2 different products. Which one works for you?
Who knew there are so many things we can do with receipts?!! Please check out below to find out what works for you. Still lost? 💬 Contact Us. We'll figure it out together.
Imagine a magical helper swiftly reading your shopping receipts, transforming them from crumpled paper into neatly organized data gems. This is Receipt Optical Character Recognition, or Receipt OCR.
Using a dash of technology magic, Receipt OCR turns all types of documents - paper receipts, PDF files, or quick snaps from your camera - into searchable, editable data. It's like a tech treasure hunt, sniffing out details like items purchased, cost, and store's name.
No more squinting at faded ink or hours of manual data entry. Just snap a picture, and voila! Your handy Receipt OCR is on it, categorizing every tidbit of your expense. Managing finances has never been so effortless or fun! Remember – you've got a magical helper in your pocket. Happy treasure hunting!
One of the most significant uses of Receipt OCR in the business world is for automating expense management. Whether it's for travel, meals, or office supplies, businesses incur a range of expenses. Managing these expenses can be a complex and time-consuming task, particularly as a company grows.
Here's where Receipt OCR comes to the rescue. Employees simply take photos of their receipts using a mobile app. The app uses OCR to extract information such as the date, vendor, and amount spent, and then automatically inputs this data into the company's expense tracking system.
This automated process greatly reduces the time spent on manual data entry, minimises errors, and expedites reimbursement. Additionally, the instant digitisation of receipts helps maintain an organised and searchable expense record, simplifying financial auditing and tax compliance.
For example, Expensify, an expense management software, uses Receipt OCR to simplify expense reporting. Users capture receipt images and Expensify's OCR technology extracts the relevant details, categorises the expense, and submits the report on behalf of the user.
- Head to 1️⃣ Scan your first receipt (or invoice) and follow the step-by-step instructions.
Receipt validation is another important application of Receipt OCR technology, particularly useful for businesses to prevent fraud and ensure compliance.
Typically, the process involves the following steps:
Capture: An employee captures a photo of the receipt using a mobile app. This might be for a business meal, travel expense, office supplies, or any other type of expenditure.
Extraction: The Receipt OCR system jumps into action, extracting and digitising the crucial data from the receipt. This typically includes the vendor's name, the date of the transaction, and the total amount spent.
Validation: The digitised data undergoes an automated validation process. Here, it is cross-referenced against the company's expense policies and the employee's submitted reports. This includes checks like verifying the vendor is approved, the date aligns with business activities, and the amount doesn't breach policy limits. More advanced checks can also ensure the expense's nature matches the receipt's description.
The digitised data undergoes an automated validation process. Here, it is cross-referenced against the company's expense policies and the employee's submitted reports.
This includes checks like verifying the vendor is approved, the date aligns with business activities, and the amount doesn't breach policy limits. More advanced checks can also ensure the expense's nature matches the receipt's description.
Our side - Receipt OCR and Validation: The system uses OCR to extract key data from the receipt and validates this against the campaign's terms. This ensures that the correct item was bought within the promotional period from a participating store.
Client side - Reward Distribution: Once the receipt is validated, the cashback reward is approved and distributed to the customer's account or applied as a discount on a future purchase.
For instance, a startup like Fetch Rewards effectively uses this approach. Customers earn points by uploading receipts, with OCR verifying purchases for point allocation. These points can be exchanged for cash or gift cards, seamlessly rewarding customers while maintaining campaign integrity.
Updated 3 months ago