of all the physical receipts so that they do not get misplaced or lost.
By using a receipt management app, team members do not have to carry a bulk of receipts. They can easily report their expenses as soon as they receive a bill or receipt. This reduces the manual process which in turn increases the productivity of your team members.
If you also want to use a receipt scanning mobile app, book a demo with MMC Receipt and check for yourself how expense management can be taken care of.