Why Start-ups and Entrepreneurs Need Digitized Receipt Management

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.

See also: What Is Receipt Management? 5 Best Receipt Tracker Apps For Businesses.

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

Shoeboxed supports both individual and organization with various receipt management tasks.

One of Shoeboxed’s best features is the digital scanning of expense receipts that helps to keep track of your finances. 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.

Round 2 Begins!

We had an incredibly exciting first round, with several upsets and amazing comebacks. There were lots of examples of competitors using various social media tools to drive large amounts of votes, and in many cases that made the difference.

Shoeboxed Internet March Mayhem e-Tournament
Shoeboxed Internet March Mayhem e-Tournament

Some match-ups show the entire number of votes logged for a particular contest, but we are only counting the votes cast before the 5:00 p.m. EST deadline that passed on March 27. We’ll make sure to get the true vote counts on there soon, but just in case there is any discrepancy, that is why.

Make sure to vote your favorites into the Sweet Sixteen. And, if you’re just joining the fun, here is a summary of what’s happened so far. You may learn a bit about how to keep your favorites in and get some explanations for some of the amazing upsets that have happened so far!

So here’s a recap, with a look to Round 2:

Web Celebs Bracket

At the top of the Web Celeb bracket, 16 seed Frank Warren, the founder of PostSecret pulled off a big upset over Robert Scoble, the first seed. We saw people really rallying around Warren in the last day of voting and he overcame a big deficit. People love PostSecret it seems!

We also saw Jason Calacanis, the founder of Mahalo, barely beat Peter Shankman in the first round. Despite some Twittering for Shankman’s cause, the HARO founder was not able to overcome Calacanis’ name recognition and fan base. Calacanis will face Warren in the next round.

One of the most intense matchups of the first round was Guy Kawasaki versus Chris Pirillo. The matchup was neck and neck for a long time, but Pirillo fans prevailed, and put their man into Round 2 with a late surge.

Despite how many people posted tweets about their votes in Round 1, Twitter founder Evan Williams was unable to advance, losing at the hands of LonelyGirl15, the YouTube star. She’ll face Chris Pirillo in the next round in a battle of the video stars.

Michael Arrington called March Mayhem an “absurd contest” and probably hasn’t changed his mind, since he lost to Chris Brogan in the first round. Brogran will face Squidoo founder Seth Godin, who beat Grant Robertson in his first-round matchup.

Kevin Rose, a Web Celeb with a huge following, beat Pete Cashmore of Mashable and will face Lifehacker’s Gina Trapani in the next round. Trapani upset major Web Celeb Perez Hilton in her matchup. If Kevin Rose starts tweeting to his 300,000+ followers about this tournament, he’ll be hard to beat in this bracket.

Social Media Bracket

It’s probably not too incredible that the Social Media Bracket produced some upsets, because social media sites often have lots of power to drive traffic online.

Kwippy was able to rally it’s loyal fans to eek out a victory against the mighty Facebook. No effort from Facebook itself led to its demise.

Tumblr had a late surge in votes to overcome Twitter. This traffic really could have come from anywhere, but Twitter was one of the favorites to win it all, considering so much Twitter marketing was used to promote voting on this very contest. Tumblr will face Kwippy in Round 2.

If you’ve ever wondered whether anyone uses Freindster anymore, you can rest assured that there are. Friendster beat Flickr and earned a spot to face Del.icio.us in the next round. Del.icio.us beat out Wikipedia.

Identi.ca has really been the Cinderella of this whole tournament. By posting a link to the voting ON THEIR HOMEPAGE (!), they were able to drive enough traffic to beat out LinkedIn, a far larger social network. They’ll face social news powerhouse Digg in the second round. Digg easily beat 3rd seeded MySpace.

In the rest of the bracket, Jaiku beat out Ning and Brighkite pulled a major upset over YouTube due to lots of loyal fans showing up to vote!

Start-Ups Bracket

In the first match-up, FreshBooks overcame a late surge in MFBP votes to win narrowly. MFBP sent out an email to all of their users at the last minute to get more votes, but came up just short.

BatchBlue also drummed up some last minute support via Twitter to narrowly beat out Mahalo. BatchBlue will face off against FreshBooks in the second round.

Shoeboxed, the host, won over Storenvy, and will face off against PlaceVine, who surged in the end to beat out everybody’s favorite music player, Grooveshark.

Outright will face off against MailChimp in the second round after beating out SimpleFeed. JigSaw could never muster up enough votes to beat out MailChimp, who used Twitter and other techniques to move into the next round.

FourSquare had an impressive showing against BrightCove and emerged victories. They will face Foodzie in the next round, who organized an amazing comeback over Evernote on the last day of voting. Evernote is still awesome, though!

Blogs Bracket

The match-up between the Huffington Post and Consumerist was neck and neck for the whole first round, until Consumerist pulled ahead at the end. They will face Seth’s Blog in the next round after Dosh Dosh wasn’t able to pull enough votes together to advance.

Lifehacker easily beat Engadget, and will face off against another gadget blog, Gizmodo in the next round. Gizmodo beat out TechCrunch in a shocker.

Gawker beat out Mashable and Problogger beat out TMZ.com. It would have been awesome to see Gawker vs. TMZ, but Problogger may be too strong.

Daily Kos surged ahead of Ars Technica at the end of the voting period, and will face VFTW in Round 2. In perhaps the warmest embrace of this tournament, VFTW rallied its readers to vote for it in a dedicated blog post. With no American Idol episode during this round, can they keep the momentum alive?