Looking for a simpler way to track your business or personal expenses? Receipt scanning software can help. The scanning software works in conjunction with a digital scanner to turn your receipts into files that you can easily find, edit, and put to use. Once digitized, the receipt scanning software can organize and manage your receipts, or export data to applications you already use like Quicken®, QuickBooks®, TurboTax®, or Excel®. And as simple as that, your receipts are transformed from annoying paper clutter into a source of actionable data that can help meet your financial goals.
The benefits of receipt scanning software are numerous. The most obvious of which is simply backing up important receipts. These could be tax-related expenses, business expenses, major purchases, or items under warranty. If you use a cloud service with your receipt scanning software you can have your receipts accessible across all devices. This will come in handy with returns and exchanges.
Digital receipts are a great way to document tax-related expenses. The IRS accepts the scanned digital images, so if they ever ask to review any of your receipts, you will easily be able to find and provide them. You can add tax information or assign tax categories as you scan them in, so when tax time comes, everything is prepared in a form you or your accountant can use. The receipt scanner software can also facilitate the creation of reports and export them to your financial systems. This will save you time and money, especially if you contract a tax accountant.
As you’re tracking your expenses for tax deductions throughout the year, consider using a portable or mobile app scanner in conjunction with your receipt scanner. They’re important tools because they let you digitize your receipts on the go, ensuring all your receipts get scanned and included in your digital filing cabinet. Portable scanners easily fit into a laptop bag and are USB powered, which means no extra power supply is needed. The mobile app is always accessible via your smartphone and great for times when you don’t have your laptop bag on you. Having all your expenses well documented will ensure you receive all of the tax deductions for which you quality.
You’ll find that receipt-scanning software also helps you stay on budget more easily. If you’re serious about sticking to a budget and meeting your financial goals, it’s essential to track all of your expenses diligently. Because doing so has been a hassle with paper receipts, most people aren’t consistent enough with tracking their expenses and they fail to meet their goals. However, because storing your receipts into your digital filing cabinet is easy, and the receipts are accessible across all devices, you are far more likely to keep track of your expenses and meet your financial goals.