Businesses nowadays allow employees to retrieve various expenditures in different situations. Employees must share all those expense receipts on the dashboard and email them to the proper authority for verification. Apps for receipt scanning will empower your employees in scanning receipts for the authority. These receipt scanner apps provide a character-reading feature that creates digital receipts that the administration has received from the employees.
While this is an example of how apps for receipt scanning help the employees, there are more parties around who can take help from a receipt scanning app for multitudinous tasks.
This article will explain how a receipt scanning app works for small businesses and the best five receipt scanning app recommendations.
How Receipt scanning software can benefit small businesses
Do you know what a receipt is ? If so, you might have considered using receipt scanning software for your business.
A receipt scanning software generally scans paper receipts to create a digital print of that for further activities rolling around it. The advantages a small business can take from a receipt scanning software are as follows:
- Increasing the level of security: Paper receipts make private purchases harder to attain. Theft or fire can dismantle tax revenues. Scanning receipts with a receipt scanner app ensures the safety of your records. For further protection, several scanners offer backup services.
- Making reports on expenses: Many receipt-scanning apps may generate expense reports. They create valuable reports to assess expenses or recompense employees. Some apps give this feature exclusively through accounting software integration.
- Monitoring the budgets: Budgeting relies heavily on spending reports. An automatically updated expense report through a receipt scanning app helps track spending. Real-time data expedites business decisions.
- No Human Errors: Manually entering receipt data risks human mistakes. Even one number in the wrong location could add up to a tremendous catastrophe. Fixing them takes time and money. Receipt scanners automatically enter data, ensuring expense accuracy and consistency.
- Keep a more competent workforce: Accessible and easy-to-use financial data helps workers do their tasks more effectively. It also implies you may not need to hire a bookkeeper or that whoever does it can do it in less time, freeing them to work part-time or on other critical tasks. Thus, the workforce can avoid menial tasks and contemplate the core issues.
- Saving precious space: Receipt scanning software helps individuals eliminate paper clutter. This may allow you to use fewer or smaller filing cabinets and storage boxes.
- Helping the business be Eco-friendly: Because receipt scanning software allows you to go paperless with your receipts and could save you money on printing ink to printing out a receipt, it is considered more ecologically responsible.
So, if you choose to use a receipt scanning app as a small business, you can experience advantages you didn't anticipate!
5 Best Receipt scanning software for small businesses
Suppose you find that a receipt scanning app can help your small business reap the above mentioned benefits. In that case, you should consider the five recommendations below, where we will discuss the best five receipt scanning software for small businesses.
Evernote Scannable is the top recommendation for you from our side if you’re looking for an app for scanning receipts for your business.
A handy and robust receipt scanning software, Evernote scannable is particularly efficient for the iOS users. Evernote Scannable turns paper into high-quality scans you can save or share. Additionally, it offers a number of other services that let customers scan and mark their receipts.
Users are given the ability to edit receipts and add text to the receipts they create. In addition to this, it makes it simpler for consumers to organize and manage their receipt storage.
FeaturesA few important features of Evernote Scannable are shown below :
- Labeling, Tagging and Sorting receipts.
- Taking notes and actions.
- Document scanning, digitizing business cards.
- Web Clipping, customizing website screenshots.
- Finding content by location via geographic search.
- Using Boolean terms in search results.
- Integrations with Google drive, calendar, slack, Microsoft Teams etc.
- Free: $0 per month.
- Personal: $7.99 per month.
- Professional: $9.99 per month.
- Evernote teams: $14.99 per month.
02. MMC Receipts
MMC Receipts is second on our list for its unique approach and exceptional ease of using the features.
MMC Receipt gathers, processes, and categorizes receipts instantaneously using OCR and machine learning so you can stop manually entering data. Simple monthly plans with no hidden fees offer unlimited receipts, users, and data storage.
This app simplifies business processes and decisions. The receipt capture tool offers several formats, different currency support, super-fast sending to accounting software, and an always-available support team to assist you in getting a clean balance sheet.
FeaturesA few significant features of MMC Receipts are shown below:
- Processing time is less than five minutes.
- Superlative AI scanning and updating, with human checks.
- Multiple currencies without bugs and barriers.
- Unlimited cloud usage and unlimited users.
- Data capturing with flexibility in JPEG, PDF & more.
- Setting up multiple stages of approval.
- Integrations with Freshbooks, Quickbooks and Excel.
- Monthly: $15 per month per company
- Yearly: $165 per year per company
- Lifetime: $500 per company for a lifetime
Veryfi has been a trusted name for small and medium-sized businesses for its ability to accurately generate the reports on scanned receipts and help businesses save time and resources in this process.
Veryfi software converts unstructured documents into rich structured data frequently enhanced with contextual mobile data by recognizing semantics and structural layout.
This is an app that can be handy if you have a client with sensitive data because it includes robust data privacy methods. It's suitable for sensitive data because it respects tight privacy rules.
FeaturesA few notable features of Veryfi are shown below:
- Real-time data extraction.
- Superior accuracy and Shield securing.
- Line-Item SKU Extractions.
- Image and processing correction.
- Usage of cognitive computing and machine translation.
- Expense management and time tracking features.
- Document management system, Job costing, expense workflow.
- Free: $0
- Starter: $0.08 per document (minimum $500 per month)
- Custom: Contact email@example.com
04. Neat Receipts
Neat Receipts is the following recommendation in our list, which has 20 years of experience in the apps for receipt scanning industry, with the promise to consolidate the security and protect the data at all costs.
It's a valuable tool that makes sending receipts and retaining refunds easier. This app's limitless document storage simplifies gathering andorganizing receipts. This tool allows users to itemize their receipts rapidly.
This app lets people sync their bank accounts and credit cards to manage to spend quickly. It also provides limitless document storage, making it easy to categorize records.
FeaturesA few attractive features of Neat Receipts are shown below :
- Capturing and accessing receipts and invoices from anywhere.
- Protect documents using bank-level security and encryption.
- Filtering and searching for documents.
- Fast and secure online payments.
- Financial Document Management with unlimited monthly storage.
- Customizable invoice templates.
- Integrations with Quickbooks, Quicken, Mailchimp, Campaign monitor etc.
- Neat Files: $25 per month
- Neat Books: $36 per month
05. Zoho Expense
Zoho Expense is the last recommendation in this list which is a scanner for receipts for small businesses. This program is helpful for travel expenditure flow since it enables users to manage their working and receipt sharing in the most orderly way possible. This makes the application handy for organizing travel expenses.
Zoho Expense collects employee receipts and turns them into reports for managers to approve. From receipts to reimbursement, Zoho Expense automates the process, removing manual errors and saving you precious hours.
Other than these, Zoho helps you to keep expenses right on budget and ensures the costs don’t overflow. You can add custom components to the receipts through it.
FeaturesA few important features of Evernote Scannable are shown below :
- Receipt and expense management, mileage tracking.
- Corporate card reconciliation, direct feed integrations.
- Simplified and custom approvals.
- Policies, expense rules, budget.
- Automation, collaboration, and customization at enterprise level.
- Autoscanning Receipts, online reimbursement.
- Integrations with Zoho invoice, Sage accounting, Xero etc.
- Free: $0
- Standard: $5 per active user per month.
- Premium: $8 per active user per month.
- Enterprise: $12 per active user per month.
So, if you went through the entire article, you are already aware of the functions and benefits that receipts scanning software can provide. Scanning paper receipts and making a digital footprint on them is necessary for many businesses. The same goes for online receipt generation, which tools like Receiptmakerly can intelligently do. Whatever your requirement may be, we recommend you prioritize your needs and select the best tool that suits your company.