What is meant by Receipt management?
"Receipt management" refers to the systematic collection, organization, and administration of receipts such as invoices, receipts, delivery notes, and other documents generated during business processes. Receipt management aims to centrally store all relevant receipts, making them easily retrievable and usable for various purposes such as accounting, tax filing, and auditing.
Typical software functions in the area of "receipt management":
- Capture and Digitization: Automated capture and digitization of paper and electronic documents, often using OCR (Optical Character Recognition) technology.
- Categorization and Tagging: Categorizing and tagging receipts to enable structured storage and easy retrieval.
- Archiving and Storage: Long-term and secure storage of receipts in a central database that complies with legal retention requirements.
- Search and Filter Functions: Advanced search and filter functions to quickly and easily find receipts based on various criteria (e.g., date, amount, supplier).
- Integration with Accounting Systems: Integration of receipt management with accounting and ERP systems for automated data transfer and booking processes.
- Workflow Management: Supporting approval processes and other workflows related to receipt processing, such as invoice review and approval.
- Reporting and Analysis: Creating reports and analyses based on the collected receipts, e.g., for expense tracking and budget control.
- Compliance and Audit Trail: Ensuring compliance with legal regulations and documenting all changes and accesses to receipts for audit purposes.