AU2013100634A4 - A system and method for processing of expense receipts and financial calculations. - Google Patents

Abstract

Summary of Invention: In accordance with one aspect of the present invention there is provided a system and process for the transmission and processing of expense receipt data from Point of Sale, to buyer's electronic device, characterized in that the electronic device is programmed to assist the user/customer in financial calculations like Goods Service Tax and creating an expense report. In accordance with another aspect of the present invention, the system is capable of itemizing all the data from the receipt and digitalizes the information from the receipt through Optical Character Recognition. In accordance with another aspect of the invention, there is provided an electronic device which is programmed to possesses a unique identification code, which is recognized by POS prior to processing of expense receipt from POS to a third party server. Said server stores the receipts processed. In accordance with another aspect of the invention, the expense receipt is scanned through the electronic device and stored in memory of electronic device. FORGOTYOUR P ,N PFN VORkZs ENTER YO L R MO5NE O. - 1 REC E VED p OC -~2224?2 OCR 23 ,ASAf-1F~4A CALCLET RECE:DT LUNSE YOUR 7AXc 26 D-NMTHSE P7T___ REPC; 2 7 A CAEGO RO.E TH iS1 3~ SEARC",H CACUE,3 ENTER A KEVSVORD YOUR GST T o SEARCH P, -P0., SEL ECT THERE. EPTS EXPENSE REPORT

