In today’s digital age, scanning receipts is not merely preferable; it’s increasingly becoming necessary to keep up with the modern procedures in bookkeeping and business management. With scanned receipts, businesses can keep a digital record of their transactions, which are easier to organize, search, and access. This is not only efficient and space-saving but also secure and environmentally friendly.
This is the reason why receipt scanners are also on the rise. These incredible tools make it easy for anyone to scan a physical receipt and convert it into a digital document. In this article, we will delve into what a receipt scanner does and compare various receipt scanners available in the market. If you are wondering what the best way to digitize receipts is, keep reading this comprehensive guide.
What is a Receipt Scanner and How Does It Work?
A receipt scanner is a tool or app designed to capture and digitize the information from physical receipts and convert it into a digital document. It is essentially helpful for businesses and individuals looking to streamline their bookkeeping processes and maintain more organized financial records.
Most receipts scanners are app-based. This means that by downloading the receipt scanning app on your phone, you can simply take a picture of your expense receipts, and the app will conveniently convert them into a digital document, usually in the form of an image or PDF file.
By converting paper receipts into digital formats, a receipt scanner enables easier storage, access, and management of transaction data. This technology not only helps reduce the clutter associated with paper records but also enhances the efficiency of expense tracking and financial reporting. Moreover, many receipt scanner apps integrate seamlessly with accounting software, allowing for automatic data entry and improved accuracy in financial documentation, which is particularly beneficial during tax season and audits.
Looking at Different Receipt Scanners Available in the Market
After learning about what a receipt scanner is, you may be wondering, “Is there a free app for scanning receipts?”
Whether you are an individual trying to simplify their bookkeeping tasks or a business managing huge accounting functions, choosing the right receipt scanner is a big decision to make. Here’s a quick overview of the best receipt scanners in the market today—and we’ll tell you whether they’re a free receipt scanner app or not.
- Zoho Expense: Forbes listed Zoho Expense as the best overall receipt scanner app because it is not only a receipt organizer but a comprehensive solution for managing expenses efficiently, too. It stands out for its user-friendly interface and robust features, including automatic receipt scanning, expense reporting, and integration with various accounting software. Zoho Expense offers multiple pricing plans, but you can try it free for 14 days.
- Veryfi: Veryfi leverages AI technology to automate various bookkeeping activities, such as the collection of receipts, expenses, timesheets, and mileage logs. It offers a free plan; however, it provides limited features, such as ten receipt scanning in a month and six months of document storage. Veryfi is acclaimed for its strong emphasis on security and compliance, particularly with the Health Insurance Portability and Accountability Act (HIPAA).
- Expensify: Expensify is another runner-up in our list of best receipt scanning apps. Best known for its pre-accounting features, Expensify simplifies how expenses are reported and tracked. What’s more, you can use this app for free, with up to 25 SmartScans monthly.
- Wave: Wave stands out as the best free receipt scanner app, making it popular among freelancers, sole proprietors, and small businesses. Aside from being a receipt organizer, it also does basic expense tracking, invoicing, and accounting tasks.
Best Receipt Scanner App for Email Receipts
The receipt scanners we listed above, while functional and efficient, are only good for digitizing physical receipts. How about receipts and invoices sent via email? Is there a way to scan, extract, and organize them seamlessly?
Receiptor AI is an AI-powered bookkeeping tool that automatically extracts and organizes expense receipts, bills, and invoices from email inboxes. Whether you have PDF receipts attached to your email or invoices written on the body of the emails themselves, such as with Paypal and Grab billings, Receiptor AI can capture these documents and automatically categorize them into the right accounts. It does bulk extracting of past receipts and monitors new ones coming in.
Compared with other receipt scanner apps, Receiptor AI uses AI technology and is designed to integrate with any accounting software like Xero and QBO. Furthermore, with the right setup, it can automatically forward your digital receipts to any email address or accounting software you use, eliminating manual forwarding and setting up custom inbox rules.
The Future of Scanning and Organizing Receipts
As the world swiftly transitions to digitalization, businesses should be able to keep up with the evolving technology in the bookkeeping and accounting space. Receiptor AI exemplifies the next generation of receipt management solutions. With the capability of automating the extraction and organization of receipts from a variety of email formats, including those buried in email inboxes, it is a tool you should consider integrating into your financial workflow.
As receipt scanners and receipt organizers become more sophisticated, they will likely evolve to offer even more comprehensive features, including predictive analytics for financial forecasting and enhanced compliance capabilities for audit trails. Ultimately, the future of receipt scanning and organizing promises a more intuitive and less labor-intensive approach to managing financial records.
Start with Receiptor AI to stay competitive and efficient in the ever-evolving business landscape.
