This leading cloud accounting app provides a solution to business accounting problems by offering a user-friendly and easily accessible tool for capturing, organizing, and accessing receipt data in real-time. This can help to streamline the financial management process and save time for business owners, accountants, and individuals.
If you are a business, receipts are part of your life. Business owners, accountants, and bookkeepers face several challenges in managing and reconciling receipts, invoices, and bank statements during tax season, leading to mismanagement of documents.
One of the main challenges that businesses face with receipts is the time and effort required to manually organize and store them. This can be especially challenging for businesses that have a high volume of transactions and receipts on a regular basis.
In addition, there is also a risk of losing or misplacing important receipts, which can lead to difficulties in tracking expenses and income.
MMC receipts, an app from the MMC Group, a cloud accounting space champion helps address these challenges by providing a digital solution for storing and organizing receipts.
The Tech Panda spoke to Ankit Mehta, the Co-founder of the MMC Group about the USP of this tool.
Our product helps to streamline the process of managing receipts, saving businesses time and effort while also reducing the risk of lost or misplaced documents
“With the MMC app, businesses can easily capture the data from their receipts and store it electronically into your accounting software or excel, eliminating the need for manual organization and storage.
“Additionally, our product allows businesses to easily access and retrieve their receipt data whenever they need it, making it easy to track expenses and income. Overall, our product helps to streamline the process of managing receipts, saving businesses time and effort while also reducing the risk of lost or misplaced documents,” he says.
Origin & Philosophy
Mehta introduced the MMC receipt app because he saw a need for a more efficient and convenient way for businesses to manage their receipts.
“As someone who is passionate about cloud technology, I saw an opportunity to leverage that technology to create something that would help businesses streamline their accounting processes and save time and effort,” he recalls.
As someone who is passionate about cloud technology, I saw an opportunity to leverage that technology to create something that would help businesses streamline their accounting processes and save time and effort
Another key motivation for creating the product was to make it accessible and user-friendly for businesses of all sizes.
“With the MMC Receipt app, we aimed to create a tool that anyone could use, regardless of their technical expertise or experience with accounting software. By designing the app with a user-friendly interface, we hoped to make it easy for businesses to use and to increase their productivity by 5 to 10 times,” he adds.
MMC Receipt is powered by a combination of optical character recognition (OCR) technology and machine learning algorithms.
“We use Microsoft’s OCR technology to extract data from receipts, and then we apply machine learning algorithms to further refine and improve the accuracy of the data. Additionally, we also include a human check to ensure that the data is as accurate as possible, with an accuracy rate of 99.99%,” Mehta explains.
We also include a human check to ensure that the data is as accurate as possible, with an accuracy rate of 99.99%
Some of the key features of the MMC Receipt app include:
- OCR+ ML+ Human check technology that delivers 99.99% accuracy in capturing receipt data
- Support for multiple currencies, making it easy to manage receipts from a variety of sources
- Line item description, which allows users to add detailed descriptions to each receipt item for better organization and tracking
- Excel export, which allows users to easily export their receipt data to a spreadsheet for further analysis or integration with other financial tools
- Customized templates, which allow users to create personalized templates for their receipts
- Auto-push and setting rules, which enable users to automate the process of sending receipt data to their accounting software or other systems
- Email notifications, which help users stay informed about new receipts and other important updates
- The ability to download receipts in PDF format, making it easy to share and archive them for future reference
The company is a 100% export-oriented company, becoming a leader in the cloud accounting space. It has been ranked #245 by Inc 5000 as America’s fastest-growing company and was featured in Forbes as well. It has already served 100,000+ SMEs so far, with successful results.
“MMC Receipt has seen steady success so far, and we believe this trend will continue as more businesses discover the benefits of our product. Our product has already been well received by many businesses, who appreciate its cost-effective and easy-to-use nature.
“As more businesses look for ways to streamline their financial management processes and improve their efficiency, we expect that the demand for our product will continue to grow,” Mehta concludes.