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Tracking business or personal expenses can be daunting, especially when you are on the move constantly. Receipt scanning apps like Smart Receipts exist to make it easier for you to keep track of your expenses for virtually any purpose. Below is some information about this app and how it works.
Why should you use a receipt scanning app?
A receipt scanning app is a tool that can be used to improve the way you track expenses. Some of the benefits of using a receipt scanning app include:
• No need to keep paper receipts – When you use a receipt scanning app to keep track of your purchases, you won’t need to hold onto tons of paper receipts that take up space and may become lost or disorganized over time.
• Accurate business or personal records – Both businesses and individuals need to keep accurate, detailed records of the purchases they make. Whether you need these reports for your own personal tax preparation, for business taxes or to report expenses to an employer, this is an obligation you can’t avoid. A receipt scanning app simplifies this process, allowing you to keep the records you need for any purpose.
• Time saved – Many business owners track their expenses electronically by inputting the data from their receipts into spreadsheets and manually performing calculations, which can be time-consuming. However, with a receipt scanning app, relevant calculations can be performed automatically based on the data uploaded to the program. In fact, Smart Receipts will even generate and print reports based on your specifications with minimal effort required.
• Ability to track mileage – The Smart Receipts app offers the added benefit of being able to track the miles you have driven, which is also essential for most business owners or employees engaging in business-related travel.
How to Use the Smart Receipts App
The Smart Receipts app is designed to be as simple and user-friendly as possible. It is available for download on both iOS and Android. To get started with Smart Receipts, simply download the app.
Before you can begin scanning your receipts, you must first create at least one report. To create a report:
1. Open the Smart Receipts app.
2. Tap on the “+” button, which can be found in the bottom right corner of the screen.
3. Fill out the fields on the new report, including the name of the report, start date, end date and default currency. A space for comments is also available.
4. Click “create” to finalize the creation of the report.
Once you have created at least one report, you will have the option to add expenses to it and organize them according to your needs. The home screen of the Smart Receipts app will include the name of your reports, and you can click on the desired report to edit it.
The Smart Receipts app allows you to decide how you will structure and manage your reports. Depending on your needs, you may decide to create different reports for different projects, or you may decide to organize your reports by month or quarter instead.
You can edit the reports you have created at any time by pressing and holding the name of the report (Android) or clicking the pencil icon (iOS). This action will open a pop-up menu with two options: “Edit Report” and “Delete Report.” Keep in mind that deleting a report will also delete any receipt data that has been attached to it. It is not possible to recover the data from a deleted report, so use this option with care.
You can add receipts to reports you have already created by following these steps:
1. Navigate to the “Receipts” tab.
2. Click the “+” button found in the bottom right corner of the screen.
3. Add the receipt by inputting the data manually (Text-Only option), importing a picture you have already taken of the receipt (Import option) or taking a photo of the receipt directly from the app (Picture option).
The application includes several fields of data for each receipt you add, including:
Name – Use this field to name the receipt based on how you plan to categorize it. For example, you may enter the name of the vendor or the purpose of the receipt.
Price – This field will be set at 0 by default. Use this field to record the value of the receipt.
Currency – This field will default to the currency you designated on the report unless you manually change it.
Date – This field will default to the date the receipt was uploaded, but it can be changed if necessary. If you change the date, subsequent entries will default to the altered date as well.
Category – This field can be used to record the receipt’s general category.
Comment – Use this field to record any comments you have about the receipt.
Reimbursable checkbox – Use this box to indicate whether the receipt will be reimbursed.
Full-page checkbox – Use this box to indicate whether you want the receipt to take up an entire page on a PDF report. If the box is unchecked, the receipt will appear in a 2×2 grid instead.
Users of the app can add other fields from the Settings menu based on their preferences.
Editing and Managing Receipts
Both Android and iOS will allow you to perform various actions once you have created a receipt. Actions available include:
• Edit Receipt – Access this option by tapping on the name of the receipt (Android or iOS).
• View/Edit Receipt Image – Access this option by tapping on the image of the receipt (Android) or by tapping on the name of the receipt (iOS).
• Delete Receipt – Access this option by tapping on the ellipses for the receipt (Android) or by tapping on the name of the receipt (iOS).
• Move/Copy – Access this option by tapping on the ellipses for the receipt (Android) or by tapping on the name of the receipt (iOS).
