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Cost-Effective Invoice & Receipt Scanning Software

12th Apr 2024
Brought to you by
Receipt Bot - logo
Receipt Bot is a robotic data entry assistant for accountants and bookkeepers. Leveraging the...
Save content
Have you found this content useful? Use the button above to save it to your profile.

Receipt scanning software has quickly become a must-have for modern practices. It has been a game-changer for many accounting firms, efficiently automating the once-tedious process of collecting documents and capturing data from invoices, receipts and bank statements. However, recent price hikes in some industry-standard solutions have left many accountants scrambling for cost-effective alternatives.

Optimising ROI with Cost-Effective Receipt Scanning Software
Receipt Bot

Fortunately for accountants, the market for receipt scanning is becoming more diverse and flexible, with more options available for practices looking to ditch the data entry and focus on the work that matters for clients. Here, we look at why this issue is so important for firms and how you can confidently make the right choice for your firm, empowering you to take control of your processes.

What is Receipt Scanning Software?

Accountants and bookkeepers rely on having the right data from their clients to manage their books. This used to mean sourcing, entering and organising large volumes of paper receipts, invoices, bank statements and sales proofs on a regular basis. Not only did this drive up costs for firms and clients, but it was also prone to manual errors, missing information and inefficient communication.

Receipt scanning software changes all that. These tools automate the process of collecting the documents from the users, sorting and sifting them and then capturing data from physical documents. Users – clients or bookkeepers – simply scan the image or upload from a scanner, and the software extracts key information like date, vendor, amount, and VAT and then intelligently assigns a category. The extracted data can be exported into your existing cloud accounting software, such as Xero, Sage or Quickbooks Online or analysed offline, saving countless hours on manual data entry and reducing errors.

However, with increasing demands for this tech, some providers have leveraged their role and scale to push for higher prices from their customers.

The Case for Affordable Receipt Scanning Software

While the benefits of receipt scanning software are undeniable, cost considerations shouldn't be overlooked.  Given that these tools are essential for the majority of clients, it’s all the more important that they be cost-effective to ensure reliable margins for advisors and attractive pricing for customers.

This means that your choice of receipt scanning software has a major impact on not only your efficiency but also your billing, revenue and customer win/retention rates. The problem today is that many established solutions often come with hefty price tags or offer lower data extraction quality.  

For accounting firms, particularly those with a growing client base or those just starting out, these costs can quickly eat into profitability. The right choice of software for your practice should balance the costs and benefits, providing a reliable data solution while also enabling you to run a scalable, revenue-generating practice.

The Advantage of Affordable Alternatives

Affordable receipt scanning software doesn't have to mean sacrificing functionality or accuracy. Cost-effective solutions like Receipt Bot can empower your practice with a range of benefits:

●    Focusing on Your Core Business: Affordable receipt scanning software allows you to dedicate more time to providing strategic value to your clients.

●    Simplified Workflows for all clients: You can simplify your workflows and avoid spending time on paperwork. With affordable receipt scanning solutions, you do not have to juggle clients to save costs; you can onboard all clients without additional costs. 

●    Better profit margins on services: By improving your efficiency, you can offer your clients faster, more accurate services. Therefore, the costs will be reduced, and the profit margins for your services to the clients will increase. 

Beyond Cost Savings: Why Receipt Bot Makes a Difference

While cost is a key factor in choosing the right tool, Receipt Bot also offers several key benefits in terms of tailored functionality and efficient processes:

Advanced OCR Technology

Not all OCR is created equal.  Receipt Bot utilises cutting-edge technology to ensure accurate data extraction from even low-quality scans. This includes receipts from faded ink, crumpled paper, or even photos taken on smartphones.

Seamless Integration

Juggling multiple software applications can be a hassle. Receipt Bot integrates effortlessly with popular accounting software programs, allowing for effortless data import and streamlined workflows. This translates to a smoother user experience and eliminates the need for manual data transfer.

Unlimited Clients on One Subscription

One of the major worries of accountants and bookkeepers is per-client pricing. Receipt Bot allows you to manage unlimited clients within a single subscription at no additional cost. This is particularly beneficial for accounting firms with a diverse client base where not all clients actively use the apps. You only pay for the documents processed, keeping costs predictable and scalable and not worrying about having to delete one client's data to add another.

Going Further with Value-Add Features

Beyond the product, Receipt Bot has also built a customer experience designed to add value end-to-end for practices, including:

  • Flexible Pricing: Forget restrictive plans that limit features based on cost. Receipt Bot offers a flexible credit system, and all software features are available to all users, regardless of the subscription plan. You purchase credits for document processing, with unused credits rolling over for up to six months on active subscriptions. This allows you to scale your usage based on your current workload,  ensuring you only pay for what you use and no more overspending on features you don't need. The credits are not tied to specific document types, so your credits go further, and you are not restricted by artificial pricing restrictions that require you to pay more.
  • Unparalleled Customer Support: Receipt Bot prioritises your success and offers dedicated customer support via multiple channels.  Reach out via email,  chat, or even schedule consultations with experienced support personnel.  This ensures you receive the necessary assistance to get the most out of the platform.
  • Easy Scalability: Your practice constantly evolves, and your receipt scanning needs may fluctuate.  Receipt Bot offers complete control with the ability to upgrade or downgrade your plan anytime to adapt to your changing client base and seasonal variations. There's also no minimum contract commitment, offering complete freedom and avoiding lock-in to a plan that doesn't suit your current needs.

Choosing the right solution for your future

With practices competing ever more on efficiency and client service, the right receipt scanning software can make a significant impact on your long-term success.

To find out how you can enjoy the benefits of best-in-class receipt scanning without the hefty price tag, sign up for a free trial of Receipt Bot today.