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How to make the most of a tax scanner

How to make the most of a tax scanner

Scanner Guide

How to make the most of a tax scanner

The right scanner can help you organize receipts and invoices, as well as upload data directly to Microsoft Excel and QuickBooks® software

If you handle tax preparation for yourself or your small business, then you know how important it is to have the right tools for the job. Bookkeeping software can calculate how much you owe, while a tax scanner can digitize all of the financial documents you need.

If you’re in the market for a scanner that can assist with tax prep, there are a few features you’ll want to look for, including fast scanning speeds and optical character recognition (OCR) functionality. If you already own a scanner, you can import your receipts and invoices directly to Microsoft Excel and QuickBooks.

Ultimately, digitizing your tax documents should save time, reduce transcription errors, and make tax season a much less stressful time of year. Here’s what you need to know.

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What to look for in a tax scanner

The best scanner for tax preparation should be quick, accurate, and reliable. You’ll want a model that can digitize text, letting you index and search through files later. Consider a scanner with a receipt guide attachment, as they’re optimized for scanning receipts. Multiple connectivity options, such as USB and WiFi, are also convenient.

    Why scan invoices and receipts?

  • Better readability than smartphone photos
  • Physical receipts and invoices degrade over time
  • The Internal Revenue Service (IRS) accepts digital documents/li>

Tax scanner features to prioritize

Fast scanning speed

Scanning a handful of receipts at a time can be a huge time sink. Look for a tax scanner that can handle between 20 and 40 pages per minute, as well as an automatic document feeder (ADF) that can process dozens of sheets simultaneously.

High image quality

Receipts and invoices may have small text, faded characters, cheap paper, or any combination of the three. You’ll need a high-resolution scanner to digitize these records accurately. Look for a model that can scan at a minimum of 300 dots per inch (DPI), although 600 DPI is better for hard-to-read documents.

OCR Processing

When scanners digitize documents, they treat everything as an image file by default. OCR technology can “translate” the letters and numbers in those images back to text. With OCR, you can highlight, copy, and search text from scanned documents, which makes indexing and importing data that much easier.

For a complete list of features to look for in a tax scanner, check out How to Shop for a Receipt Scanner: 4 Must-Have Features and 7 Features to Consider When Buying an Invoice Scanner.

Did You Know? The RICOH ScanSnap iX1600 Receipt Edition can scan up to 40 pages per minute at up to 600 DPI resolution. The included receipt guide attachment helps straighten and scan small, fragile documents. Click here to learn more.

Scan receipts into Microsoft Excel

Microsoft Excel debuted almost 40 years ago, and has since become the industry standard in spreadsheet software. Thanks to its robust data management, intuitive sorting features, and powerful formulas, Excel is also an excellent tool for tax prep. With the right hardware, you can scan tax documents and import the relevant data directly into Excel.

    Benefits of using Excel

  • Can import data directly from scanned documents
  • Compatible with the rest of the Microsoft Office suite
  • Programmable formulas can simplify complex calculations

How to scan and import receipts in Excel

Scan your documents

Since Excel isn’t an image management program, you’ll need to digitize your receipts and invoices with dedicated scanning software instead. The software that came with your scanner should be fine, particularly if it offers OCR features. Otherwise, both Windows and macOS have native scanning programs.

Name your files

While you can import scanned data directly into Excel, you may still need to refer to the complete documents in the future. Save your digitized documents in a CSV file and use short, consistent file names without any special characters. You may also want to organize your files by date, vendor, type of purchase, or another category that’s useful to you.

Icon of a box with a check mark

Import your data

Once you’re ready to start working with your data in Excel, you can import your CSV file into a spreadsheet by selecting the desired cell and navigating to Data > Get & Data Group > From Text/CSV. After you import your data, Excel should flag any potential mistakes in red cells. Even so, it’s worth double-checking the results manually.

Read How to Scan Receipts Into Excel for a more comprehensive guide.  

Did You Know? PCMag gave the RICOH ScanSnap iX1600 Receipt Edition four out of five stars, praising the device’s touchscreen interface, OCR features, and QuickBooks compatibility. Read the full review here.

Optimize tax prep with QuickBooks compatibility

If you use QuickBooks to prepare and file your returns, you can make the process quicker and easier with a compatible tax scanner. Certain models let you scan and upload receipts and invoices directly to QuickBooks. Not only do QuickBooks-compatible scanners save you time, but they can also reduce the risk of transcription errors.

    QuickBooks receipt scanner must-haves

  • Fast scanning speeds — at least 20 pages per minute
  • Accurate OCR functionality
  • USB and WiFi connectivity for QuickBooks and QuickBooks online

A step-by-step guide to QuickBooks scanning

Choose the right hardware

A scanner for tax documents should be able to scan, at minimum, 20 pages per minute at a resolution of 300 DPI. You’ll also need accurate OCR features for data capture. Be sure to get a scanner that offers native QuickBooks compatibility, such as the RICOH ScanSnap iX1600 Receipt Edition.

icon of a document

Gather necessary documents

You’ll need a variety of different materials to properly file your taxes. To start, you’ll need your government ID and any receipts for tax-deductible expenses. From there, gather your W-2 form from your employer and/or your 1099 forms from your clients. The IRS website has a complete list of documents you’ll need.

Upload scanned files

As long as you’ve purchased a compatible scanner, you can extract receipt and invoice data right in QuickBooks. This process varies depending on which version of the program you’re using, but you’ll want to start with the Receipts or Receipt Management menu option. QuickBooks Help has a more thorough tutorial.

Learn more about scanners and software can complement one another in 3 Steps to Optimizing Tax Prep with a QuickBooks Receipt Scanner.

 

Our recommendation: RICOH ScanSnap iX1600
Receipt Edition

We know you have no shortage of options when it comes to choosing a home document scanner. We pride ourselves on having spent the last 50+ years designing and developing some of the most beloved electronics in the world, including our line of award-winning, easy-to-use, one-touch ScanSnap scanners.

If you’re looking for a tax scanner, the RICOH ScanSnap iX1600 Receipt Edition is optimized for the job. The device can scan up to 40 double-sided pages per minute with a 50-sheet ADF. With advanced OCR features, up to 600 DPI resolution, and built-in QuickBooks compatibility, you’ll be able to search and index your tax data right after you scan it. The ScanSnap iX1600 also features a dedicated receipt guide attachment for scanning smaller, more fragile pieces of paper. Click here to learn more and shop the full line of ScanSnap scanners.

 

Intuit and QuickBooks are trademarks and service marks of Intuit Inc., registered in the United States and other countries.

Note: Information and external links are provided for your convenience and for educational purposes only, and shall not be construed, or relied upon, as legal or financial advice. PFU America, Inc. makes no representations about the contents, features, or specifications on such third-party sites, software, and/or offerings (collectively “Third-Party Offerings”) and shall not be responsible for any loss or damage that may arise from your use of such Third-Party Offerings. Please consult with a licensed professional regarding your specific situation as regulations may be subject to change.

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