Receipts by Wave frees entrepreneurs from manually entering piles of receipts into software, or storing them in wallets, shoeboxes or plastic bags to be dealt with later. Instead, they can file their receipts directly into their accounting on the spot, in seconds, using the Receipts by Wave iPhone app, or online at waveapps.com. An Android app and email tool will be released soon.
"Receipt clutter and the work that it creates has always been a huge pain for small business owners. Not only does Receipts by Wave solve this pain by immediately getting the clutter out of the way, but it goes one step further and actually files the information right into the Wave customer's integrated accounting and financial tools. There are no future to-dos when it comes to that receipt," says Wave CEO Kirk Simpson. "The information can be captured and categorized in your accounting records while you're waiting for your coffee order, or before you leave a restaurant table."
To handle a receipt on the spot, Wave customers simply snap a photo of a receipt with a mobile device, upload a receipt from a computer or forward an emailed receipt. Using Optical Character Recognition (OCR), information is automatically pulled from the image of the receipt. That information is then streamed into Wave's ecosystem of small business tools, where it creates an accounting record that is categorized and matched against existing transactions. The original image is also stored in the system, so it can be pulled up at any point in the future. This end-to-end integration of tools is totally unique to Wave. And like Wave's accounting and invoicing tools, Receipts by Wave is completely free.
"Those little things like piles of receipts that need to be taken care of 'later' just add stress for small business owners," says Simpson. "With Receipts by Wave, we're removing that roadblock. Small businesses are changing the world economy, and with the right tools there's no limit to what they can do. Wave is here to give them those tools."
Business owners can discover Wave's free receipt tools at waveapps.com/receipts, or in the App store by searching for Receipts by Wave. The Android version of the service is expected soon.
Screenshots of the new receipts app are available at waveapps.com/media.