The problem with receipts extends beyond paper clutter and potentially lost records. Small businesses that find a better, more up-to-date way of managing expense receipts stand to save time and money. When receipts are saved digitally and stored in a searchable format, it’s easy to find and sort information on business costs and see where savings can be made.
All businesses incur expenses and all must manage receipts. Receipts are essential to create a record for tax purposes and to manage business costs.
Together, receipts contain crucial management information which should be regularly reviewed to see where costs could be saved by, for example, changing suppliers, renegotiating contracts or ceasing some services altogether.
Transform Paper to Data
Unfortunately, processing paper receipts is time-consuming and inefficient. Receipts get lost, take up storage space and aren’t easily retrieved or transferred.
This situation can be turned around by transforming paper to data. Digital receipts management saves time and money. It adds value through a searchable, digital database that can be simply accessed for easy record recall.
Use Mobile to Ensure Digital Records
Seamless receipts management extends outside the office too. Take mileage receipts, for example. Traditionally, employees would manually calculate how far they had travelled and what percentage of the receipt amount can be expensed. This makes calculating tax tricky. Today, the GPS within smartphones can be used to track mileage exactly, saving time and effort.
Chances are, your business harbors lots of well-handled receipts. Instead, capture receipt images on your mobile device as soon as you get them and upload them all to a centralized data bank.
This central record can then be searched, filtered and organized however it needs to be to fulfil each need, for example to create expense reports or provide information for tax purposes. With easy, instant access to a digital record of expenses, small businesses are ideally placed to track and manage costs and make savings where possible.
Find out how NeoReceipts by Shoeboxed can take the pain out of expense and receipt management to save your business time and money and improve productivity.