Receipt-AI

TL;DR

Function: Manages and uploads receipts to accounting software using AI.
Primary Benefit: Saves significant time by allowing users to submit receipts instantly via SMS, email, or a web uploader.
Ideal User: Business travelers, accountants, and teams using QuickBooks or Xero for expense management.

What is Receipt-AI

Receipt-AI is an AI-powered expense management application designed to automate and simplify receipt processing for businesses and individuals. The core problem it solves is the time-consuming and manual task of tracking expenses, by allowing users to upload receipts instantly via SMS, email, or a web interface. The tool uses AI to extract key data such as vendor, date, and total amount, then automatically categorizes and syncs the information with accounting software like QuickBooks and Xero, streamlining the reconciliation process.

Key Features

SMS, Email, and Web Uploads: Submit receipts from anywhere by simply texting a picture, forwarding an email, or using the drag-and-drop uploader on the website. This eliminates the need for manual scanning and data entry.
AI-Powered Data Extraction: The tool's AI automatically reads and extracts key information from receipts, including vendor name, date, total amount, taxes, and even individual line items.
Direct Accounting Integration: Receipt-AI seamlessly connects with QuickBooks and Xero, automatically sending processed receipts to your accounting software for one-click reconciliation and matching with transactions.
Automatic Categorization: The AI intelligently categorizes expenses based on your company's Chart of Accounts, ensuring records are organized correctly and reducing manual sorting.
Multi-Language and Format Support: It can process receipts in 39 different languages and supports a wide range of file formats, including JPEG, PNG, PDF, TIFF, and HEIC.
Secure Data Management: All uploaded receipts and user account information are encrypted and protected to ensure your financial data remains secure.

Who is Receipt-AI for?

Business Travelers: Professionals who need a quick and easy way to submit expense receipts while on the go.
Accountants and Bookkeepers: Finance professionals who manage expenses and reconcile accounts for multiple clients.
Small Business Owners: Entrepreneurs who need a simple system for tracking business expenses and maintaining clean financial records.
Field Teams and On-site Professionals: Teams working at job sites (e.g., construction) who need to capture receipts for project-related costs without returning to an office.
Finance Teams: Corporate finance departments looking to streamline their expense reporting and approval workflow.

Key Use Cases & Applications

On-the-Go Expense Reporting: Employees can text a photo of a meal or travel receipt immediately after a purchase, eliminating the need to collect and process paper receipts later.
Automated Bookkeeping for Small Businesses: A small business owner can automatically forward email receipts from online purchases to have them categorized and sent to QuickBooks.
Project Cost Tracking: Construction managers can capture and categorize receipts for materials purchased on-site to track a project's budget in real-time.
Streamlined Client Expense Management: Accountants can provide clients with a simple way to submit receipts, enabling faster reconciliation and financial reporting.

Pros

Saves significant time by automating the entire receipt capture and data entry process.
Extremely simple to use with no dedicated app required; works with existing tools like SMS and email.
Direct, seamless integration with major accounting platforms QuickBooks and Xero.
Improves accuracy by using AI to extract data, reducing human error.

Cons

Opaque pricing model that requires signing up or contacting the company for details.
Integrations are limited to QuickBooks and Xero, which is a drawback for businesses using other accounting software.

Pricing Info

Pricing is not publicly available, You need to contact them.

FAQs

How does Receipt-AI handle receipt uploads?

You can upload receipts in three ways: by sending a picture via SMS, forwarding an email with the receipt, or using the drag-and-drop feature on the website.

Does Receipt-AI integrate directly with accounting software?

Yes, it integrates directly with QuickBooks and Xero. After a receipt is processed, it appears in your accounting software ready for a one-click match or reconciliation.

Is the SMS upload feature available worldwide?

No, the SMS upload feature is currently only available for users with phone numbers in the US and Canada. However, the email and web upload features work worldwide.

What information does the AI extract from the receipts?

The AI extracts key details including the date, vendor name, tax, total amount, and individual line items. It also automatically renames the file and categorizes the expense based on your Chart of Accounts.

Can I use Receipt-AI if I don't use accounting software?

Yes, you can use Receipt-AI to digitize and organize your receipts even without accounting software. However, its primary automation benefits are realized through its integration with QuickBooks and Xero.

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