Apps that scan receipts are a practical way to keep track of your spending and digitally store vital papers. Using your smartphone and these applications, you can quickly scan and save receipts, invoices, and other crucial papers. They not only help you save time and space, but they also make it simple to organize and retrieve your papers.
A receipt scanner software may be a useful tool for anybody, whether they are a small company owner, freelancer, or they are just trying to keep track of their personal costs. Discover the top recommendations for the Best receipt scanner apps of 2023 by reading on.
Why You Can Trust Forbes Advisor Small Business
With complete editorial independence, the Forbes Advisor Small Business team is dedicated to providing you with objective rankings and information. To help you make the greatest decisions for your business journey, we base all of our material on product facts, strategic methodology, and expert insights.
We looked at around 25 of the top companies in the market for receipt scanner applications before settling on 11, which we then assessed using five major criteria and 24 distinct indicators. Our evaluations take into account elements like clear pricing, important features, special inclusions, usability, compatibility with third-party integrations, accessibility to customer assistance, and ratings. Our editorial staff alone determines all ratings.
What Is a Receipt Scanner App?
Using the camera on their phone, users may scan and digitize paper receipts with the help of a receipt scanner app. Optical character recognition (OCR) technology is frequently used in apps to turn scanned text into digital information that can be stored and organized within the app or exported to other platforms. Receipt scanner applications may include capabilities like receipt classification, data interaction with accounting software, and receipt storage in addition to being often used for cost monitoring, budgeting, and financial record-keeping.
How Much Do Receipt Scanner Apps Cost?
The price of receipt scanner applications can vary significantly based on the app’s features and functionalities, as well as its pricing structure and subscription options. Other applications require a membership in order to access full functionality, while some receipt scanner apps are free to use with optional paid upgrades or premium features. Depending on the app and the subscription plan chosen, the cost of paid receipt scanner applications may range from a few dollars per month to several hundred dollars per year.
How do receipt management apps help businesses?
It might be difficult to keep track of how much money employees are spending. When there are several expenditures to track, it becomes a very difficult chore. These expenses may include payments for utilities, office activities, vendor invoicing, and more. Receipt digitization can solve a lot of bookkeeping procedure annoyances.
Here’s how a receipt scanning app can help your employees:
- Enables mobile receipt tracking
- Store all of your receipts digitally for quick access.
- Eliminating manual input and using paperless expenditure recording and documentation
- Reduces the possibility of losing receipts and consequently money
- Gives staff members a snapshot of their recent expenditures
Here’s how digital receipts can help your organization:
- Removes concern about handling paper receipts
- Increases team effectiveness and productivity
- Simplifies the payment procedure
- Time by automating the receipt handling procedure
- Gives your insight into the expenses of your organization
Features to look for in a receipt scanner
When it comes to managing business receipts, every organization has various requirements. Make sure the app you choose suits your business demands when choosing one. It might be difficult to choose among the many alternatives available on the market today.
The most crucial characteristics to look for in a receipt management app are listed below in a brief list. Although you might not require all of them, this list should help you narrow down your search for the best option for your needs:
- OCR (Optical Character Recognition) accuracy
- Real-time expenditure fraud detection
- Automatic data extraction of merchant and category
- Accurate receipt data detection with little effort
- Cloud storage that is limitless for digital receipts
- Information on trends, classifications, patterns, and other aspects of expenditure
- Interfaces that are seamless with other accounting software
- Easy approval workflow automation that is tailored to your organization’s requirements
- Agnostic access regardless of platform, whether it is a mobile operating system or a website
- 24/7 client assistance
You may also like reading: 6 Best Professional Tax Software Programs for 2023
When to Use a Receipt Scanner App
Your team works remotely: workers to purchase their own supplies and bill them to your company? Even if you operate remotely, using a receipt scanner might assist you process bills.
You want to reduce paper use in your business: For reimbursements, you used to have to create vouchers, which just involved consuming additional paper. With a receipt scanner, you can do away with paper and handle everything digitally, from expenditure recording to reimbursement.
You want to declutter your office: Receipts stacking up on your desk isn’t a pretty sight. Almost no professional would like reviewing hundreds of receipts every day. Instead, you should scan these receipts and then discard them.
You want a faster and easier way to keep track of receipts: In most cases, you may attach receipts to transactions after scanning them. If the transaction is ever disputed, it will be quite simple to locate the receipt in this way.
A receipt scanner software may aid by handling the tedious job for your staff and finance team while maintaining and keeping mountains of paper receipts is time-consuming and difficult.
When selecting a tool, take into account the characteristics that are most crucial to your company’s requirements, your budget, and whether or not it can help the complete company.
You can return to this list when that is obvious and choose wisely.
Frequently Asked Questions (FAQs)
Are receipt scanner apps secure?
Users’ data is often protected by receipt scanner applications using security techniques including encryption, password protection, and secure servers. Some applications could additionally adhere to industry standards like HIPAA or GDPR. Before utilizing any receipt scanner programmer, it’s crucial to thoroughly check its security precautions. You should also use strong passwords and other security recommended practices to safeguard your data.
Is a receipt scanner app worth getting?
For people and organizations wishing to organize and manage their financial activities and costs, receipt scanning applications may be a beneficial tool. These programmers make it simple for users to digitize and arrange paper receipts, extract valuable data from them using OCR technology, and classify and tag the receipts for simple administration and monitoring.
What are the benefits of using a receipt scanner for a business?
Businesses that want to lessen their paper usage and/or carbon impact should use a receipt scanner, which converts paper receipts and expense reports into digital files. Receipt scanners also make keeping track of receipts straightforward, particularly when it comes to completing yearly tax returns. It is simpler for remote workers to submit receipts digitally rather than by mail or fax if you have that option.
Does my iPhone have a receipt scanner?
You can use your phone’s built-in Notes app to scan receipts if you don’t want to utilize an official app. To capture the receipt, simply click the camera button and choose Scan Documents. Following that, you may save it or include more documents.
Are receipt scanners worth it?
In particular for companies that process a lot of physical receipts, yes. If you process fewer than five receipts per day or fewer than ten per day, you can still use free receipt scanners.