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Create new expenses automatically with receipt OCR

Create new expenses automatically with receipt OCR

Fast and accurate receipt capture with Zetadocs Expenses

David Cole

Capturing employee expense receipts efficiently and accurately is a challenge for many businesses, and essential for those wanting to streamline their end-to-end processes for managing travel & entertainment expenses.

For employees – always looking for speed and convenience when it comes to submitting their business expenses – keeping track of paper receipts is a pain with the risk that they get lost. The task of then manually entering information shown on receipts into a spreadsheet or other system is also time-consuming and tedious.

For finance teams – always seeking greater accuracy and efficiency in their processes – the management of expense receipts can become an unwieldy task. The manual cross-checking of receipts against expense reports can be a slow and painful task too, but necessary given the high risk of human error when employees are manually entering information shown on expense receipts.

The answer to this challenge lies in digitizing all receipts in one central location and using technology to extract information from these receipts, so that employee expense claims can be created automatically without manual data entry.

Receipt OCR with Zetadocs Expenses

The most recent update to Zetadocs Expenses – a comprehensive expense management solution built for Microsoft Dynamics 365 Business Central – includes a new “receipt OCR” feature.

This new feature enables the rapid capture of expense receipt information, which is then entered automatically on to a new expense record – ready to submit for approval and reimbursement.

  • Receipt OCR (optical character recognition) extracts data almost instantly from expense receipts, leveraging Microsoft Azure Cognitive Services. This is done automatically after an employee takes a photo of their paper receipt or uploads a file containing a receipt, using the Zetadocs Expenses web or phone apps.
  • New expenses are created automatically with the transaction date, amount, currency, vendor name and tax amount all entered exactly as it is extracted from receipts – so that expenses can be very quickly attached to an expense report and submitted for approval.
  • Digitized receipts are stored centrally and linked to an expense, so an employee doesn’t need to worry about losing paper receipts once they have snapped a photo of them using the Zetadocs Expenses app. Receipts are easily accessible for managers and finance teams to view when needed for approval or audit purposes.

More accuracy, convenience and time savings

Using Zetadocs Expense receipt OCR makes life easier for both employees and finance teams when submitting or processing business expenses.

  • Saves time for employees when submitting their expenses who no longer need to manually enter information from their receipts – Zetadocs Expenses does it for them! Finance teams win too since they no longer need to spend time correcting the inevitable mistakes that occur when expense receipt information is entered manually.
  • Greater accuracy in the expense management process is almost guaranteed when you remove the need for employees to manually re-key receipt information. All approved expense reports are automatically exported directly to a Business Central purchase invoice or ledger line entry, including information extracted from receipts – removing the need for finance teams to manually re-key expenses data into Business Central.
  • Convenience and peace of mind for employees who can capture their expenses quickly and easily, without the hassle of manually rekeying information shown on receipts. Plus avoid the worry of losing paper receipts that are usually required for reimbursement.
  • Control and easier tax reclaim for finance teams who have instant access to all expense reports with associated receipts in a central location, along with the full approval history – making audits and tax recovery easier. The VAT (sales tax) is captured automatically from a receipt and entered on to a new expense that is marked as ‘tax reclaimable’ – making it much quicker to accurately reclaim VAT from the tax authority, without having to manually check every receipt.

Want to find out more?

If you are currently using Zetadocs Expenses, you can find out more in our online help about how to capture new expenses using Zetadocs Expenses' receipt OCR feature.

If you are not yet using Zetadocs Expenses, you can find out more about the solution on our website or Microsoft AppSource.

Either way, please don’t hesitate to contact us directly or speak to your Dynamics partner if you would like to discuss your requirements further.

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