Receipt Standardization

1
Receipt Standardization Tracking System (ReSTS)

• Michele Majchrowski
• ODU CS Major
• 5 FEB 2008

2
Outline

• The Problem
• Why this is a problem?
• Evaluation
• Market
• Competition
• Benefits
• Problems
• Computer Components

3
Problem Paper Receipts

• Time to categorize
• Easy to lose
• Waste of paper
• Legibility of the data on the receipt
• Fades over time
• Reconciliation with
• Bank / credit card accounts

4
Facts

• Average of 28 ½ hours is spent preparing for
  itemized tax returns
• Includes receipt storing, locating and
  categorizing
• Budgeting takes
• many hours every month

• 15APR2004. MSNBC. More time needed for figuring
  taxes IRS. http//www.msnbc.msn.com/id/4749056
  /
• Money-Zine.Com. Family Budget Basics.
  http//www.money-zine.com/Financial-Planning/Debt-
  Consolidation/Family-Budget-Basics/

5
Evaluation Electronic Receipts

• Retailers
• Available
• Different receipt formats
• Consumers
• Scattered amongst many sites
• Time consuming
• Manual entry to categorize

6
Potential Solution

• Retailers
• Standardize receipt format
• Transmit data to consumer via wireless devices
• Consumers
• Ability to categorize items as purchased
• Transmit data to blackberry or other wireless
  device

7
Competition

• Cash register retailers
• Receipt Printing Companies
• Fieldpine
• Felitecs Account Xpress

Standardization will ruffle some feathers!

• Felitec. Account Xpress. http//www.felitec.com/a
  x.html
• Receipt Printing Formats http//www.fieldpine.com/
  help/en/edt/receipt_printing.htm

8
Benefits of Solution

• Save Time Resources on both sides
• less changing of paper receipt rolls
• Standardization
• Easy to locate a purchase
• Easy access

9
Problems with Solution

• Retailer compliance and conformance
• Illegal reproduction of receipts
• Government intervention by policies

10
Computer Components

• Application Software
• Internet
• Wireless / Bluetooth devices
• Workstations

11
Conclusion

• Save time
• Save resources
• Save energy
• Save frustration

12
QUESTIONS??
13
References

• Receipt Printing Formats. http//www.fieldpine.com
  /help/en/edt/receipt_printing.htm
• Merchant Receipt Capture. http//www.hypercom.com/
  Documents/whitepapers/ERC.pdf
• http//www.receiptwallet.com/products/receiptwalle
  t.php
• http//www.patentstorm.us/patents/7280984-descript
  ion.html
• Money-Zine.Com. Family Budget Basics.
  http//www.money-zine.com/Financial-Planning/Debt-
  Consolidation/Family-Budget-Basics/
• Felitec. http//www.felitec.com/ax.html

14
References

• 15APR2004. MSNBC. More time needed for figuring
  taxes IRS. http//www.msnbc.msn.com/id/4749056
  /
• 19DEC2005. Online Tax Preparation Software.
  http//www.web-tax-preparation.com/2005/12/online_
  tax_prep.html
• 6APR2006. Open Source Tax Software Wave of the
  Future? http//taxes.about.com/b/2006/04/06/open-
  source-tax-software-wave-of-the-future.htm
• SourceForge.net. http//sourceforge.net/projects/t
  axcodesoftware
• 24JAN2008. OpenTaxSolver. http//opentaxsolver.sou
  rceforge.net/
• Tax Code Software Foundation News.
  http//www.taxcodesoftware.org/
• 19FEB2006. Nobody happy with revised IRS Free
  File program. http//www.normantranscript.com/com
  merce/local_story_049004521?keywordsecondarystory
  
• http//www.therogerslawfirm.com/Client_Newsletters
  /Volume3.pdf
• http//www.aliciapatterson.org/APF1004/Burnham/Bur
  nham.html
• http//blog.ericgoldman.org/personal/archives/2005
  /08/taxes_attention.html
• http//www.totalbusiness.com/Default.aspx?tabid96
  6
• http//tax.aicpa.org/Resources/TaxAdvocacyforMe
  mbers/IRSRegulationandAdministration/AICPAAsks
  IRStoNotIncludeTaxPreparationCostEstimates
  .htm
• http//www.ato.gov.au/corporate/content.asp?doc/c
  ontent/37484.htmpage200