about Rho
Date7 Apr 2022
AuthorShannen Balogh

Instantly Upload, Match, and Track Your Receipts

Receipt Capture blog image
April 7, 2022
3 min read
Shannen Balogh Headshot
Shannen BaloghProduct Marketing Associate

How Rho automates receipt capture for paperless, frictionless expense tracking

The signs of ineffective expense tracking are easy to spot. Your finance team becomes frantic at the end of each month—and especially around tax season—as they chase down missing receipts for work lunches, coffee runs, and office supplies just so they can close their books.

Luckily, the problem is just as easy to fix. With solutions like Rho, teams can instantly capture digital receipts and attach them to every transaction. Plus, card holders receive text or email alerts for every charge, gently reminding them to submit their records.

Below, we explore why efficient receipt capture is critical for your business, why it’s so hard to get right, and how Rho simplifies the process from end to end.

Why receipts are essential

Keeping receipts for all business-related expenses is important (and sometimes mandatory) for several reasons:

  • You need them to file your taxes. Most importantly, the IRS requires you to back up the expenses and credits you report on your annual tax return.  But, beyond that, having a receipt for every qualifying purchase can help you identify and claim all possible deductions for your business.

  • Your company might get audited.  You’re not required to keep receipts for certain charges—like for those under $75 or for meals covered by per diems—but it’s still a good idea.  If your business gets audited, the IRS will want to know the when, where, and why behind each expense, and that can be difficult to recall or ascertain without a receipt on file.

  • They simplify reporting. Having clear and comprehensive receipts on hand makes it easier for your finance team to put together P&L statements and balance sheets and gain greater visibility into company-wide spending.

  • They keep your team accountable. When employees are entrusted to make their own purchases and expected to document and justify each charge, it creates a culture of trust and transparency.

As a rule of thumb, you should save all expense receipts for at least three years, which is how long you’re able to amend (and the IRS is able to audit) any individual tax return.

Why receipts go missing

Inevitably, some receipts get lost in the mix. Employees may forget to ask for one during a transaction or misplace records from a recent work trip. If you use an older digital platform, some team members may not know how to properly scan and send documents to your system.

On the accounting end, it doesn’t help that logging and tracking receipts is often a high-friction undertaking—especially if your team is entering data manually on a spreadsheet. That leaves plenty of room for oversight and human error, allowing some expenses to fall through the cracks.

Come tax time, your accountants will be scrambling to fill in the gaps, explain mystery charges, and build a complete picture of your company’s finances.

How Rho makes it easy

With Rho, the receipt capture process is simple. All Rho cardholders can enable email or text notifications (or both) for easy receipt uploads on-the-go. They can text in receipts immediately after spending, or take care of all their receipts after a work trip or event via email.

From there, Rho takes over, automatically logging the receipt and matching it to the corresponding transaction for easy inspection.

Not only does this make for flawless, effortless record-keeping, it allows teams to take advantage of helpful features offered by Rho’s platform:

  • Customized experience As with all Rho solutions, the receipt capture function is fully customizable. Team members can choose how notifications are sent—via text, email, or both—or disable them altogether. Each Rho Card also comes with its own controls, so you can put different settings in place for the physical card you use for travel, versus the virtual card for ad spend that’s paid off automatically at the end of every month.

  • Real-time reporting With Rho, each transaction is displayed immediately on a centralized dashboard, and paperclip icons allow you to easily identify whether the receipt is already attached or has yet to be uploaded.

  • Smart approval chains With Rho’s integrated AP tools, approvals for every expense are routed for you based on dollar amount, so the right supervisors sign off on the right charges.

  • Synced accounting All of your Rho data feeds directly into your accounting software, making expense reporting and reconciliation quick and painless.

Get organized

Rho’s seamless receipt capture, convenient notifications, and instant uploads make overseeing employee cards and tracking team spend a breeze.

Check out some of our other resources to learn how these features work with our physical and virtual corporate cards, our automated AP solutions, and our commercial banking platform.

Or, get in touch with a Rho specialist to discover what streamlined expense management can do for your business.