With the surges in digital development we see every day, it is no surprise we will find different aspects of business getting digitized. Everyone now is riding the wave of digitization to garner as many benefits as they could. One of the best systems you could digitize is your invoice. When you go paperless, a lot of work will be lifted off your shoulders to allow you to think of more pressing matters. Receipt digitization, or e-invoice, has now become a powerful tool for all businesses due to its flexibility and availability. If you want to know more about e-invoice, here are a couple of reasons that might convince you to adopt it yourself.
1 – It Is Easy and Efficient
Dealing with heaps of receipts can become very irritating very quickly. According to TabScanner.com, this is one of the main reasons business owners favor digitized receipt systems over standard systems. The OCR for receipts perk will make quick scanning for your financial data in paper form and store them away safely in a mobile device, for example, so that no one can have access to them. It is also safer and more effective than keeping sensitive data in paper form, which can be easily compromised.
2. You Will Be Able to Send Receipts Via Email
When you adopt a digitized receipt system, you will have the option to email your customers their receipts. So, make sure that your customers are familiar with this feature, as you will be surprised by the number of people who prefer to avoid the hassle of papers. Of course, they can print their receipt after they receive it via their email. This feature will help you build a customer email database, so your mailing list will become larger, hence, you will be able to send them questionnaires, offers, etc.
3. It Will Save You a Lot of Money
If you think about it, what is probably eating away at your money is the cost of your paper-based invoice. However, once you complete your receipt digitization process, you will find that costs have decreased significantly. You won’t need help from an accounting professional to get the job done, and your receipts won’t be prone to human error since you’ll have software doing the job for you. Receipt digitization will make managing accounts payable way faster than it was before, which will enhance the productivity of your business.
4. It Will Decrease Error Rate
As mentioned before, you’re using software, which is unlikely to make fatal mistakes. However, even if you’ve hired professionals to take care of receipts, they will inadvertently make mistakes, especially that their work can be very repetitive. Because receipt digitization is faster and more efficient, the available manpower can be used for other purposes to increase your business efficiency. Once the data is processed through a digitized platform, the management of receipts is automated, which is perfect for dealing with repetitive processing.
5. You Will Have Searchability on Your Side
Any stored data in a digitized form can be easily searched, which means you will be able to find a receipt that is months old without having to go through a huge amount of paper. Receipt software offers the option to add tags or labels to your receipts so you can find them later.
6. More Space
Because you are legally required to keep copies of all your customers’ receipts and also receipts of expenses paid to staff. This can be quite problematic for your storage space, especially if you’re an established business and already running out of physical space to store receipts in. Upon utilizing a receipt scanning software, you will immediately notice a difference in your storage unit and filing cabinets. You won’t have to deal anymore with heaps of paper, allowing you to use the free space for other purposes. Your area, for once, will look much more organized and clean, and you will have smaller storage units, giving you one less thing to worry about.
7. A Stronger Brand Image
A digitized receipt system is flexible, easy to use, will offer a broad database, and will save a lot of space. All of these benefits combined will improve your brand’s reputation. Your customers will be more likely to trust you for the low chance of mistakes, as the new system will offer solutions that would have otherwise been nonexistent without the digitized receipts. Saving time and money will give you more time to focus on your business goals, which will create more opportunities for your brand and establish long-term stability.
8. Multiple Options for Data Entry
What is great about OCR scanners is the variety of methods with which you can use for data entry. For example, there are scanners which will allow you to scan receipts directly to your cloud storage without any additional steps, so it will scan a huge pile of receipt in an instant, and web-based uploaders will accept images scanned with any imaging devices or scanners. Some even offer a mobile application, so you can have an OCR scanner on your phone that you can scan receipts with wherever you are. There are even scanners that will transform images to pdf files on your phone.
If you were working with paper-based data before, then you already know that papers can easily tear, crumple, stain, or fade, which will then make it illegible to anyone trying to read it. This disadvantage can make any business owner think about digitizing their receipt system. After all, the law demands that you have copies of all your customers’ receipts, so receipt digitization is a good way to guarantee that your data will always remain in good shape. Receipt scanner developers are aware of this disadvantage and even provide an alignment option in their scanners that will make the receipts look clear and readable.
Reducing error, keeping your paperwork organized, and ensuring that payment processes are completed faster will surely improve your brand name and create more opportunities for your business, so make sure that you invest in this technology to ensure a long-lasting success to your business.