• Swap Up – Access this option by tapping and holding a receipt (Android) or by tapping on the name of the receipt (iOS).
• Swap Down – Access this option by tapping and holding a receipt (Android) or by tapping on the name of the receipt (iOS).
App Features and Customer Reviews
The Smart Receipts app offers several notable features to users.
1. Receipt scanning on the go
Rather than waiting until you get back to the office to scan receipts, you can scan receipts from any location using this app. This improves accuracy and reduces the chances of lost receipts.
2. Compatible with iOS and Android.
You can use this app whether you have an iOS or Android device. Although some controls are slightly different, functionality is the same on either operating system.
3. Tracking of mileage.
In addition to tracking expenses by scanning your receipts, the Smart Receipts app also allows you to track mileage driven. You can keep track of both the number of miles driven and reimbursement rates.
4. Report generation.
With the Smart Receipts app, you can easily generate customizable reports for both business and personal finance purposes. The app offers more than 20 data types so you can generate the perfect professional report. Reports can be generated in ZIP, CSV and PDF format.
The Smart Receipts App has a rating of 4.8 out of approximately 6,100 reviews on the Apple App Store. On the Google Play Store, the Smart Receipts app has a rating of 4.4 out of more than 6,500 reviews. Reviewers who have made positive comments about the application mention its ease of use, both in uploading receipts and searching for specific purchases. Users have also complimented the app’s ability to generate reports quickly and easily. Those who have posted negative reviews about the app focused primarily on the cost of extra features.
How much does Smart Receipts cost?
The basic Smart Receipts application is free. However, the app also offers an upgraded version (Smart Receipts Plus), as well as some optional features that cost extra.
Smart Receipts Plus is available for $9.99 per year. Some of the benefits of Smart Receipts Plus include:
- No advertisements
- Automatic breakdown of prices based on payment method and category
- Automatic exchange rate conversions
- Automatic backups to Google Drive
- Editing and customization of the PDF report footer.
The most popular advanced feature that is not included in Smart Receipts or Smart Receipts Plus is the Optical Character Recognition (OCR) feature. This feature allows you to scan receives and fill out the fields automatically, rather than inputting the data on your own. This service is available for $0.10 per scan and has an accuracy rate of more than 82 percent, which is likely to improve over time. This feature is currently available on Android only. In the future, the company hopes to expand this feature and offer it on a subscription basis.
Alternatives to Smart Receipts
Smart Receipts is not the only application available to help users keep track of expenses. Some other applications available to scan receipts and track them over time include:
• Dext Receipt Bank – Dext Receipt Bank is available for $14.99 per month. This application allows you to upload receipts using a variety of methods, from scanning them into your phone to downloading them from PayPal or DropBox. This app also allows you to input multiple receipts at one time.
• Expensify – Expensify is available for a starting price of $4.99 per month, which may increase based on your desired features. This application allows you to scan receipts on-the-go. You can also import receipts from various services, including Airbnb, as well as from your credit card.
• Receipt Scanner – Receipt Scanner allows you to scan receipts with your phone and will automatically extract key information using optical character recognition technology. This application is free for personal use. Business users may owe a monthly fee.
Some people who need to keep track of their receipts may also choose to avoid all of these apps and use another method, such as traditional expense tracking. Another alternative is the receipt tracking feature available through Quickbooks, which offers a high level of functionality but also requires a greater amount of knowledge and effort in order to be used properly.
Is Smart Receipts right for me?
With so many options available, it can be difficult to decide which application or approach you should use to keep track of your expenses. In general, it is best to base this choice on the type of functionality you need, your budget and your own personal preferences. For example, if you run a large business and will be scanning a high volume of receipts, choosing an application that includes optical character recognition and allows you to upload receipts quickly is recommended. On the other hand, if you will only be using the scanner occasionally, it may be better to choose an application that costs less, even if the functionality isn’t as impressive.
Because the basic functions of Smart Receipts are free, it is easy to try this application and see how well it works for your needs. If the app works well, you may decide to upgrade your subscription and/or use its more advanced features. If the app doesn’t work well, you can move on to other options.
Disclaimer: Please keep in mind that the content of this post is not intended as tax, accounting or legal advice. The information presented here is for informational and educational purposes only. Before engaging in any transaction, be sure to discuss these matters with a trained, licensed professional.