As we march ever forward towards minimising a commercial labour workforce, one buzzword that crops up time and time again and perfectly characterises this process is automation.
Few commercial departments have seen greater automation acceleration than accounts. Whether for large blue-chip organisations or small start-ups, automation has penetrated the accounting sector – forever changing commercial finance and expense management.
Eye-Catching Statistics
Despite the global growth of automation, it’s estimated that as many as 46% of businesses are still dependent on manual tools to manage their expenses. They forgo the opportunities presented by mobile receipt OCR capture technology, for example, in favour of a more traditional means of financial management.
It’s estimated that as much as 64% of small businesses seem steadfastly determined to cling to an increasingly archaic financial management process. However, before you dismiss the merits of automating your commercial finances consider this: more than half of all global businesses rely on expense automation. Was this statistic the same five short years ago? No. What do you think the percentage will be in another five years?
Why Automation Has Become Essential
It’s no secret that many accounts payable departments routinely need to make sure that their expense claims management is completed swiftly and proficiently. Employing receipt scanning API technology, and additional automation, is the surest way to optimise departmental performance.
Manual resources are costly and hardly infallible. Not to mention paper receipts themselves are becoming antiquated and considered to be an inefficient proof-of-payment. Additionally, automation can drastically reduce processing time – allowing businesses to streamline their practices, with employees focusing on more pertinent areas of their roles.
An Evolving Technology
An argument can be made that receipt capture technology is still in its earlier generations, however, what cannot be argued is how far the technology has progressed in the last few years.
Many businesses are still learning how to adopt the technology – or are in the process of integrating receipt and general expense automation into their daily commercial activities.
The technology is evolving all the time to meet commercial demands. A good receipt scanning mobile app, like Tab Scanner, will, for instance, allow users to safely and securely save and organise their receipts to the cloud.
As this requisite technology bursts into different sectors, expect barriers of adoption to be removed – leading to an increasing number of commercial organisations becoming reliant on receipt capture to efficiently manage their expenses.
Practical Advantages
It’s all well and good to look at the technological innovation of a receipt scanning API and be attracted to the automation capabilities, but on the practical side of things how does the technology enhance commercial operation?
Mobile receipt scanning can be used anywhere – instantly. This accurate and convenient service is something that businesses will find highly attractive and work in tandem with other areas of commercial automation.
We’ve already highlighted the cost-savings on staff, but mobile receipt scanning completely eradicates the need for businesses to spend on expense-focused software, allowing for a complete year-on-year saving.
Anything else? Well, yes. Receipt capture API facilitates a streamlined approval system, automated data transfer to AMS and facilitates effortless collaboration for companies to manage and control their expenses in the cloud.
To sum up, in the age of online innovation and increased automation, employing technology like receipt scanning API will drastically enhance your businesses productivity, organisation, and communication.
Moreover, it’s not going anywhere. The technology is evolving all the time and it won’t be too long before mobile receipt scanning is the staple form of expense management the world over.
