Are you still tackling and filing paper receipts for your bookkeeping? That’s a practice of yesterday. Today, small (and smart) businesses are moving swiftly towards expense management tools to automate their bookkeeping process and eliminate long man-hours and errors in the process.
But what is the best receipt scanner app for you? In this blog, let’s explore the 5 best receipt scanner software in 2024. But first…
What is a Receipt Scanner?
A receipt scanner app is an application that allows you to scan, create, and store digitized versions of your business receipts. While traditional receipt scanners rely on OCR (Optical Character Recognition) technology, modern AI-powered solutions like Receiptor AI use advanced Large Language Models (LLMs) for superior accuracy.
Once you download the receipt scanner software on your phone or desktop, the app processes receipts within seconds and creates searchable digital versions. Most modern receipt scanners also allow you to categorize your scanned receipts via keywords, filters, dates, and more – a feature that becomes invaluable during tax season.
The integration of LLM technology represents a significant leap forward in receipt scanning accuracy and functionality, making solutions like Receiptor AI particularly effective for businesses requiring precise expense tracking and management.
Read also: OCR vs LLM for small businesses
The Digital Revolution in Small Business Bookkeeping
Paper receipts are becoming obsolete. Modern small businesses are embracing digital transformation, with receipt scanner apps leading the charge in automated bookkeeping. According to recent studies, businesses using digital receipt management save an average of 40 hours per month on administrative tasks.
Why do small businesses need to scan receipts?
Diamonds might be forever, but receipt ink isn’t. So before that ink fades away, you should digitize your receipts to avoid hassles. In fact, we’ve got a couple of reasons why you should use a receipt scanner software:
- You can keep track of tax-deductible expenses during tax time.
- You’ll have a clear understanding of how, where, and when the money is being spent, allowing you to cut back wherever necessary.
- You don’t have to spend hours searching for a missing receipt and can quickly find it via search filters within a receipt scanner app.
- Scanned receipts are not prone to fading or damage, making scanned receipts handy for reconciliation during tax time.
- The IRS requires small businesses to hold onto receipts for sums larger than $75 for at least 3 years. Paper receipts do not survive this time period, therefore creating the need for digitized receipts.
5 Best Receipt Scanner Apps of 2024
Now without further ado, let’s jump into the 5 best receipt scanner apps the internet has to offer you in 2024. Each of these options is suited to small and medium-sized businesses (SMEs), freelancers, digital nomads, and solopreneurs around the world:
1. QuickBooks
Quickbooks is one of the most seamless accounting tools out there and its receipt scanning plugin is nothing short of exceptional. QuickBooks has more features than most receipt scanner apps out there, allowing you to:
- Scan receipts and handwritten notes,
- Generate accurate expense reports,
- Create financial reports and statements, and
- Do your bookkeeping on the go.
So if you want a receipt scanner software that does it all, QuickBooks might be your best shot.
Price: Starts at $12/month
Platforms: Android, iOS, web browser.
2. Receiptor AI
Small business ready to scale in the future? Frequent traveler looking for an on-the-go receipt scanner app you can trust? Looking to simplify bookkeeping with AI tools for your freelancing career? Receiptor AI is your ultimate solution.
Powered by AI, Receiptor AI lets you extract receipts from email and WhatsApp, scan them to digital versions, and categorize them accordingly for when tax time comes.
Our on-the-go WhatsApp scanner is ideal for frequent travelers, allowing receipt scanning anytime, anywhere in the world. Plus, Receiptor AI integrates perfectly with your existing accounting software, allowing you to save man-hours, money, and errors that come with manual receipt tracking.
Price: Between $19 to $49 per month
Platforms: Android, iOS, web browser
3. Expensify
Expensify is perfect for remote workers and travelers, making on-the-go receipt scanning a breeze. You can easily import receipts from popular services like Uber and Airbnb, track mileage, and link expenses to your company credit card. Plus, it categorizes your expenses automatically. One downside? Their automatic scanner can choose to not work at times.
Price: Starts at $4.99/month
Platforms: Android, iOS (iPhone), web browser.
4. Wave
If you want a powerful mobile app that takes away most— if not all— of your bookkeeping stress, Wave is a great option. With a pro plan, you can scan receipts, send invoices, and accept payment online.
However, this app was designed with very small businesses in mind (meaning it’s inflexible to scalability) so you might want to reconsider your business’s scale before opting for Wave.
Price: Between $8 to $16 per year
Platforms: Android and iOS
5. Dext
Dext’s receipt scanning software is made for folks who like it easy. With a user-friendly and functional design, Dext takes all your receipts, scans them, and puts them into a centralized repository. You can also scan other financial documents and invoices and upload them to the digital library.
But that’s the limit for Dext’s functionality as it doesn’t offer advanced bookkeeping features that some of the others on this list do.
Price: $24 to $69 per month
Platforms: Android or iOS
What Makes a Great Receipt Scanner App in 2024?
Today's receipt scanners go beyond simple digitization. The best solutions offer:
- AI-powered text recognition
- Automatic expense categorization
- Cloud storage and backup
- Accounting software integration
- Mobile accessibility
- Multi-platform support
Final Thoughts
In today's world, scanning receipts is essential for small businesses to streamline their bookkeeping and manage expenses effectively. However, with so many options available, it can be challenging to identify which receipt scanner software offers bang for the buck.
That's why we compiled this blog post—to help small business owners navigate through the sea of receipt scanner software and find the right solution that fits their needs and budget.
