Solve business problems with receipt processing
Expense reports can be a cumbersome and time-consuming task. Between the manual data entry, approval workflows, and auditing, many pain points occur in the end-to-end process. With receipt processing, you can minimize those pain points and increase employee productivity, resulting in the delivery of real value back to your business.
Common business problems that can be solved with receipt processing include:
Travel and expense (T&E)
Travel and expense (T&E) can represent a significant operational cost for businesses. Managing these expenses can also be difficult because it requires considerable manual work and leaves room for potential user error. By uploading a receipt, you can extract the data from the receipt and instantly fill out the line items in expense reports. Furthermore, you can automate the entire extraction process, scanning receipts as they are added to a central location, and match them with credit card transactions.
Accounting and auditing
Expense management is equally as important for large and small companies. Small business accounting, even your own personal accounting, can be streamlined by prepopulating expense reports with key information that is extracted from receipts. Then, when it's time for audits or reimbursement claims, you can assist auditors directly by using the receipt values or help them detect for anomalies or fraud.
Building solutions with receipt processing can save your business time and money, and these solutions can be straightforward to implement.
Now that you have learned about some common business problems that you can solve with receipt processing, you can learn how to use it in your business, starting with apps.