To be successful all businesses have business plans and models, proper processes, process documentation, they also develop relevant policies to keep business processes on track and they adopt appropriate accounting practices to keep the record of their progress. Record keeping is an essential part of most of these activities. Record keeping and ability process and use all the information embedded in those is crucial part for a business to thrive and grow.
One of the essential parts of record keeping is retention of the receipts and receipt management. Properly storing your receipts and other business records supports your business and streamline its processes. Below are enlisted some benefits of receipt management:
- Monitor business progress
- Analyze loss or gains occurred by conducting business
- Keep track of expenses
- Keep track of transactions
- Prepare the tax return and keep track of tax deductible expenses
- Supports in planning and decision making
Modern business world offers many receipt management apps and cloud services for the record keeping. Users may select those apps or solutions which suits their requirements most. These receipt management apps are easy to obtain, time saving, and user friendly solutions which can be used by small and medium organizations. These receipt management apps are usually cost effective because it does not require enormous investments to obtain them, unlike the massive organizations which have in-house developed programs and systems to maintain their records. Underneath is the list of five well-known receipt management apps.
Expensify scans the picture of a receipt and pulls out all important details. Key features of this app are one can track the progress of a transaction, it can be integrated with a smart phone and accounting software like QuickBooks or NetSuite. You can also import credit card transactions.
This receipt focused app make your smart phone a receipt scanner. Some key features of this app include; making of customized PDF or CSV format reports, import of receipt photo from smartphone gallery and export of reports, has an ORC feature to extract all the data from photo, and synchronization of receipts with Google Drive.
Receipt by waves:
This app provides free cloud storage with a free wave account which makes it unique in this list. All things considered, it possesses one of the best text recognition and scanning app and ability to process multiple receipt scans (up to 10) at same time. It can be used offline and you can also mention notes in the receipt.
Zoho is a well-known app in bookkeeping world. It provides cloud based apps which can be integrated together. In its expense tracking section you can upload receipts which are then processed by OCR and all data is pulled out.
ABUKAI Expenses is cost effective and time saving as it is a two-step process, you simply upload your receipt and ABUKAI Expenses will generate a report monthly and send it to you email.
Some other worth mentioning names of receipt management apps are Xero, Receipt Management, Genius Scan, Clear Scanner, tiny scanner, Office Lens, and Fitfin budget app.