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But, if your employees only scan a few receipts annually and you don’t want an advanced platform, you’ll likely do fine with a free plan from Zoho Expense. Expensify is a well-rounded receipt-scanning app and accounting platform that also handles invoice creation and some banking features. It’s an excellent option for companies concerned with quick

OCR, or Optical Character Recognition, is the process by which computers look at an image — an image of a receipt, for example — and figure out if there’s writing on it, and what it all says. The new version of the Android app essentially gives Wave better pictures of your receipts, so that the

At this point in the encumbrance process, a legal obligation to pay vendors has not been established, but there is an acknowledgement of future expenses that need to be paid. Pre-encumbrance is noted with the help of documents like purchase requisitions, which identify need but aren’t legally binding yet. Once the construction company completes the work

Without encumbrances in place, there would be a higher risk of overspending if multiple commitments were made simultaneously, potentially leading to financial strain or the need for emergency budget adjustments. Despite these limitations, encumbrance accounting continues to be widely used as an effective tool for budget management, financial planning, and expenditure control. This encourages transparency