Over the past few years, we have witnessed an exciting process where many things that used to be stored on hard copies are now stored online, usually on cloud-based hosting. One of the new trends among individuals and businesses is to turn towards cloud-based accounting applications which work with digital receipt scanners. Thanks to these applications, companies and small-scale businesses can quickly sort all kinds of receipts, therefore allowing them to efficiently manage their money, follow expenses and income, and enjoy many other benefits. If you have been looking into best receipt scanners, then let us give you seven of the top reasons why you should take advantage of this technology.
#1. It Saves Space, Money, and Paper
When using paper receipts, you will need to consider the price of a printer, toner cartridges, and cost of the paper itself. All of this can be avoided by making the simple switch to a receipt scanner and cloud-based accounting. Not only will this be less expensive and cause less clutter, but bit it will also save you a lot of precious time.
#2. Even a Smartphone Can Get the Job Done
If you are running a small business and you are not ready to spend a significant sum on a professional receipt scanner, then you might be happy to hear that scanning receipts can be done with your smartphone. There are plenty of receipt managing applications (both free and paid) which come with various features to make your accounting easier.
#3. Digital Receipts Are Much More Secure
Using digital receipts gives you several more layers of security compared to paper ones. One of the primary things is that when these digital receipts are stored on a server, only authorized people can access them, so you should be fine as long as you use a strong password. The potential risk with paper receipts is that they are lying around, and anyone can gain access to them and extract essential data. The most significant advantage is that digital receipts are nothing more than files and databases which can be backed up to ensure that they will not get lost in case of an accident. Backups are impossible with paper receipts, and once damaged they are forever lost.
#4. Filling Out Tax Forms Becomes Less Tedious
Tax time comes, and you find yourself buried in thousands of paper receipts that will take ages to sort out and extract information from. As mentioned above, digital receipts do not just take less space, but they are also much easier to organize and search through, therefore significantly reducing the stress that accompanies the process of filling out tax forms. You can arrange them in chronological order, the amount spent, client name, and in any other way that your receipt keeping service supports.
#5. Budgeting Made Easy
Budgeting with paper receipts can be somewhat tricky since it may take a lot of time to sort out through all of them and then start doing the required calculations. Using digital receipts and suitable accounting software can automate this entire process, therefore providing you with countless benefits such as keeping track of your budget, managing purchases and returns, and others.
#6. Sharing Digital Receipts Is Easier
Mailing a paper receipt is inefficient as it can take ages to get delivered. However, digital receipts sharing is something that you will not need to worry about – emails and image sharing platforms make it easy. In addition to this, your receipt managing software might allow you to access your receipts from anywhere via different devices, so this is a bonus when you are on a trip and need to urgently check a recent receipt or report. Besides, customers love receiving digital receipts since they are much easier to keep and find if needed.
#7. Digital Receipts Do Not Have Durability
Paper receipts may fade away with time, but this is not a thing you need to worry about with digital receipts. As we mentioned, they can always be backed up, so you will still have an extra copy in case of an accident. Even the best ink and paper cannot make a paper receipt permanent, and the text is guaranteed to become unreadable after a few months.
Making the switch to digital receipts may be odd at first, but you will realize that it is the better choice once you get used to it. The benefits it offers are endless, and the cost of receipt scanners and scanner applications is insignificant compared to the convenience you will experience.