Saturday, July 29, 2023

Why do we start Receipt-AI?

Hi, my name is Queenie Peng. Co-founder of Receipt-AI. I’m from Shenzhen, China, a modern city with a population of 17 million. 7 years ago, I came to Chicago. 4 years later, I founded Big Green Company. This is our fourth product since then, and we named it Receipt-AI.

Our Story

Before I dive deep into Receipt-AI, I want to take you back to the beginning of the journey when we just started the company. Just like every other startup founder, we were learning a lot of new things: registering a company, figuring out product-market fit, doing sales during the day and working on the product at night.

Among all these tasks, one problem has stood out to us: Bookkeeping and taxes, filled with terminology and the support is often limited. As a CFO, I had to pick up an accounting software, work on our books, we spent hours watching tutorials, asking our friends for help, and finally got the hang of it. I still remember how steep the learning curve was.

Think about the way we handle our finances as employees – we pay our taxes, we got our paychecks, and then we can use the rest on other aspects of our lives. But as a company, it's an entirely different ballgame. We receive our revenue, take out all the business expenses, and then we pay taxes with what's left.

As a company, the more expenses and investments we make, the less taxes we have to pay.

What is Receipt-AI?

Now we know expenses are important to the company. The IRS demands that we keep receipts for up to 7 years. As you can imagine, gathering and organizing these documents becomes a nightmare for any companies.

That’s the beginning of Receipt-AI - it allows users to simply take a picture of the receipt and text it to a number, Receipt-AI extract the information and upload it to our accounting software like QuickBooks or Xero. Instead of spending hours on bookkeeping and expense reports. Receipt-AI simplifies this process and saves 97% of the time.

This is what the receipts look like on Xero and QuickBooks; they’ve been renamed, organized by date, and just sit nicely waiting to be reconciled. All of this is accomplished by simply taking a picture and text. And on top of that, all the files are encrypted and well-protected in your account.

But, we don't stop there. Our vision for Receipt-AI, extends far beyond just receipt management. We want to handle all accounting work automatically. In the future, we want to be able to generate tax documents based on the size and entity of the company, maximize returns, and reduce all the repetitive work that companies have to do. We want to take care of it all. Instead of spending time on bookkeeping, we want you to focus on growing the company.

Special thanks to my co-founder Ian Heraty, who was brilliant and crazy enough to hop on this journey with me. You rock!

Queenie Peng and Ian Heraty, founders of Receipt-AI, in front of The Bean in Chicago, Illinois.

Queenie Peng and Ian Heraty, founders of Receipt-AI, in front of The Bean. Chicago, Illinois ✌️

receipt ai

start up

what is receipt-ai

receipt scanner

chicago founders

Start uploading Receipts using SMS.

Save 97% of your time with efficient receipt processing

Works with Xero and QuickBooks

Perfect for businesses, big and small

No extra app downloads. Works with tools you already have (Email and SMS)

Start texting receipts →
Business owner using Receipt-AI to take a picture of a receipt in a coffee shop.

Receipt-AI with AI and SMS

What's new? How does Receipt-AI grow as a startup

2024 Receipt AI - Big Green Company Terms Privacy

Use Case

QuickBooks Receipt Scanner with Receipt-AI Your Top Choice Xero Receipt App Generate a Simple Expense Report with AI and SMS Receipt Management for Small Businesses Receipt-AI: The Best Receipt Organizer Track Receipts with PO numbers for Construction Projects

Articles

Purchase Order vs Invoice What is a Purchase Order? How to upload receipts to QuickBooks? How to upload receipts to Xero? How would you reconcile your bank account to avoid spending more than you have? Why is it important to reconcile your bank statements? How to reconcile in Xero app? How to reconcile in Xero? What does reconcile mean? How to reconcile in QuickBooks online app? How to reconcile in QuickBooks? How to add my phone number to Receipt-AI? What are the major travel expenses in Construction? Where are the receipts in QuickBooks? Are we raising capital for Receipt-AI? How to add a team member? QuickBooks vs Xero Invoice vs Receipt How to find receipt + new feature Why Receipt-AI works with QuickBooks 🔍 New feature: Look Up Receipts ⭐️ Introducing the new Receipt Insight 2.0 Receipt-AI is Now Officially Available on the QuickBooks Store 🗂️ Folder AI 2.0 - Email First time vs Many many times Partnerships with QuickBooks From Humble Beginnings to Community Accomplishments Where can I find the receipts in QuickBooks or Xero? 7 reasons why your company should use Receipt-AI 🗂️ Introducing the new Folder AI As of today, Receipt-AI has reached a milestone of 100k in total expenses. Hollywood and Silicon Valley Text Receipts and PO Numbers for Construction Projects Two tigers cannot share the same mountain Why do we start Receipt-AI? QuickBooks Disconnected The best receipt scanner for QuickBooks Upload receipts to QuickBooks using Receipt-AI and SMS What is expense report? 📦 New Receipt Insights How to reduce memory usage for your Rails app - R14 - Memory Quota Exceeded in Ruby (MRI) From Free Trial to Paid Trial Receipt-AI new feature: Upload Receipts using Email How to switch hosting from Render to Heroku for your Ruby on Rails application Receipt-AI: Take a picture and text