Receipts are inevitable, whether for personal expenses or even business expenses. However, keeping track of these physical receipts can be difficult and tedious, whether for tax reasons or budget control. Enter the receipt scanner. The receipt scanner is a god sent as it reduces clutter and enables you to retrieve digital copies of your receipts faster.

In addition, some receipt scanners and receipt scanning apps allow you to integrate with your accounting software or spreadsheets simplifying book-keeping. Scanning your receipts also enhances security (no physical receipts lying around), and you are covered in case anything happens to your hard copies.

As you look to embrace technology and get yourself a receipt scanner, it would help if you keep the following in mind.

Size

You may need to keep track of expenses for your employees or vendors at different locations; you will therefore need a stand-alone portable receipt scanner. As you window-shop for a receipt scanner, make sure you get a model that you can easily stow away in your briefcase or bag without any hassles. Avoid bulky receipt scanners that will give you a headache to tote around.

Online connectivity

The digital files from your receipt scanner should be accessible online. This accessibility will expedite workflow and enable integration with your existing accounting software. It is best to get models that connect directly to the internet without any intermediate steps.

Speeds

There is no joy in scanning receipts, so ideally, you should use the least possible time to do it, availing more time for more productive activities. Some models claim to complete scans in exactly seven seconds and are ready to scan the subsequent receipt immediately. The scanner should also have decent file transfer speeds of scanned receipts, particularly for large batches of scanned receipts.

Flexible file formats

The receipt scanner should give you different options for saving your receipts. This is crucial if the receipts are integrated into other software, which may be restrictive in the file types it accepts. For example, you might need to furnish your tax professional with PDFs of your receipt, while your accounting software will only process JPEG images of the same receipts. Your scanner should allow you to save in the required format without manually converting the scanned document.

Exportability

Your receipt scanner or receipt scanning app should have flexible export capabilities in line with flexible file formats. Whether it is for uploading to the cloud or sending scanned receipts to colleagues or other professionals, your device or app should give you export options that are convenient for the recipient. This feature is critical for streamlining workflow and avoiding the compatibility headaches of dealing with different entities.

Storage capacity

Lastly, make sure that the receipt scanner you intend to acquire has sufficient onboard storage to store several receipts before becoming full. You should consider storage capacity, especially for portable scanners, to avoid the inconvenience of having to move files to create more space continually. It is also prudent to consider the space you require for receipt scanning apps or software and the generated resultant files.

One last tip: Ensure you get a suitable scanner or app; there is no need to pay extra for scanners with proprietary accounting software while you are only scanning your receipts for storage purposes.

Keeping track of your company’s expenses is an important part of both regular operations and preparing for tax season. Every year, businesses are caught unaware and unprepared when spring rolls around, scrambling to find the documentation they need for tax preparation. But it doesn’t have to be that way! With the right expense tracker and receipt scanner app , your company can make staying financially organized simple. Here’s how:

Why Do You Need a Receipt Scanner?

There are plenty of reasons to invest in a receipt scanner for your business. Here are just a few of the most important ones:

• Keeping track of purchases – What do you buy for your business? If you can’t remember every single purchase offhand – and who could? - you can recall them easily by tracking the associated receipts.


• Tracking your business expenses – Just as keeping receipts makes purchase tracking easier, so too does it make it easier to track ills, business expenses, and more.


• Creating accurate expense reports – Tracking business expenses and other financial information is useless if those records aren’t accurate. Receipt scanners help you track every dollar and dime leaving your company, making your record keeping more accurate.


• Better preparing for tax time – Small and large businesses alike struggle to keep accurate records and adequately prepare for tax season. Tracking receipts will help make this easier when the time comes.


• Greater transparency for your employees and consumers – If for any reason your employees, shareholders, or consumers need to see your financial records, it’ll be easier and the records more accurate with careful receipt tracking.


• Making cost reduction easier and more effective – Identifying what you’re spending on and how much is leaving your accounts is a great way to cut unnecessary spending.

Now that you see how valuable these applications are, it’s time to find the right one for your business!

How to Select the Right Receipt Scanner App

You have several choices when it comes to receipt scanner applications. The best way to choose the one that works for your business is to comparison shop, directly comparing the features of each available option. Some things to look for in a great receipt scanner app include:

• An intuitive dashboard – Look for an application that shows you everything you need right on the dashboard screen.


• A user-friendly interface – Can everyone on your team who needs to access the information on your receipt scanner do so without extensive training? That should definitely be a consideration in finding a user-friendly interface.


• Communication and exportation capabilities – Once you track your important information, you should be able to email, upload, download, or otherwise share it whenever necessary – right from the app.


• Integrated financial capabilities – Need to pay a recurring bill or pay off an outstanding debt associated with a tracked invoice? A solid app should allow you to do so.


• Extensive and accurate tracking – No matter what you need to keep track of, your application should make it simple. Likewise, it should make recalling any number of past financial records simple and efficient. In financial tracking, accuracy is key!


While all receipt scanners offer the same basic features, finding one that suits the exact needs of your company will help you make the most of it.
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