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ACCOUNT RECONCILIATION

A professional accountant smiling at her desk with a laptop, representing the reconciliation process in accounting.

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Reconcile Definition in Accounting

In accounting, reconciliation is the process of ensuring that two sets of financial records are in agreement. It involves comparing internal financial records with external statements, such as bank...

Dec 11, 2024 | 4 min read

BOOKKEEPING AUTOMATION TOOLS

Stacks of coins representing the financial balance concept in double-entry accounting

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What is Double-Entry Accounting?

Double-entry accounting is a systematic method of recording financial transactions in which every transaction affects at least two accounts. It forms the backbone of modern bookkeeping and accounti...

Dec 11, 2024 | 3 min read

FORENSIC ACCOUNTING

Forensic accountant analyzing financial records and making notes, illustrating investigative techniques in forensic accounting

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What is Forensic Accounting?

Forensic accounting is a specialized field of accounting that focuses on investigating financial discrepancies, fraud, and disputes. Combining accounting, auditing, and investigative skills, forens...

Dec 11, 2024 | 4 min read

DIGITAL BOOKKEEPING

An accountant working on a laptop with notes, representing financial management and accounting equation concepts

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What is the Accounting Equation?

The accounting equation is one of the foundational principles of accounting, providing a clear and concise framework for understanding the financial position of a business. It serves as the backbon...

Dec 11, 2024 | 4 min read

COST ACCOUNTING

Illustration of a person in a suit standing in front of a large coin with a dollar sign and an upward arrow, symbolizing financial growth and cost management

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What is Cost Accounting?

Cost accounting is a branch of accounting that focuses on the recording, analysis, and reporting of costs associated with the production and operation of a business. It aims to measure, manage...

Dec 11, 2024 | 2 min read

FINANCIAL RECONCILIATION

A hand holding a receipt, with blurred receipts in the background, symbolizing manual receipt management and the need for automated reconciliation tools like Receipt AI.

Blog

What is reconciliation in accounting?

Reconciliation, in a financial context, is the process of comparing two sets of records to ensure their accuracy and consistency. Typically, it involves matching internal financial records, such as...

Nov 20, 2024 | 3 min read

CHART OF ACCOUNTS BASICS

Receipt AI What is a Chart of Accounts: Person holding a tablet with a virtual bar chart and line graph, symbolizing the organization of financial categories in a chart of accounts.

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What is a Chart of Accounts?

A chart of accounts is like a big list that helps a business organize its money. It shows all the places where the business receive or spends money, like a "bank account," "office supplies," or "sa...

Nov 15, 2024 | 2 min read

ENVIRONMENTAL CONSULTING

Environmental consultants and workers assessing and managing a hazardous site with heavy machinery and safety gear. The image shows a team in high-visibility clothing working on railway tracks, exemplifying on-site assessments typical in environmental consulting.

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What are the Major Travel Expenses in Environmental Consulting?

The recent Ohio train wreck accidents have raised major concerns due to soil contamination with hazardous chemicals, posing serious risks to the environment and public health.Environmental cons...

Jun 21, 2024 | 5 min read

FORENSIC ENGINEERING

Two forensic engineers at a construction site, one holding a clipboard and the other using a walkie-talkie, discussing project details and documenting their observations, demonstrating the importance of efficient documentation in forensic engineering.

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The Benefits of Using Receipt-AI in Forensic Engineering

Forensic engineers are often referred to as the “CSI of the building world.” When a dispute arises, they investigate the source, cause, and responsibility of the incident. Whether it’s a crack in a...

May 30, 2024 | 4 min read

LINE ITEM EXTRACTION

Caliper measuring a stack of coins on a financial document with a calculator nearby, symbolizing the benefits of extracting receipt line items for businesses in terms of financial accuracy, budgeting, and cost management.

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The Benefits of Extracting Receipt Line Items for Businesses

Extracting line items from receipts can significantly improving how businesses handle expenses, budgeting, and data analysis. Here’s an in-depth look at the advantages of extracting receipt line it...

May 14, 2024 | 3 min read

RECEIPT AI

New Receipt Line Items - A digital receipt displaying items from Paris Baguette Chicago, dated Tuesday, March 26, 2024. It lists four items: 1) ham & cheese pastry priced at $5.09, 2) hash brown bread at $4.49, 3) 20oz signature brewed coffee at $4.19, and 4) 20oz cafe latte at $5.19.

