OCR and E-receipts – Automating your Expense Reporting
Expense reporting need not be a tiresome and time-taking process. From optical character recognition to e-receipts to automated approvals, expense report software comes packed with features that automate expense reporting and makes it easy for all the stakeholders. Here’s how some of these automation features work:
Optical Character Recognition
Ever wasted time keying in data from a receipt into the expense report? You can save all the time and effort you spend on duplicating data with the OCR feature. With the mobile app, simply scan the receipt and all the pertinent details in the expense report will be populated. This way, reports are populated immediately and there will be no last minute reporting hassles holding up the process.
Eliminating paper in the expense reporting process can significantly increase processing speed. With paperless receipts, a lot of time is saved in reporting, verification,and approvals. Modern expense solutions integrate with multiple third-party services to capture e-receipts from which data is saved into the report. These third-party services can included flight booking portals, taxi booking services, hotel booking solutions, etc.
Verification and approvals
Expense software automates verification and approvals too. The software helps route expense reports from one step to the next and does so in a streamlined manner.
Expense report software also help automate reporting. The software allows users to generate and share reports using a variety of parameters. Also, these reports can be sent periodically to interested parties so that everyone can stay connected without any issues.