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
- What is receipt management?
- Digitize your receipt management task
- Shoeboxed – who we are and what we offer
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
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.
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.