Blog

Introducing the New Receipt Line Items

We've just upgraded your experience with Receipt-AI 🥁🥁🥁 Upload your receipts and we will automatically extract line items for you. Imagine the time you'll save and the precision you'll gain in tr...

May 09, 2024 | 2 min read

RECEIPT SCANNER

What makes Receipt-AI unique? A single red paper plane leading a group of white paper planes towards a target on a dark background with stars and clouds, signifying Receipt AI's unique and targeted solutions in a competitive field.

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What makes Receipt-AI unique?

1. It works with all types of phone. Whether it's an iPhone, Google, Samsung, Motorola or Blackberry, Receipt-AI is compatible with all of them. As long as you have a phone number from the US or Ca...

Apr 25, 2024 | 2 min read

AI ACCOUNTING

A content accountant sits at her desk, ready to tackle financial challenges with the support of AI technology, which aids in tasks such as analyzing data from documents like the ones before her.

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How is AI used in Accounting?

AI is transforming accounting, automating routine tasks, and providing powerful tools for analysis and insight. However, the full range of accounting still really needs the unique depth and breadth...

Apr 22, 2024 | 4 min read

AUTOMATED BOOKKEEPING

Graphic showcasing 'Simplified Reconciliation' with Receipt-AI. It describes the process where the receipt file is renamed and uploaded to QuickBooks to facilitate easier reconciliation. The image includes a cloud symbol, indicative of cloud storage or computing, an arrow pointing towards the QuickBooks logo, symbolizing the transfer or upload of data.

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Simplifying Accounting with Receipt-AI and QuickBooks

We know how tedious it is for accountants to track down receipts. Providing a user-friendly tool, Receipt-AI has been a game-changer for many of our customers. Here’s how the combination of Receipt...

Apr 22, 2024 | 4 min read

PURCHASE ORDER

What is a Purchase Order: Interior of a warehouse with tall shelving units stocked with numerous brown cardboard boxes on pallets, indicating a large inventory system that could benefit from automated data extraction and management through Receipt-AI for efficient purchase order processing.

Blog

What is a Purchase Order?

A purchase order (PO) is a formal document issued by a buyer committing to pay the seller for the sale of specific products or services to be delivered in the future. It outlines the specifics of t...

Mar 13, 2024 | 3 min read

PAPER RECEIPT

Paper Receipt vs Digital Receipt: Contrasting Workspaces. The image on the left depicts a disorganized office space overwhelmed by an enormous amount of paper receipts, with papers scattered in disarray, reflecting the cumbersome nature of paper record-keeping. In contrast, the right side of the image shows a calm, orderly desk with a computer screen displaying digital receipts in an organized manner, illustrating the clean and efficient approach to digital receipt organization offered by Receipt-AI.

Blog

Paper Receipt vs Digital Receipt

Paper Receipt: Pros: 1. Universal Acceptance: Paper receipts are universally recognized and accepted by tax authorities. Cons: 1. Vulnerability to Damage: Paper receipts can easily be lost, damage...

Mar 07, 2024 | 4 min read

CONSTRUCTION RECEIPT

Understanding Construction Receipt: This image shows a 3D rendering of a construction site with the phrase 'UNDER CONSTRUCTION' in large, bold letters, a hard hat, and girders, symbolizing the organized chaos of construction work where tracking every expense with construction receipts is crucial for maintaining order and financial clarity.

Blog

Understanding Construction Receipt

In the construction industry, projects are high-cost and tracking expenses can be challenging with teams constantly on-site. A key component for financial management is the construction receipt. Th...

Mar 04, 2024 | 3 min read

PURCHASE ORDER

Purchase Order vs. Invoice: Three one-dollar bills are folded into shapes resembling plants and 'planted' in soil, with a small garden trowel positioned on the right side. This imagery symbolizes the concept of investment and growth in finance. It represents how investing in Receipt-AI, which assists in processing financial documents such as purchase orders and invoices, can yield significant returns in maintaining best practices for keeping receipt records.

Blog

Purchase Order vs Invoice

This article will explore the key differences between a purchase order and an invoice, their roles in business transactions, and how they contribute to effective financial management and accountabi...

