Receipt Standardization & Tracking System (ReSTS)

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 • Felitec’s Account Xpress Standardization will ruffle some feathers! • Felitec. Account Xpress. http://www.felitec.com/ax.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/receiptwallet.php • http://www.patentstorm.us/patents/7280984-description.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/taxcodesoftware • 24JAN2008. OpenTaxSolver. http://opentaxsolver.sourceforge.net/ • “Tax Code Software Foundation: News.” http://www.taxcodesoftware.org/ • 19FEB2006. “Nobody happy with revised IRS Free File program.” http://www.normantranscript.com/commerce/local_story_049004521?keyword=secondarystory • http://www.therogerslawfirm.com/Client_Newsletters/Volume3.pdf • http://www.aliciapatterson.org/APF1004/Burnham/Burnham.html • http://blog.ericgoldman.org/personal/archives/2005/08/taxes_attention.html • http://www.totalbusiness.com/Default.aspx?tabid=966 • http://tax.aicpa.org/Resources/Tax+Advocacy+for+Members/IRS+Regulation+and+Administration/AICPA+Asks+IRS+to+Not+Include+Tax+Preparation+Cost+Estimates.htm • http://www.ato.gov.au/corporate/content.asp?doc=/content/37484.htm&page=200