![]() The original image is also stored in the system and attached to the transaction, so it can be pulled up at any point in the future. That information is then streamed into Wave’s ecosystem of small business tools, where it creates an accounting record that is categorized and matched against existing transactions. Using the OCR feature, information is automatically pulled from the image of the receipt. To handle a receipt on the spot, Wave users simply snap a photo of a receipt with a mobile device, upload a receipt from a computer or forward an emailed receipt. That information is maintained by a third-party vendor that handles security for many of the world’s largest financial institutions. The suite of small business apps and online tools that Wave offers, which also includes free invoicing, accounting and personal finance, as well as low-cost payroll and credit/debit card processing, can also integrate with online bank and credit card accounts, which lets the system automatically balance (reconcile) accounts by comparing receipt charges with financial transactions.Īll data is housed on servers with bank-level security, and the company does not store any user IDs or passwords. The information can be captured and categorized in your accounting records while you’re waiting for your coffee order, or before you leave a restaurant table.” There are no future to-dos when it comes to that receipt. “Not only does Receipts by Wave solve this pain by immediately getting the clutter out of the way, but it goes one step further and actually files the information right into the Wave customer’s integrated accounting and financial tools. “Receipt clutter and the work that it creates has always been a huge pain for small business owners,” said Wave CEO Kirk Simpson. When the user verifies that the information is correct, the transaction is automatically posted. Even better, after uploading the now-digital receipt, the system uses optical character recognition (OCR) to read the receipt, pulling expense data and other information and automatically preparing transactions in the accounting system.
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