Your business won’t miss on valuable tax deductions.You won’t spend time looking for and sorting through a huge pile of receipts. You will save time when it comes to tax filing.When you regularly scan and store your receipts: Also, they are prone to damage due to climate, degradation, and other factors. Paper receipts can fade and ink can smear. You could accidentally throw them away while cleaning. It can be a pain to organize and easy to lose track of paper copies. No one wants to keep a three-year stockpile of paper receipts. That can include receipts, especially those for purchases larger than $75. The IRS recommends that you keep certain financial records for at least three years after filing a tax return. The app collects and stores your receipt information, so you can easily retrieve it when you need to, by filtering and searching by keyword. Instead of using a scanner, you download the app on your phone and use your camera to take a photo of the receipt. With this process, you can limit manual data entry. They use Optical Character Recognition (OCR) technology, a process that scans physical documents and creates digital versions of them. This makes it easy to retrieve it from a digital filing system.Īlmost all receipt scanning apps work the same way. What is a receipt scanner app?Ī receipt scanner app takes a photo of your receipt and creates a digital copy. Whether you track receipts to reimburse employee expenses or to prepare for a possible audit, you should keep track of them with one of these best receipt apps. ![]() ![]() Receipts play a surprisingly important role in running a business.
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