Keeping track of your business receipts used to be one of the biggest challenges of business. How are you supposed to stay organized on the go while collecting paper receipts that either get lost, smudged, or crumpled at the bottom of your briefcase or purse? You really don’t want to carry your hefty business receipt books with you all over.
Luckily, even Uncle Sam has decided to go paperless. The IRS now accepts digital receipts, which means that scanned receipts are now considered fully legitimate documentation for your taxes. Instead of collecting stacks of paper receipts in your wallet or “organizing” receipts with plastic sandwich bags, you can simply scan your receipts, upload them to a cloud-based receipt management account, and recycle those pesky pieces of paper once and for all.
Then, if you do need to pull a specific receipt for your accountant come tax time, you can simply open up or log in to your digital receipt account and either email them a screen shot of the receipt or print it out. Receipt scanning software like the programs available from Shoeboxed lets you search for receipts that have been placed into a receipt form digitized by date, amount, line item, or category.
With a Shoeboxed account, you can keep track of business receipts no matter where you are. Dump piles of paper receipts into their Magic Envelope and watch your entire office become clutter-free in a matter of minutes. The folks at Shoeboxed will actually scan your receipts for you, saving you the time and headache of scanning slip after slip of paper.
Neat Desktop Scanner
You can also scan business receipts yourself with a desktop scanner or mobile receipt scanner, or simply snap a picture of each individual receipt with your smartphone. This is a great option while traveling, and prevents receipts from getting lost in the shuffle as you head from the airport to the rental car agency to your hotel.
When you receive a receipt that can be expensed or used as a write off, simply snap a photo of it with your phone from within your account. The information from the receipt, including the items purchased, location, date, and total will be instantly uploaded to your online account.
When you return from your trip, need to generate an expense report, or need to file your taxes, simply log in to your cloud-based account and get an instant snapshot of your receipt totals. Each receipt can be categorized, labeled, and exported as a report to the email address of your choosing. You can also download reports and send them as attachments, streamlining the accounting process for you and your tax professional.
Digitizing every business receipt is a great way to get organized, save money, and save time throughout the year. By opting for digital instead of hard copy receipts, you’ll never have to worry about misplacing important financial documents or losing proofs of purchase. If you’re a small business owner, scanning digital receipts will streamline your entire accounting process, freeing you up to do what you do best – run your business!