Every month, your business has expenses. There are bills and invoices to pay, and receipts for what you’ve already paid. You definitely need to record your expenses, and you definitely shouldn’t be keeping them all in a giant folder. But typing them in yourself is a non-starter, and scanners with OCR require a lot of correction, so the time savings disappear.
It’d also help if you could categorize your expenses, and analyze all the expenses to see where the money’s going. But at that point you’d probably have to hire an accountant, right? Could there be a better way?
1) Shoeboxed: a service which promises that you can send them paper or electronic invoices and receipts, and they’ll perform OCR for you, organize it all, and put it online. But they don’t do line by line, and they cost $40/month for 150 docs.
2) iqBoxy: a service which promises that they do line by line OCR on receipts, categorizing them and putting them online. But they cost $9.99/month, and they don’t work with invoices.
My free Google Sheets add-on walks you through how to easily process receipts and invoices yourself through OCR. Take a picture, use the OCR I recommend to process the picture, and use my add-on’s tools to quickly clean the scan. Then use my add-on to tag the line items using your own-self created categories, and you’re done.
If you want to look back at your past receipts or invoices, they’re all there in Google Drive. Or, if you want to just look at your data from a certain vendor, from a certain time period, or regarding a certain item (like tomatoes or stuffed animals), you can do that as well using my add-on’s analysis tools.
It’s just as quick as iqBoxy and way quicker than Shoeboxed. You can process an unlimited number of documents and all the data ends up in your spreadsheet, not in some third-party service. You can use my add-on’s tools to gain insight from the data, you can export the data to your accounting software, or anything else you want. It’s all your data to work with. Oh, and did I mention the add-on is free?