Businesses have discovered that reimbursing employees for their expense reports quickly and efficiently is a major challenge. This is especially true of organizations with a large or mobile workforce since their employees and approvers are on the go. The key to success is staying organized when managing timesheets and expense reports. Receipt management is one method for staying organized. If your organization is in search of a solution for better managing timesheets and expense reports (and getting employees paid more quickly), these receipt management benefits will speak to you.
Benefits of Receipt Capture Software
Turn emails into receipts.
Because we use a lot of online merchants, we tend to get receipts via email nowadays, which is actually helpful since your inbox can be a good place to store receipts. One benefit of receipt management is that you can turn these emails into receipts directly by simply forwarding the receipt right from your inbox. The email will become a PDF and will be stored in the receipt repository until it’s needed for your future expense reports.
Get paperless, instant expense reports.
Expense reports become a breeze with OCR (optical character recognition) software. This technology scans a picture of a receipt and digitally reads the data on that receipt. Then, it inputs information like vendor name, amount, and total price into the expense report for you. This means you just have to take picture of a receipt, make sure the data pulled into the expense report is correct, then hit submit.
Approvers/admins are more satisfied.
Managers and approvers have enough on their plates. They’re busy managing other, higher value tasks, so any help they can get when it comes to managing and approving expense reports will help. With paperless expense reports, receipts are automatically attached to the expense report, which means that approvers don’t have to worry about losing or damaging original receipts. Freeing up an administrator’s desk from paper clutter can only be good.
Related Article: How Managing Receipts Can Take So Much Less Employee Time
Employees won’t lose or damage their receipts.
Employees also benefit from not having to keep track of paper receipts. Receipt management allows employees to simply take a picture of their receipt and store it in the system. If employees are trained to take a quick picture of every receipt, they won’t lose that receipt since it will be stored digitally forever.
Credit card feeds can automatically match receipts.
Organizations around the world are already taking advantage of credit card feeds from their company credit cards pulled directly into their employees’ expense reports. Then, when employees upload their receipts, they can be automatically matched to those credit card transactions based on the total amount. This saves the employee from manually entering data and speeds up the reimbursement process because the expense report process is simpler and easier.
For many organizations, it’s essential to get billing done quickly and efficiently. Expense reporting with receipt management can be essential in accomplishing this task. Your organization can stay organized and employees complete their work with more satisfaction when they can use receipt management. Learn more about how DATABASICS Time & Expense™ solves your expense reporting problems.
DATABASICS provides cloud-based, next generation Expense Reporting, P-Card Management, Timesheet & Leave Management, and Invoice Processing automation. Specializing in meeting the most rigorous requirements, DATABASICS offers the highest level of service to its customers around the world.
DATABASICS is relied upon by leading organizations representing all the major sectors of the global economy: financial services, healthcare, manufacturing, research, retail, engineering, non-profits/NGOs, technology, federal contractors, and other sectors.
DATABASICS is headquartered in Reston, VA.