Description

A SYSTEM AND METHOD FOR PROCESSING OF EXPENSE RECEIPTS AND FINANCIAL CALCULATIONS. Field of Invention: The present invention relates to a system and method for processing expense receipts from Point of Sale (POS) by a customer. In particular, the invention relates to a system for collecting an expense receipt from Point of Sale to customer's electronic device, wherein the device is programmed to assist the customer with financial calculations and other features such as an expense report. Background of Invention: US2000663069 discloses a method for purchasing goods, including services, from multiple merchants. The invention also discloses a system for manipulating receipt data, comprising a data from a computer program product for manipulating receipt data. A method for manipulating receipt data in electronic commerce has also been disclosed. The method allows a consumer to select items from electronic receipts and group them as a review list, thus simplifying a shopping process for the consumer shopping at multiple websites. US13645036 discloses a personal article which has a data store (120) for storing electronic receipts (160A-160n) from disparate vendors (150A-150n). Communication logic establishes a communicative link (170) between the data store and one of the vendors. A receipt management processor (110) is programmed to: authenticate one vendor; locate a specific electronic receipt stored within the data store which corresponds to an identifier provided by one vendor; and, transmit the receipt to one vendor over the established communicative link. Uses include but are not limited to a credit card device, a key chain fob, a purse, or a wallet. Electronic receipts can be 1 received directly from the vendor at the time of purchase and can be uploaded into a centralized data store of cash receipts. Receipts, once stored, can be managed, purged when appropriate and retrieved on demand and provided electronically to authenticated vendors. US2010654937 discloses a method involves transmitting image data and transaction data to a server e.g. onsite server (120), in communication with point-of-sale system (110) at a store location (100). A data file including the transaction data, a correct electronic-mail (e-mail) address of a customer and a file name corresponding to the image data is generated. An e-mail template is assigned based on the data file transmitted to the server. An e-mail is sent to the correct customer e-mail address, where the content of the email is based on the assigned e-mail template. US2008253994 discloses a system for sending electronic receipt information to a global electronic receipt database (GERD) called GERD agent (GERDA). Multiple interfaces are provided to retailers and consumers to access, manage and organize stored electronic receipts. Promotions, rebates and coupons are aggregated and electronically applied to a particular receipt through GERDA. Unique tools are provided to advertisers to communicate with a selected consumer base defined by consumer's personal profile, purchase history and notification preferences stored in GERDA. W02011/014920 discloses a system and method for providing an electronic funds and receipt transfer system capable of making available to the customer or other authorized third party, receipt data relating to an EFTPOS transaction in an electronic format (26). In accordance with one preferred embodiment, the receipt data generated by the merchant at the time of sale is attached to the EFTPOS transaction data and sent using the same channels as known EFTPOS systems (16). Alternatively the receipt data may be transferred to a third party location for later retrieval. To access the receipt data the 2 system allows the customer to access their financial institutions internet banking webpage (22) and print, save or email a copy of the receipt (26) as generated by the merchant at the time of sale. W02010US56293 discloses an electronic receipt method involves processing a transaction responsive to input from a buyer, providing data associated with the transaction and the input to an authentication server (18), receiving a signed electronic receipt from the server, and providing the signed electronic receipt to the buyer, such that the signed electronic receipt comprises real-time, non-reputable transaction related information. The signed electronic receipt is provided by transmitting the signed electronic receipt to a smart card and mobile phone (12) of the buyer. The smart card communicates to a terminal (14) for receiving the signed electronic receipt through high frequency contact less link or a Bluetooth (RTM: short range radio communication) link. US20130060713 discloses that in case a host unit has enough processing power, it may perform some tasks like OCR (optical character recognition) to extract text information out of the just acquired digital copy of receipt, which is image based. The system may send the text-based copy together with the image-based one together. The text-based digital copy is easier to be loaded in accounting software. US2008150355 discloses a system has a remote server/database storing electronic receipt information. A point-of-sale electronic payment system is resident at a merchant's point-of-purchase for capturing receipt data, deactivating printing of a paper receipt and transmitting receipt information to the remote server/database. The receipt information is truncated and encrypted before the information is transmitted to the remote server/ database, and is decrypted before the information is stored. The remote server/database is accessed by a subscribing consumer via an Internet to retrieve the information. 3 None of the prior art provides a system and method for processing expense receipt to customer's electronic device wherein the electronic device is programmed to assist user/customer in financial calculation like Goods Service Tax and expense report. 4 Summary of Invention: In accordance with one aspect of the present invention there is provided a system and process for the transmission and processing of expense receipt data from Point of Sale, to buyer's electronic device, characterized in that the electronic device is programmed to assist the user/customer in financial calculations like Goods Service Tax and creating an expense report. In accordance with another aspect of the present invention, the system is capable of itemizing all the data from the receipt and digitalizes the information from the receipt through Optical Character Recognition. In accordance with another aspect of the invention, there is provided an electronic device which is programmed to possesses a unique identification code, which is recognized by POS prior to processing of expense receipt from POS to a third party server. Said server stores the receipts processed. In accordance with another aspect of the invention, the expense receipt is scanned through the electronic device and stored in memory of electronic device. 5 Detailed description of Drawing: Fig 1: represents an embodiment of the invention, wherein a third party server passes on the receipt from POS to user's / customer electronic device. Fig 2: is a flow diagram representing an embodiment of the invention for providing an expense report and GST calculation. Detailed description of Invention: The present invention relates to a system and method of processing an expense receipt from POS to customer's electronic device, wherein the electronic device is programmed to assist the customer/user in calculating financial expenses and is capable of analyzing and calculating Goods Service Tax. There are numerous specific details set forth in the following description. However, from the disclosure, it will be apparent to those skilled in the art that modifications and/or substitutions may be made without departing from the scope and spirit of the invention. In some circumstance specific details may have been omitted so as not to obscure the invention. Similar reference characters indicate corresponding parts and steps throughout the drawings. Referring to the drawings for a more detailed description, a method for delivering a receipt is illustrated, demonstrating by way of examples, arrangements in which the principles of the present invention may be employed. In an embodiment of the present invention, images of expense receipts may be received from a user's/customer's electronic device. The images are processed to obtain receipt data from the expense receipts (e.g., time, date, location, amount, etc.). Still in other embodiment, the receipt images may be in an image format such as a Joint Picture Experts Group (JPEG) format, a bitmap (BMP) format, a graphics interchange format (GIF), a Portable Network Graphics (PNG) format, etc. A list of user expenses are automatically generated and may be included in an expense report and/or expense feed. In still another embodiment of the present invention, the data is obtained from the receipt and saved in the electronic device. The data includes details such as, date, location, currency, invoice number, receipt number, GST number, tax details, date of 6 purchase, warranty number and other information. The details from expense receipt are stored in a format manually by the customer or automatically by the electronic device. In another embodiment of the invention, the electronic device is a smart phone, i-pad, tablet, ultrabook and the like. The present invention also provides a method of organizing expense receipt in user's electronic device. Said method comprises: (i) Obtaining an expense receipt from POS; (ii) Storing the expense receipt in electronic device or a third party server; (iii) Analysing amongst the stored receipts for calculating Goods Service Tax and financial expenses; (iv) Automatically generate a list of user expenses based on the receipt information. In an embodiment of the invention the expense report is provided to the user in form of a pie chart, histogram, or any other mode of representation, which can represent numerical proportions. Further embodiments may allow for advertisements and/or product recommendations to be included in expense reports, based on past receipts, a user's account/profile, and other information. In another embodiment of the invention, system facilitates integration to various Cash registers and Point of Sale Systems for any kind of business, which will help with the generation of the receipts in the cash registers and transfer those to buyers' electronic device through the medium of Internet. Each device is programmed to possess a unique identification code. User is required to quote this unique identification number to the merchant/sales representative at POS, while making a purchase. This will enable the sales representative/merchant to enter this unique identification number on the cash register or the point of sale system and that allows an instant automatic transfer of the digital receipt into user/buyer's electronic device. Fig 1 demonstrates the embodiment, wherein receipts are obtained from server. POS (100) flags server (101) for a new 7 identification number. 101 checks with 100 whether the expense receipt is to be generated. 100 replies back with receipt information. 101 send out the receipt to customer's electronic device (102). The method can be explained sequentially as (i) Sending a unique identification code of customer's electronic device (102) to a server (101) from POS (100); (ii) 101 recognizing the unique identification code and requesting 100 to process expense receipt; (iii) 100 providing 101 with expense receipt; (iv) 101 providing 102 with expense receipt; (v) 102 analysing details of expense receipt and automatically generating an expense report and calculating Goods Service Tax returns. In accordance with another preferred embodiment of the present invention, the expense receipt data and a manual of an item purchased (if any) maybe encrypted and/or compressed at any stage of the above described process as required to ensure security or to reduce the size of the data being transmitted. The stored details from the receipt can include: * Name of receipt * Place of purchase * Invoice Number * Receipt Number * GST Number * Tax Details * Date of Purchase * Warranty * Manual (if any) The stored expense receipt can be searched from keywords from stored details. 8 Expense reports can be generated for categories viz Business & Personal. For each category, for the selected receipts, pie chart diagrams will give a statistical representation of expenses done. The device programmed as per present invention. The device will ask for user input of income for the particular period for which users have selected the expenses. The financial calculator feature will calculate the GST for the mentioned period income. In yet another embodiment of the invention, the web version of this system can be integrated to different e-commerce and online trading websites, where by paying online for an item by the means of credit card, PayPal or any other paying method, the buyer can get the receipt in his/her phone at the time of completing the transaction. Fig 2 demonstrates an embodiment of present invention. A smart phone programmed to have an application to obtain and process expense receipt as per the present invention is used to obtain and process receipt and financial calculations of GST as per present invention. The customer buys a product or service. The sales representative at POS prints a receipt. The customer would like to scan the receipt. The user enters application through an application icon on the screen of smart phone. The device requests the customer for specific pin/password to enter the application. The user enters pin. If pin entered is incorrect, application asks user whether user has forgot the pin (11). In step 13 user is asked to enter his mobile number and a pin is received as text (19). If pin is correct and works (12) the screen displays 14 whether user would like to scan a receipt. If user wishes to scan receipt (15) a camera (18) becomes functional and scans the receipt. If user opts for discarding the scanned receipt (20), the camera will again become functional (18). If user ok to proceed (21). The receipt is stored in format readable as OCR (22). Step 26 asks user to name the receipt and categorise the receipt (27). The receipts are stored in memory of smart phone or may be stored at a third party server. 9 If user does not wish to scan a receipt but wants an expense report or assistance in financial calculations, he will proceed with step 16 denying scanning of receipt. A list for recent receipts will appear (17). The user can search for a receipt (23) by entering a search keyword (29). If user wants an expense report from most recent receipts, he may directly ask for an expense report (24) from selected receipts (30). An expense report is generated in form of a pie chart (31). If user does not wish to scan a receipt but wants to calculate tax (25), the application will ask the user to enter business income (28). The financial calculator calculates and provides GST. Modifications and variations as would be apparent to a skilled addressee are deemed to be within the scope of the present invention. Various features of the invention have been particularly shown and described in connection with the exemplified embodiments of the invention, however, it must be understood that these particular arrangements merely illustrate and that the invention is not limited thereto. Accordingly the invention can include various modifications, which fall within the spirit and scope of the invention. It should be further understood that for the purpose of the specification the word "comprise" or "comprising" means "including but not limited to". 10

