Tuesday, September 24, 2024

Extract Bank and Card Information from your Receipts

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We're excited to introduce a new feature in Receipt-AI: automatic extraction of bank and card information from receipts. The best part is that it requires no extra steps on your side. You simply upload your receipts using SMS, email, or website upload, and Receipt-AI takes care of the rest, simplifying your financial data management.

What is Receipt-AI?

Receipt-AI is a tool designed to simplify data entry by collecting receipts and invoices via SMS, Email and Website upload, then analyzing them to extract key details. This is especially useful for businesses that handle large volumes of receipts, whether for accounting, tax preparation, or expense tracking.

How Does It Extract Bank and Card Information?

When a receipt is scanned or uploaded, Receipt-AI uses AI to identify and capture essential details. It focuses on:

Receipt-AI has expanded its capabilities! In addition to extracting essential details such as the date, name, total, and line items from your receipts, it can now also capture bank and card information, providing even more comprehensive insights.

Bank Name:

Often printed on receipts during card transactions, Receipt-AI identifies the bank associated with the card and extracts the name for accurate record-keeping.

Credit or Debit Card Information:

The tool captures card details, focusing specifically on:

Card Type (Credit or Debit):

It detects whether the payment method used is a credit card or debit card.

Card Brand (Visa, Mastercard, etc.):

It recognizes major card brands such as Visa, Mastercard, American Express, and others, making it easier to categorize payments.

Last Four Digits of the Card Number:

For security reasons, receipts typically show only the last four digits of the card used in a transaction. Receipt-AI identifies and captures these numbers for transaction verification and auditing purposes.

Once the information is extracted, it’s automatically formatted for easy use, whether you're updating a financial report or filing for reimbursement.

Benefits for Businesses

Reimbursement Accuracy:

When employees submit receipts for reimbursement, Receipt-AI can quickly identify whether the purchase was made using a personal credit or debit card. By capturing card brands (e.g., Visa, Mastercard) and the last four digits of the card, it ensures the correct transactions are flagged for reimbursement, minimizing confusion or errors.

Distinguishing Company Card Transactions:

For businesses that issue company cards to employees, Receipt-AI helps track these transactions by identifying when a company card (e.g., a corporate Visa or Mastercard) was used. This enables finance teams to easily separate personal expenses from company-related spending, ensuring that employees are not reimbursed for purchases made with company funds.

Simplified Expense Reports:

Employees no longer need to manually sort through receipts to differentiate between personal and business expenses. Receipt-AI does this automatically, making it easier to categorize expenses for both reimbursement and tax reporting purposes.

Fraud Prevention and Oversight:

By clearly identifying when a company card is used for purchases, businesses can more effectively monitor for unauthorized transactions or inappropriate use of company funds, improving overall financial control.

Receipt-AI is a reliable tool for businesses looking to simplify the extraction of bank and card information from receipts. By automating this process, it saves time, reduces errors, and allows companies to focus on what really matters—running their business. Whether you're managing expenses or preparing financial reports, Receipt-AI makes the process faster, more accurate, and more efficient.