Digitization of POS Receipts
The audit process is dreaded by most businesses. Part of the audit is the validation of transactions and activities carried out throughout the year and the submission of finance documents to various regulatory agencies.
A company-appointed auditor will need all relevant financial documents to perform the audit. The company must therefore retrieve and provide all requested information to the auditor. Included in this will be the collection and provision of all relevant receipts, both issued and received.
What is receipt digitization?
Receipt digitization is the process of capturing and extracting information from a receipt and converting them to a structured document.
It can benefit organizations in various ways by speeding up the indexing process and making archiving more efficient. It also plays a critical role in streamlining and automating financial and taxation processes.
When not automated, this process is done by manually extracting the relevant information and inputting it into a database which is costly, slower, and labor-intensive.
Receipt digitization use-cases
BIR regularly conducts inspections on business establishments to verify compliance with various tax regulations. One of which is the invoicing and bookkeeping requirements provided for under the existing internal revenue laws.
Accounts Payable and Receivables Automation
Digitization is a major step to automating the collection, processing, and publishing of receipts and invoices.
Automating accounts payable is proven to be beneficial for companies of all sizes, especially when the automation tools are integrated with your existing accounting system. It allows companies to greatly reduce the cycle times, reduce the cost of invoice processing, introduce efficiencies in managing documentation, and allow transactions to be traceable throughout the organization.
Why receipt digitization can be a challenge
Receipt digitization is difficult since receipts have a lot of variations and are sometimes of low quality. Scanning POS receipts also introduces several artifacts into our digital copy. These artifacts pose many readability challenges.
Here’s a list of the few things that make it a difficult problem to crack
- Handwritten text
- Small fonts
- Noisy images
- Faded images
- Camera motion and shake
- Faded text
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