Mar 01, 2024 | 3 min read

PO NUMBER

What is a PO number? Imagine a traditional paper ledger with neat cursive handwriting, where rows and columns of numbers and text are meticulously recorded. The ledger's grid, marked by blue and pink lines, categorizes various entries. Key figures and sections, possibly denoting finalized transactions or important calculations, are highlighted with red underlines. This visual is evocative of conventional accounting methods, likely documenting purchase order numbers and their corresponding financial details. In today's world, such practices could be replaced by modern solutions like Receipt-AI.

Blog

What is a PO number?

A PO number, also known as 'Purchase Order number', is a unique identifier assigned to a specific purchase order document. A purchase order(PO) is a formal document issued by a buyer committing to ...

Feb 29, 2024 | 4 min read

RECONCILE BANK ACCOUNT

How would you reconcile your bank account to avoid spending more than you have: A cartoon of a businessman displaying a bar chart with an upward trend and a dollar sign, symbolizing financial growth. This illustrates the significance of bank statement reconciliation in tracking financial progress, preventing overspending, and ensuring fiscal responsibility.

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How would you reconcile your bank account to avoid spending more than you have?

Compare your own records of your spending with your financial institution's records. * Everfi module 1 - Banking Basics. 1. Collect your records Collect all relevant financial documents reflect...

Feb 23, 2024 | 3 min read

RECONCILE BANK STATEMENT

Why is it important to reconcile your bank statements: A comprehensive view of financial reconciliation, featuring an open ledger book filled with handwritten entries. A calculator, eyeglasses, and coins are placed on the desk, signifying the precision required in financial accounting. Stacks of bills and financial papers highlight the importance of reconciling bank statements to ensure accuracy in financial records.

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Why is it important to reconcile your bank statements?

To avoid spending more than what's in your account. To detect any errors in your account. To determine if you were charged any fees. (All of the above) * Everfi module 1 - Banking Basics. Rec...

Feb 23, 2024 | 2 min read

RECONCILE

Reconcile definition: An accountant is working on financial reconciliation, with a focus on an expense document displaying numerical data. One hand is holding a pen, indicating active engagement in verifying figures or annotating entries, while the other operates a calculator, likely adjusting financial records or confirming accuracy. A laptop and further financial documentation on the desk suggest a thorough accounting process is underway.

Blog

What does reconcile mean?

What is reconciliation? Reconciliation is the process of checking and correcting differences between two sets of records to ensure they match correctly. For instance, when using accounting softwa...

Feb 21, 2024 | 3 min read

CONSTRUCTION EXPENSE

What are the major travel expenses in Construction: Three construction professionals, two men and one woman, wearing hard hats and high visibility vests, examine blueprints at a construction site with concrete columns and beams in the background, symbolizing the planning and cost management aspect of major travel expenses in construction. Receipt-AI is the ideal solution for construction companies, particularly for collecting and managing receipts and expenses. Simply take a picture of the receipt and send it via SMS — it's the most convenient way for construction workers to upload their receipts.

Blog

What are the major travel expenses in Construction?

Travel expenses for construction workers can be quite specific to the nature of the work, which always involves moving between different job sites, sometimes in different cities or states. Here a...

Feb 01, 2024 | 3 min read

RECEIPT AI

QuickBooks vs Xero: An updated comparative visualization featuring two desktop computer screens side by side. On the left, the QuickBooks logo is prominently displayed, surrounded by financial charts and graphs illustrating its core features, such as payroll, invoicing, and bookkeeping. The right screen showcases the Xero logo, with visuals emphasizing its cloud-based capabilities, real-time data updates, and user-friendly interface. This image clearly contrasts the two accounting software options, highlighting their unique strengths and offerings for potential users.

Blog

QuickBooks vs Xero

QuickBooks and Xero are two of the leading accounting software platforms. They are designed to help small and medium-sized businesses manage their finances. 1. History and Market: QuickBooks: D...

Jan 14, 2024 | 4 min read

WHAT IS RECEIPT

Invoice vs Receipt: Close-up of a thermal printer ejecting a receipt with printed details visible, including a timestamp, itemized charges, net and VAT amounts, and a total sum. The receipt is partially curled as it exits the machine, suggesting a recent transaction. The focus on the receipt and the printer emphasizes the completion of a sale, which is often confused with an invoice that instead requests payment. Receipt-AI works with both receipts and invoices to extract information, rename the files, and upload them to your accounting software, such as Xero or QuickBooks.

Blog

Invoice vs Receipt

An invoice and a receipt are both documents related to the process of buying and selling, but they serve different purposes. Which one should I upload for expenses? A receipt is better. If you hav...

