Receipt management for small businesses

Small business owners will know, a big part of running your own business is keeping track of paper receipts. Travel expenses stack up, and keeping track of where you’ve been and the cost of fuel, as well as what you purchased can get a little overwhelming. So why in todays world of mobile apps and digital data are you still storing and keeping track of purchases manually with paper copies?

Below is a list of key features you should be thinking about, as well as their benefits:

Receipt scanning apps

One way to begin your journey into a more efficient future is using an app to scan receipts and to keep a digital trail of your expenses. Organizing receipts physically can be tricky as you have to categorise and store them manually, but using a mobile app can help you store the information you need in an easy to access way.

You can store travel expenses, purchases of office supplies, food and drink, anything you want to expense quickly and easily. The most simple way is to simply just take a photo of a receipt, as at least you have a digital copy, but if you want to really make use of technology you can scan receipts for data and extract it, eliminating the need for you to manually input the data.

Optical Character Recognition (OCR)

OCR is a form of AI computing which allows software to scan images in real time to take out the valuable data. This allows you to use search systems to find the receipt you need based on cost, location, purchase, and date. No more time wasted looking back through piles of paper or even searching through each image in a directory, a simple search will bring up the document you need.

Auto-Fill on Expense Reports

Using this data you can automatically fill out expense reports in just mere moments. The data is accurate and detailed, meaning you won’t miss out in future on historic data. You can use it to create projections, analyse costs, and track spending in general. Receipt management and utilising the information they hold has never been more easy, so why are you still avoiding it?

Company Credit Cards

Another arduous element is linking credit card transactions with invoices or receipts, but a lot of the time this can be done automatically as well. For example, Capture Expense automatically collates company credit cards assigned to each user, and provides a feed of these transactions so you can easily check and update them. You can link any digital receipt, as the software stores your receipts in one place. If the software finds a receipt that perfectly matches one of your credit card expenses it will automatically link them, meaning you don’t even have to attach a receipt manually.

So you need an app to manage expenses receipts, which should you use? Capture Expense provides all of the key features outlined in this article and more, so book a demo today to try it out yourself. There are many management apps available, but combined with our sleek interface and many other features, Capture Expense provides a powerful expense tracker app that is also available on desktop, so you can access what you need wherever you are.

Just listen to one of our many positive reviews from G2:

“Capture Expense is such a great tool to streamline the process of improving business expenses and submitting receipts. The process makes keeping up with my business purchases so easy.”

It truly is as easy as that. So book a demo today!