More than 640,0000 tons of business receipts are printed annually. That’s a lot.
But, that’s frustrating is organizing or managing them. But why should you? As a business, you must maintain business records and supporting financial documents such as receipts or invoices up to Three years.
now that you have To keep these documents, you may want to organize them so you can find them when you need them. It’s easy to lose control of receiving, 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 at your desktop
- Sort receipt images on your phone
- Scan receipts to Google Drive
- Automated Receipt Organizer
Organize your commercial receipts easily with Nanonets.
Set up automated workflows to classify receipts, add expenses to the general ledger, maintain audit trails, and more! Start your free trial. Or contact our experts so we can set up workflows for you.
Manual sorting of paper receipts
It’s as easy and tedious as it sounds. Get folders and paper cabinets. You should name the folders after your spending categories. As soon as you receive a paper receipt, determine the expense category of the receipt, and then manually place it in the home folder.
For example, the travel expense folder will contain all receipts related to the travel category. These may include your receipts for taxi, bus or train fares.
! While this method works for a small business, you shouldn’t go for manual storage for multiple reasons. There is a possibility that the receipts may be damaged. Manual efforts are substantial. Also, there is no way to control expenses because you will not know the trend by following this method.
Scan receipts at your desktop
You can scan receipts or take images of the receipt and save them to your desktop. Create different folders for different categories of expenses and keep adding receipts as you receive them.
Be sure to correctly name your receipt images so they are easy to find.
! This method is simple but requires manual effort. You have to do the same number of steps each time you receive a receipt, which makes it tedious when the number of receipts increases.
Use a receipt management app
Receipt management apps are great solutions for independent entrepreneurs and small businesses looking to organize their receipts on a daily basis. Receipt scanner apps like nanogrids you can digitize and organize receipts instantly. There are many receipt scanner apps on the market:
- nanogrids
- Zoho Expenses
- QuickBooks
- in shoe box
- To spend
- smart receipts
- genius scan
- prepare well
- Neat,
- Receipts By Wave.
With these apps, all you have to do is click the receipt image, add the expense category, and save.
Nanonets can extract receipt data, create expense reports, and also allow you to search receipts using keywords.
! Receipt scanner apps cannot handle receipt management on a large scale. You’ll need to click on the image of each receipt, whether it’s a PDF, email attachment, paper receipt, or handwritten receipt.
Scan receipts to Google Drive
Google Drive can be used to efficiently organize receipts. Create folders based on the variable of your choice, date, location, or expense 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 folder names and receipts are short and sweet so they’re easy to find.
! This method is similar to the previous method, except that here, all your receipts are stored in the cloud. While Google cloud storage is relatively more secure, you may want to look into more secure options if you’re storing sensitive information.
If you work with invoices and receipts or are concerned about identity verification, check out Nanonets online optical character recognition either PDF Text Extractor to extract text from PDF documents for free. Click below for more information on Nanonets Enterprise Automation Solution.
Automated Receipt Organizer – Organize receipts with no-code workflows.
You can automate all receipt management with Nanonets document classification and intelligent workflow automation. You can create an automated workflow like the one below in Nanonets.
This is how the receipt organization workflow using Nanonets will work:
- Receive a receipt or upload a receipt to Nanonets.
- The receipt will be routed to the receipt OCR template.
- The 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 appropriate database or folder.
- You can also perform additional tasks like updating customer profiles, automating payments, 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 businesses of all sizes looking to organize their receipts efficiently and at a fraction of the cost.
In addition to receipts, you can use the platform to organize any document; PDF, 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.
Nanogrids can perform the following tasks and more:
Do you have a specific use case in mind?
Get in touch with our team either start a free trialIf you need help, our team will set up workflows for you.