Dec 28, 2023 | 2 min read

RECEIPT AI

How to find receipt + new feature: A text message conversation from Receipt-AI asking, 'Which folder for this receipt?' with options to reply with a number or a new folder name: '1: 1688' or '2: Office supplies'. The user responds with '1', and Receipt-AI replies, 'Thank you for the receipt.

Blog

How to find receipt + new feature

Howdy Ho! As we approach the holiday season, here are some fun updates we'd like to announce: 1. We've made Folder AI available to all subscription plans. This is our number 1 requested feature. ...

Dec 23, 2023 | 1 min read

BEST RECEIPT APP

7 reasons why your company should use Receipt-AI: An enthusiastic French Bulldog with its head out of a car window, tongue out, enjoying the breeze, symbolizes the ease and joy that Receipt-AI brings to managing travel expenses for companies, making it as carefree and enjoyable as a ride in the countryside.

Blog

7 reasons why your company should use Receipt-AI

1 You and your team are always on the go. Attending conferences, meeting clients, or on job sites—using a phone is just 10x more practical. Texting provides a quick way to handle receipts and expen...

Oct 12, 2023 | 3 min read

CONTRACTOR RECEIPT

Text Receipts and PO Numbers for Construction Projects: Two construction professionals, a man and a woman, are attentively reviewing a digital document on a tablet inside a manufacturing facility. They are both wearing yellow hard hats and high-visibility safety vests, indicative of adherence to safety regulations on the job site. This image underscores the importance of meticulous management of text receipts and purchase order numbers in construction projects, ensuring financial accuracy and accountability.

Blog

Text Receipts and PO Numbers for Construction Projects

Do you find it challenging to keep track of receipts and PO numbers (Purchase Order) while working on site? With the demands of the job and the team constantly moving, it's easy to lose track of r...

Aug 16, 2023 | 3 min read

QUICKBOOKS RECEIPT SCANNER

The best receipt scanner for QuickBooks: A pile of paper receipts spread out, showing why a tool like Receipt-AI is useful for scanning and organizing them into QuickBooks.

Blog

The best receipt scanner for QuickBooks

Since November 3rd, 2023, Receipt-AI has been available in the QuickBooks store. Visit Receipt-AI on QuickBooks store: [] What is Receipt-AI? Receipt-AI is a receipt management tool that utiliz...

Jul 16, 2023 | 3 min read

QUICKBOOKS RECEIPT SCANNER

Receipt-AI: Upload receipts to QuickBooks using SMS - Illustrative image of a man and a woman using their smartphones to upload receipts to QuickBooks via SMS, as depicted by the large mobile phone screen with chat bubbles in the background. The feature is part of the Receipt-AI service, it allows users to upload receipts to quickbooks efficiently.

Blog

Upload receipts to QuickBooks using Receipt-AI and SMS

We recently launched a new feature that allows customers to upload receipts to QuickBooks using text messages. Having worked with both Xero and QuickBooks, we have so much empathy for accountants...

Jul 16, 2023 | 1 min read

EXPENSE REPORT

What is expense report: Vector graphic of an expense report document alongside a calculator, two pens, and coins, depicting the essential items used in preparing financial reports and how Receipt-AI simplifies the expense tracking process.

Blog

What is expense report?

Expense reports are used to track and document the costs associated with business-related expenses, including travel, meals, accommodation, transportation, office supplies, and other reimbursable o...

Jun 29, 2023 | 2 min read

MEMORY

How to reduce memory usage for your Rails app - R14 - Memory Quota Exceeded in Ruby (MRI): This is a guide to help you save memory on your Rails app.

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How to reduce memory usage for your Rails app - R14 - Memory Quota Exceeded in Ruby (MRI)

If you have just started building your Rails app and discovered that your memory quota is reaching nearly 1 GB - that's not normal. Fortunately, I have the exact solution for you. I've successfully...

Jun 29, 2023 | 3 min read

RUBY ON RAILS

How to switch hosting from Render to Heroku for your Ruby on Rails application: This is a step by step technical guide to help you switch your server from Render to Heroku.

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How to switch hosting from Render to Heroku for your Ruby on Rails application

We were trying out the new hosting tool, Render, for Receipt-AI.com, and we ended up regretting it. Even though we were paying for their starter plan, we experienced numerous disconnection issues. ...

Jun 29, 2023 | 5 min read
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