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.

The Top 5 Document Scanners for Small Businesses

If your small business is ready to go paperless, a document scanner can help you digitize all your receipts and documents. Here are our top 5 favorites!

If your small business is ready to go paperless, you’re going to need a powerful document scanner to take you from hard copy-zero to digitized hero.

Some of the best digital scanners available today are single-function scanners that are designed specifically to turn documents, receipts, and business cards into editable, exportable, searchable data.

If you’re serious about going paperless, one of those dinky, multi-function scanner/printer/fax hybrids just won’t cut it. Top scanners are able to:

  • Detect document size

  • Scan large stacks of documents at once

  • Scan multiple pages per minute

  • Digitize data into exportable formats

  • Scan to third party programs like Shoeboxed, QuickBooks, and Google Drive

Here are our top 5 document scanners for small businesses that are in need of some serious scanning power.

1. Fujitsu ScanSnap S1300i

The Fujitsu ScanSnap S1300i (pictured above) is Fujitsu’s smallest, lightest, most powerful multi-page mobile scanner. Weighing in at just under 5 pounds, this model is perfect for business travel and off-site projects that require the power and efficiency of a desktop scanner without the bulk.

Mac and PC users can scan color and grayscaled documents at lightning-fast speeds – up to a dozen double-sided pages per minute. The ScanSnap intuitively detects the size of your paper document, making it easy to scan everything from business cards to bank statements.

In addition to allowing you to create one-click, searchable PDF scans, the ScanSnap makes it easy to scan to a variety of different cloud-based programs, including Evernote, SugarSync, Dropbox, Google Docs, and Salesforce CRM.

2. Visioneer Strobe 500

The Visioneer Strobe 500 Mobile Duplex Color Scanner with Docking Station is a multi-function scanner that serves as a powerful desktop unit and a lightweight travel scanner.

When used within its docking station, the Visioneer Strobe rivals the most powerful desktop scanners in terms of scanning speed and document feeding. But when business travels calls, this 7-pound powerhouse can be easily ejected from its docking station and used on-the-go thanks to its USB functionality.

The Visioneer is slightly heavier than the ScanSnap, but with an extra 3 pounds of weight comes additional scanning power: the feeder holds up to 20 documents at once and can scan up to 30 images per minute.

Another great function of the Visioneer is its ingenious function settings. By adjusting the settings of each button on the scanner, you can instantly scan documents to pre-set locations such as email, a specific folder on your computer, or your favorite web publishing program.

3. Xerox DocuMate 3115

The Xerox DocuMate 3115 is one of the most flexible scanners on the market. Whether you’re digitizing business cards or oddly-shaped photos, or working in the office or on the road, the DocuMate has you covered.

Like the Visioneer, the DocuMate comes with a docking station that lets you easily convert the desktop scanner to a mobile scanner. Its extra USB cable makes it possible to power the scanner without an AC adapter, making it easy to scan from absolutely anywhere.

The DocuMate also comes with Visioneer OneTouch software, which makes exporting scanned documents a breeze. There are 6 settings preconfigured for popular applications, but each one can be easily customized.

The best part? The DocuMate is able to deliver digital scans to just about any application in existence, as well as any device – scan documents to your hard drive, a cloud-based app, your smartphone, or your tablet.

4. Kodak ScanMate i940

The Kodak ScanMate i940 scanner is lightweight, functional, and USB-powered. Although it’s meant to be primarily a desktop scanner, its weight (5 pounds) and USB capability make it another surefire bet for scanning off-site if need be.

The ScanMate specializes in scanning every shape and size document – even plastic ID cards, embossed cards, and over-sized paper.

SmartTouch and NewSoft Presto! Bizcard software make it easy to manage contacts and sync business card scans with existing contact records.

You can also edit scanned images with power that rivals top image editing software – rotate and crop photos, adjust contrast and brightness, and take advantage of Kodak’s Perfect Page software to perfect each and every scan.

5. Xerox Mobile Wi-Fi Scanner

The Xerox Mobile Wi-Fi Scanner is a wireless, cordless, battery-powered scanner and the quintessential device for business travel and mobile scanning.

At just 2.8 pounds, it’s the lightest scanner on our list, with a design that’s managed to retain a fair amount of power even when compared with the larger desktop scanners.

In addition to being completely wireless, the Xerox Mobile scanner is able to scan up to 6 full pages per minute. That’s not quite as powerful as the Visioneer in terms of speed, but what this model lacks in power it makes up for in portability.

You scan up to 300 documents on a single battery charge,  and use the included Eye-Fi memory card to instantly beam scanned documents to any device or cloud-based application.

The wireless technology allows you to sync up to 32 different networks with your device. Any time you’re within range of one of those networks, all of your scanned documents are instantly sent to the destination of your choice.

All 5 of these document scanners are fantastic choices for small businesses looking to go paperless and turn hard copies into digital data.

When deciding which scanner is right for your company, prioritize in terms of power and portability. Do you need to scan large stacks of documents quickly? Then the Visioneer Strobe 500, Xerox DocuMate 3115, or Kodak ScanMate i940 might be best for you.

Are you constantly on the go and need to scan documents remotely? Then the Xerox Mobile Wi-Fi Scanner or Fujitsu ScanSnap S1300i might be best for your small business.

Which document scanner are you currently using in your office?

Image via Amazon

Affiliate Disclosure: Some links in the article above are referral links and we may receive compensation for sending you the way of these scanning companies.

Shoeboxed Power Tip #3: Magic Envelopes

Shoeboxed Power Tips show you how to easily integrate Shoeboxed into your lifestyle. In this video, you’ll learn how to maximize your experience using our service using Magic Envelopes.

Welcome to another installment of Shoeboxed Power Tips!

Each tip in the series features an instructional video about how to integrate Shoeboxed seamlessly into your existing workflows and maximize your experience using our service.

This Power Tip features our Director of Operations, Sam Glover, who is responsible for the coming and going of all Magic Envelopes here at Shoeboxed. Sam is the perfect person to share some tips on sending in your paper clutter using our mail-in service, as he ensures every envelope is processed quickly and accurately here at Shoeboxed.

Shoeboxed Magic EnvelopeA convenient feature of Shoeboxed for Classic plans and higher is our Magic Envelopes (in the US and Australia). Each month, simply fill your magic envelope with receipts, bills and any documents you’d like, and drop it in the mail. Once we safely receive your documents, we’ll scan and digitize them, turning them into useful data for you.

If you have any multi-page documents, like invoices or bank statements, just make sure to paperclip or staple the pages together– they’ll be scanned in as a single document in your account, and only count as one credit!

For a completely paperless lifestyle, opt out of having your documents returned and select our certified green shred and recycle option in your Account Settings. With your organized digital archive, there’s no need to keep the paper!

Stay tuned for more Shoeboxed Power Tips to simplify your life and conquer paper clutter.

In the meantime, stay organized out there!
The Shoeboxed Team