Claims (10)

1. A system for processing an expense receipt from Point of Sale to a customer's electronic device, wherein the electronic device is programmed for automatically generating an expense report and providing customer with inputs for calculating and evaluating Goods Service Tax.

2. The system as claimed in claim 1, wherein the expense receipt is scanned through electronic device and stored in memory of electronic device.

3. The system as claimed in claim 1, wherein the expense receipt is obtained from Point of Sale through a third party server.

4. The system as claimed in claim 1, wherein the expense receipt is generated from Point of Sale after identifying a unique identification code which is unique to customer's electronic device.

5. The system as claimed in claim 1, wherein details from expense receipt are stored in a format manually by the customer or automatically by the electronic device.

6. The system as claimed in claim 2, wherein, the system has Optical Character Recognition (OCR) which can recognize text of the receipt and convert it digitally.

7. The system as claimed in claim 1, wherein system facilitates integration to various cash registers and Point of Sale systems for any kind of business, which will help with the generation of the receipts in the cash registers and transfer those to buyers' electronic device through the medium of Internet.

8. A method for processing of expense receipt, said process comprising: 11 (i) Sending a unique identification code of customer's electronic device (102) to a server (101) from POS (100); (ii) 101 recognizing the unique identification code and requesting 100 to process expense receipt; (iii) 100 providing 101 with expense receipt; (iv) 101 providing 102 with expense receipt; (v) 102 analysing details of expense receipt and automatically generating an expense report and calculating Goods Service Tax returns.

9. The system as claimed in claim 1, wherein system can be integrated to different e commerce and online trading websites, where by paying online for an item by the means of credit card, PayPal or any other paying method, the buyer can get the receipt in his/her phone at the time of completing the transaction.

10.The system as claimed in claim 1, wherein expense reports can be generated for categories viz Business & Personal. 12