Efficient business today hinges on streamlining processes so that agility in the market can be maintained to meet the results and delivery expectations demanded by a highly connected, automated customer base.
And ‘automated’ is the operative word. So, now think about this: a business world where digital processes reign, everything is in one place, and most importantly, piles of paper, invoices, and receipts are a thing of the past. And there’s no department in a business’s functioning day, that will benefit from automation more, than the accounts department.
But how do you go about automating your business’s money center now, to be more efficient? Well, firstly, by switching to electronic receipts. Let’s talk about electronic receipts and how they can better your business.
What is an electronic receipt?
Firstly, what is an e-receipt? Well, essentially, e-receipts are a feature of bookkeeping in the cloud. They’re the digital version of the invoices received by accounts payable for orders and purchases made by that business, from suppliers and vendors. The simple magic of e-receipts, though, is that they arrive in the inbox of a relevant accounting professional or stakeholder and are then automatically uploaded to an enterprise resource planner (ERP).
This essentially, makes every touchpoint in the accounts payable invoice processing structure, seamless, and eliminates the need for the aforementioned hard copy paper-pile, while keeping sensitive documents safe, and freeing up time for accounting professionals. As we mentioned, it’s about the efficiencies that keep a business agile.
There are many other benefits of electronic receipts, or ‘e-receipts.’ Here are 5 reasons why you should start receiving them:
1. You can track your spending more easily
Electronic receipts sync to your accounting system. By reconciling the information in the line items of an invoice, the smart artificial intelligence (AI) categorizes, matches, and then reconciles invoices so you have a better view of your spending. The system also does away with the errors of incorrect data capture and invoice duplication that can come with manual processing.
2. They’re easier to store
No more filing cabinets. No more towers of paper. No more forests are at risk. With electronic receipts, everything is stored in your own personal virtual folder up there in that fascinating nebulous that is the cloud. What that means is a flawless categorization of invoices in a fully digital landscape.
3. You can access them from anywhere
Another vital feature to cloud computing is the uninterrupted and remote access one gets to a vast array of uploaded files – e-receipts and invoices are no exception. So instead of rifling through those filing cabinets or hauling around binders, keystrokes and mouse clicks call up any document needed, and from anywhere there’s a good internet connection.
4. They help make tax season and auditing less of a hassle
When tax season rolls around, or you’re asked to fulfill auditing obligations, electronic invoicing will make both of these oft-dreaded obligations, quick, simple, and significantly less fear-inducing. Why? Because your documents will be categorized in the cloud, easily accessible, and protected from the danger of unintended disposal or loss.
5. They’re a great way to keep track of business expenses
The expenses incurred in a month – namely, purchase orders, petty cash requirements, and a number of other ‘money-out’ instances are a vital fiscal feature in a business’s accounting and bookkeeping structure. But with everything going on, it can be a challenge keeping track of who bought what, why, and when. Electronic receipts, though, sync automatically too, so that any relevant stakeholder, bookkeeper, and accounting professional can have real-time sight of each transaction, and so every cent that leaves a business’s coffers.
Overall, electronic receipts offer many advantages over traditional paper receipts. If you’re not already receiving them, make the switch today. The benefits to your business don’t simply revolve around tracking payments. It’s in the efficiencies that come along – it’s an enabling power that lets you and your business become more agile and rise up to meet the demands of modern commerce, to stay relevant, profitable, and growing.
And DOKKA is here to enable your existing enterprise resource planner and accounting system, with a little more control. With our smart AI, you can automate every facet of your accounts payable. So, plug into the system that will give your business accounting automation superpowers, today.