If you’re finding your business operations lagging due to manual data entry and processing, we have good news for you! You can now automate the process of maintaining your receipt record and optimise your inventory management process by capturing and processing data from receipts automatically. Digitising and automating your data entry receipt extraction can help you use your resource effectively and also improve the workflow of your business operations.
Table of Contents
Importance Of Receipts In Business Operations
Receipts are an important part of record-keeping in most businesses and their workings. They are used extensively by the Human Resources and accounting departments during payroll processing and tracking finances. Here are some ways receipts can help improve businesses.
1. Monitor Business Operations And Growth
Maintaining and updating your receipt records regularly can help you gain better insight into all transactions involved in your business. Doing this allows you to keep an eye on all the company’s finances and analyse whether you’re optimising your resources and funding properly.
2. Enable Greater Financial Transparency
With multiple transactions happening daily, data entry receipt extractions are a way to check all the details of these financial operations between your clients, employees and business partners. It helps you introduce and maintain transparency in your business-related payments by keeping a tab on the workings of all parties involved and can help you resolve any conflict or discrepancies that could arise.
3. Optimise Internal Accounting And Record-Keeping
Using elaborate documentation such as frequent tax audits can help your business with its bookkeeping by accounting for all resources and cash utilisations. In such cases, information obtained from data entry receipt extraction is necessary for cross-referencing entries and maintaining the integrity of the tally in accounting, and can also be presented during financial reports or for tax purposes.
4. Filing For Tax Returns
As mentioned, receipts allow you to monitor all the deductible expenses that you can include while filing your tax return claims. It prevents you from overpaying and optimising auditing to boost efficiency and productivity.
Types Of Receipts
Several types of receipts need to be processed during auditing and accounting
- Purchase Receipts
Purchase receipts act as standing proofs that allow you to validate the completion of a purchase. They are handed to the customer by the retailer once the transaction involved is complete or has been processed. These receipts often help you with data entry receipt extraction. They keep a track of the tax charges, date and time of the transaction, specifics of the retailer along with the name, type and unique product ID.
- Sales Invoices
Sales invoices are receipts that help retailers or businesses record the sale of a product or service along with specifics like the date and time of the transaction involved or the amount of money due by the customer.
- Expense Invoices
Expense invoices are used heavily in data entry receipt extraction operations. These receipts track all the expenses that have been incurred during business operations. These can include travel or accommodation expenses during outstation meetings or operations, payments for raw materials and supplies, etc. Such receipts are crucial for validating reimbursement purposes and can help you file for the same.
- Salary Receipts
These are receipts that help you keep a track of your employee’s salary. It acts as proof that they have received their stipulated salary and contains data on the employee’s name along with details of the transaction.
How To Extract Data From Receipts Manually?
Extracting data from receipts manually is a long and tedious process where data is entered manually into devices for digital files or on paper for physical copies. It is slow and can drain business resources since they are redirected towards manual book-keeping. Further, with digitisation in nearly all sectors, vast volumes of data are generated every day making it nearly impossible for data entrants to keep up.
Along with having increased rates of errors and overall poor management, most businesses are now looking at cutting edge ways to integrate with upcoming technologies to help with automation in data entry receipt extraction. Gone are times when you’d need to hire a team just to enter data, now, with automation you can extract, process and organise all data efficiently making the process of manual data extraction and entry obsolete.
Use of Technology In Data entry receipt extraction
Data entry receipt extraction has been automated using ML algorithms or AI-driven OCR, OMR, and RPA software. They help capture, edit, store and organise bulk volumes of information. These tools are employed in digitising old documents, non-editable PDFs or images to generate data and process it effectively by converting it into machine-readable files.
Enriched with a high degree of accuracy and shortened processing periods, these applications can extract data from unstructured documents or files with atypical templates such as hand-filled forms or receipts.
Although you might feel sceptical about scanning and digitising confidential data such as the financial holdings or other business records, with improved cyber security protocols and Cloud-based storage systems, you can be assured that your privacy isn’t at risk. Employing the use of technology and integrating it with business processes can help you improve your workflow and boost productivity tenfold for a thriving business.
Data Entry Receipt Extraction For Automation In Expense Management
Rapid advancements in Information Technology have resulted in nearly all sectors of the economy having undergone rapid digitisation for improved operations. With this acting as a catalyst, data entry receipt extraction and processing is no longer a manual and tedious task. As more and more AI-based and ML algorithms are becoming more accessible, businesses can manage and troubleshoot their expenses and maintain extensive financial logs with ease allowing for greater prosperity and increased growth.