If you’re wondering whether you really need to automate your business receipt management process, we think you should, and here’s why – Collecting and tracking business receipts can be a real problem for businesses. Employees may forget to get copies of the receipts, or they may be lost. Businesses are required to save their receipts for as long as four years in case they are audited by the tax authorities. If at the time of auditing you are unable to track or find your receipts for specific purchases, you may be charged sales or use tax for them even though you have already paid the taxes at the time of the transactions. Another thing to think about is that the ink that is used on the receipts also can fade with time, making the receipts impossible to read.
It is at times like this when businesses realize how having an automated process to manage their business receipts can be extremely handy. Let’s look at why exactly it’s useful.
Benefits of an Automated Business Receipt Management Process
AI-Powered Receipt Capture
Getting receipts from your employees is necessary and can be difficult – particularly with more and more people working remotely. Our AI-Powered business receipt capture functionality captures your receipts and automatically matches them to the relevant transaction.
Enforce Policies Without Actually Having To
Here’s where you get to flip the coin and have the card owner be responsible for complying with company policies rather than your finance team. Bento’s business debit card comes with customizable built-in spend controls that allow you to set your spend policies as relevant to your business.
Never Chase Receipts Again
Having your employees upload receipts in a timely manner creates a repository of all your transactions along with their respective receipts so that you have them all in one place. So, here’s the benefit, you will never have to chase down receipts again!
Set Receipt Upload Reminders
Even though we’ve made attaching receipts a breeze, we understand that people sometimes forget to submit them, thus creating a logistical nightmare for finance teams. We offer you a helping hand there as well. When enabled, Bento will automatically send an email at the beginning of each month for prior month transactions to all cardholders who missed uploading receipts according to your policies. Let us do the chasing down while you focus on more important things.
4 Ways To Automate Your Receipt Management
Auto-matching Receipts to Transactions
Gone are the days when you had to look up a transaction and manually attach receipts. With our AutoMatch feature, all you have to do is take a picture of your receipt using the camera function within the Bento mobile app and we will auto-magically match it to the correct transaction. It’s that simple.
Email Digital Receipts
We all struggle with organizing and reconciling digital receipts. Bento now has a solution for that, too. We have set up a dedicated email address to manage your receipts for you. Simply forward any digital receipts from your email account to [email protected] and we will again automatically match it to the correct transaction.
Upload Receipts from Your Photo Library
We know that you’re not always online and can’t log into the app to upload receipts directly. And that’s okay. Bento now lets you upload pics directly from your photos folder. Simply take pictures of receipts whenever you have time and when you can get online, log into the app, and upload the receipts from your mobile phone’s photo library.
Small businesses can derive the most benefit from using online receipts to have readily accessible records of their business receipts. This can help business owners when they are being audited to quickly produce receipts for any purchase or sale so that they can prove that sales tax was paid or charged. Using the business debit cards from Bento for Business can eliminate other problems such as time spent on completing paper reimbursement requests and processing, losses due to waste and fraud, and ballooning business expenses.
Bento for Business offers terrific solutions for small business owners who want to prevent fraud, have a tighter lid on expenses, and have better record-keeping with online receipts.