More than 640,0000 tons of business receipts are printed annually. That’s a lot.
But, that is frustrating is organizing or managing them. But why should you? As a business, you must keep business records and supporting financial documents like receipts or bills for up to three years.
Now that you have to maintain these documents, you might want to organize them to find them when you need them. It’s easy to lose track of receipt, but thanks to platforms like Nanonets, you can automate these processes.
Let’s take a look at five ways to organize your business receipts:
5 ways to organize receipts
And there are five different ways to organize receipts:
- Manual sorting of paper receipts
- Scan Receipts on your desktop
- Sort receipt images on your phone
- Scan Receipts to Google Drive
- Automated Receipt Organizer
Organize your business receipts easily with Nanonets.
Set up automated workflows to classify receipts, add expenses to the general ledger, keep audit trails, and more! Start your free trial. Or Reach out to our experts so we can set workflows up for you.
Manual sorting of paper receipts
It’s as easy and tedious as it sounds. Get paper folders and cabinets. You should name the folders per your spend categories. As soon as you receive a paper receipt, determine the spend category of the receipt and then put it manually in the particular folder.
For example, the travel expense folder will contain all the receipts related to the travel category. These might include your taxi, bus, or train fare receipts.
! While this method works for a small business, you should not opt for manual storage for multiple reasons. There is a chance of receipts getting damaged. The manual efforts are substantial. Also, there is no way to keep a tab on spending because you won’t know the trend by following this method.
Scan Receipts on your desktop
You can scan receipts or take images of the receipt and store them on your desktop. Make different folders for different spending categories and keep adding receipts as and when you receive them.
Make sure you name the receipt images correctly to find them easily.
! This method is simple but requires manual effort. You have to do the same number of steps every time you receive a receipt, which makes it tedious when the number of receipts increase.
Use a Receipt Management App
Receipt Management apps are great solutions for solopreneurs and small businesses looking to organize their receipts daily. Receipt scanner apps like Nanonets can digitize and organize receipts instantly. There are many receipt scanner apps in the market:
- Nanonets
- Zoho Expense
- QuickBooks
- Shoeboxed
- Expensify
- Smart Receipts
- Genius Scan
- Dext Prepare
- Neat,
- Receipts By Wave.
With these apps, all you have to do is click the receipt image, add the spend category and save it.
Nanonets can extract data from the receipt, create expense reports and also allow you to search receipts using keywords.
! Receipt scanner apps can’t handle receipt management at a large scale. You’ll have to click the image of every receipt, whether a PDF, email attachment, paper receipt, or handwritten one.
Scan Receipts to Google Drive
Google Drive can be used to organize receipts efficiently. Create folders based on the variable of your choice, date, location, or spend category.
Once you receive a receipt, scan or click an image of the receipt and upload the digital receipt from your device to Google Drive. Make sure you keep the folder and receipt names short and sweet to find them easily.
! This method is similar to the previous method other than the fact that here, all your receipts are stored on the cloud. While Google cloud storage is relatively safer, you might look at safer options if you’re storing sensitive information.
If you work with invoices, and receipts or worry about ID verification, check out Nanonets online OCR or PDF text extractor to extract text from PDF documents for free. Click below to learn more about Nanonets Enterprise Automation Solution.
Automated Receipt Organizer: Organize Receipts with no-code workflows.
You can automate entire receipt management with Nanonets document classification and intelligent workflow automation. You can create an automated workflow like the following on Nanonets.
Here’s how the receipt organization workflow will work using Nanonets:
- You receive a receipt or upload a receipt to Nanonets.
- The receipt will be routed to the receipt OCR model.
- Data will be extracted from the receipt, and based on the extracted data, the receipt will be classified.
- Based on the receipt classification, the receipt will be routed to the proper database or folder.
- You can also perform additional tasks like updating customer profiles, payment automation, creating approval workflows, creating expense reports, and more.
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This method is fast, reliable, secure, and error-free. This is best suited for enterprises of all sizes looking to organize their receipts efficiently and at a fraction of the cost.
Apart from receipts, you can use the platform to organize any document; PDFs, images, handwritten documents, excel, word, etc. You can extract data from documents, classify documents, use a database to verify documents, perform data enhancement tasks, and export data to different formats and databases. The possibilities are endless.
Nanonets can do the following tasks and more:
Do you have a specific use case in mind?
Reach out to our team or start a free trial. If you need assistance, our team will set up workflows for you.
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- Source: https://nanonets.com/blog/organize-receipts-receipt-tracking/
