Digitized Receipt Management Is The Secret To Successful Start-up And Entrepreneur Business: Here’s Why And How

Are you start-up entrepreneurs who are struggling to manage your business expenses? Or are you business owners who have head-scratching problems keeping track of your receipts? 

Having receipts unorganized may slow down your business. Therefore let Shoeboxed become your reliable partner in tracking your expenses. You just need to focus on your business, we will clear the receipts for you.

In this article, we would like to share with you the benefits of receipt management and how it helps start-up entrepreneurs and business owners to improve their business performance.

Table of contents

  1. What is receipt management?
  2. Digitize your receipt management task
  3. Shoeboxed – who we are and what we offer
  4. Conclusion

A receipt is a piece of paper that contains the most important information of the transaction of 2 parties.

1. What is receipt management?

It means what it sounds. Yes, you are not reading it wrong! Receipt management just simply means managing the receipts through the practice of organizing, filling, and profiting by keeping track of the receipts accurately.

2. Digitize your receipt management task

For an old-style receipt management system, you need a pen, a set of paper, and a calculator to record and totalize your expenses. Nowadays, with the development of technology, you can store those receipts in your computer just by a scan, and even get insight into your expenses just by a few clicks.

It is easier when tracking your business performance

Normally, small business owners deal with two types of receipts on a daily basis. One is the record of what they have spent (for eg. payment of utilities such as electricity, water, etc.) and the other is the record of purchases their customers have made. After scanning your receipts and having the raw data, you can customize your monthly expense by sorting chronically, by the vendor, or even by type of product and so on. So by digitalizing the receipts, you can monitor the performance and profit for each month, what needs focusing, and what needs to be omitted.

It is a lot simpler when applying for a tax deduction process

Having your expenses digitized can also reduce your time preparing for the tax deduction process. For example, if one type of expense is considered tax reducible, other relevant expenses in the same category might also be tax-deductible. Even though there is not 100% that your tax payment can successfully get deducted, you still get a higher chance just by organizing your receipts.

It is faster when preparing for the auditing process

Receipts are evidence of your business performance when it comes to the auditing process. As mentioned above, when scanning your expense receipts, you also store a soft copy of them on your computer. Therefore, to prepare for the auditing process, you can easily retrieve the pictures of those receipts with just 1 click.

3. Shoeboxed – who we are and what we offer

We are Shoeboxed. We offer a service that helps not only individuals but also organizations with their receipt management tasks. 

We help you turn your receipts into digital data so you can keep track of them easily. Our team members will double-check if the information is correct or not so please rest assured that the digital data are verified. With the data in your hand, you can freely customize your data based on your preferences. You can also create the expense reports on your own for tax preparation or reimbursement as well as the auditing process. 

Also, with some more techniques, you can have a broader and deeper view of your business performance as well. 

How our service works

1. You can send us your receipts for free with our postage-paid Magic Envelop and we will scan them for you. You can also scan the receipts by yourself with our mobile applications (compatible with both Android and iOS).

2. We extract all the key data of your receipt so you can easily keep track of them. To view the full scanned image of your receipt, you just need to click into the expense.

3. For customizing the report, you can use our categorizations, or create your own which fit your needs. You can export and download them anytime, even the scanned ones.

We offer different plans for different purposes so please visit our website or contact us for more information about which plan is best for you. And don’t worry, we also offer a 1-month trial so you can test first if we are what you are looking for. 

4. Conclusion

With those benefits mentioned above, the importance and the necessity of receipt management are undeniable. Income statement, Business performance tracking, Tax deduction procedure, Auditing process become easier and faster just by a few simple steps. Last but not least, no one wants to collaborate with an unorganized partner. Therefore, having your accounting desk clear will help not only boost up your business performance but also strengthen your image in the market.

Shoeboxed Acquired by Earth Class Mail to Make the Paperless Office a Reality

Today we are excited to share that we have joined forces with Earth Class Mail! After 11 years of helping to organize the world, one receipt at a time, we could not be happier that we have now become part of a larger family – with the very same mission.

Some of you may have heard of Earth Class Mail in the past: they tackle the problem of paper mail and allow you to simply receive your mail digitally – all scanned in for you and ready to forward to the places where you actually need your mail – checks can be deposited straight into your bank account, bills can be routed into your accounting system, and now, we can tackle the problem of paper receipts together as well!

We could not be more happy, proud and excited for this next chapter in Shoeboxed’s history and the strong partner we found in Earth Class Mail. We truly share a vision of creating a paperless office and are committed to make this a reality as one company!

Getting over 250,000 documents mailed to our Durham, NC office every month, we see a strange thing or two every now and then. One thing we see often is sealed mail, addressed to our customer. Now, unfortunately, we always had to return that mail with a little sticker saying “We are not allowed to open mail not addressed to us.” Most of the time our customers turned around, opened that letter themselves and threw it in their next Magic Envelope. Now you will have a much better solution. I encourage every one of our users to check out our friends at EarthClassMail.com. Both products and services will continue to run as you have always used them, but with endless opportunities of what we can do as part of Earth Class Mail in the future!

I want to thank all of our customers deeply for your support, trust, loyalty and feedback over the years! As well as Shoeboxed’s investors who have all been great company builders and helped us every step of the way. And last but not least – the Shoeboxed team: no matter if you worked with us as an internship for a summer, scanned receipts at night, or the ones that spent their last 8 years with us – you have all built this success story and I’m incredibly thankful and proud of each and every one of you!

Thank you all so much for joining us on this amazing journey, and for continuing with us into our next chapter! Stay tuned for some great updates and news to come, and please – try out Earth Class Mail :-)

Stay Organized!

Tobi & The Shoeboxed Team

[box type=”shadow”]

    • Tobias Walter
    • An investment banker turned entrepreneur, Tobi studied at business schools in Germany, France, and the US, before working with Societe Generale and Morgan Stanley in Investment Banking. In 2005 Tobi joined “studiVZ” as employee #2 – one of the first social networks in Europe, that was later deemed “The German Facebook.” In 2008 Tobi moved to Durham, NC to help co-found Shoeboxed and currently serves as CEO.

[/box]

We’re Headed to Austin for the 2016 Q2 CONNECT Conference!

Shoeboxed will be exhibiting receipt capture solutions for banks at the Q2 Connect Conference in Austin, TX from May 1 – 4.

Get ready for Shoeboxed, Austin, because we are exhibiting at the 2016 Q2CONNECT Conference May 1 – 4!

Q2 CONNECT, which “connects” new competitors, new products and new technology from top financial institutions, will bring together the movers and shakers of the banking and finance industry. It’s hosted annually by Q2 Holdings, Inc., a leading provider of secure virtual banking solutions.

Shoeboxed will be exhibiting in the main hall, where we will be sharing insights about receipt technology, presenting product offerings, and discussing the latest industry trends in fintech and mobile banking solutions.

We will also be speaking about the consumer benefits of receipt capture for mobile banking solutions and demonstrate how receipt data can provide users with unparalleled information about their purchases. It goes without saying that we are beyond thrilled to be attending this prestigious event alongside hundreds of financial services leaders from around the country.

Last year at FinovateSpring we won Best of Show, and we hope to bring home a similar honor this year!