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.

How much is your time worth? A Shoeboxed Success Story

Our ambassador Brian Dusablon uses Shoeboxed to stay organized at tax time and year-round. Read this User Success Story to learn how he uses our service to save time and money!

With Shoeboxed, there has never been one “best” way to use our service to stay organized. And after processing over a billion dollars of receipt data since 2007, we say that from years of firsthand experience!

Shoeboxed takes enormous pride in serving clients from around the country and across the globe, all of whom use our service in a myriad of ways to fulfill a whole host of organizational needs in both their personal and professional lives.

“Shoeboxed has become an integral part of helping me staying organized and productive while I’m on the go. I love not having to worry about keeping track of receipts while I’m traveling.”

-Brian Dusablon

brian dusablonIntroducing: Brian Dusablon

Profession: Owner, Duce Enterprises and Learning Ninjas

Location: Houston, TX

Website: www.duce.co

Twitter: @briandusablon

LinkedIn: Brian Dusablon

Shoeboxed: We’re excited to chat with you, Brian! As a long-time Shoeboxed user and now as a Shoeboxed Ambassador, I’m sure you have some great insight and tips to share with our readers. So let’s get started with a quick rundown of what you do.

Brian Dusablon: I run a small business called Duce Enterprises. I help small businesses and nonprofits simplify, improve and perform using technology. We provide audits of current systems, process improvement recommendations and technology consulting with the end goal of helping businesses save money and time. I also manage a collective called Learning Ninjas. We offer consultations, mentoring and team training to help e-learning businesses improve.

SBX: Awesome! So did you work in consulting before starting these small businesses? How did you get started?

BD: Yes, I did freelance and part-time work during college, mostly in e-learning development. I did that for a while and then had a couple full-time jobs, but I kept doing website work on the side during that time. My website and consulting work started to pick up about three or four years ago, and I realized I could do a whole lot more on my own. So then I started planning to leave my day job, and I actually took the leap in September of 2012.

SBX: Congratulations! That sounds like a natural progression, but going from a freelancer to running two small businesses is quite a big jump. Can you tell us about what your experience has been like so far?

BD: So far it’s been excellent. The freedom and the time that I have now is great. I also really enjoy being more in control of what types of projects I work on and being able to say no to certain projects. Overall, it’s awesome to have the ability to set my own schedule. I’m more productive now that I’m out on my own, and I really enjoy the work that I’m doing.

SBX: We’re so glad to hear that. So does your business have a core customer, or do you work with businesses of all kinds?

BD: It’s very rewarding to help non-profits become more aware and  to help them save time and money using technology. The more efficient a non-profit becomes, the more money they can put towards their mission. So working with non-profits is very fulfilling, but I also love working with small mom and pop shops and even larger businesses. The best part of working with any business is being being able to see the impact you make, the positive results that come from changes that you helped implement.

Overall, I just like helping any business to work smarter and more efficiently. So far my clients seem to really see the value in what I do. Most of my business comes from referrals, which saves me time and money since I don’t have to do much marketing.

SBX: That’s awesome– referrals are the best kind of business to get! Now let’s move a bit into your experience with Shoeboxed. Can you tell us about how you started out with Shoeboxed and how you use it now?

BD: Sure! I  have a ScanSnap desktop scanner, so at first I was using that almost exclusively to get my documents online, but eventually my pile of papers to be scanned got up to what seemed like 1,000 pages! I tried to recruit my kids to do the scanning, and when I couldn’t convince them, I decided to try Shoeboxed for a few months to get caught up and then cancel. And I ended up never canceling. When I left my job and went out on my own, I got a premium plan to use for my business and became a power user.

Now that I’m traveling a little bit more, Shoeboxed has become an integral part of staying organized and productive while I’m on the go. I love not having to worry about keeping track of receipts while I’m traveling. I take a Magic Envelope with me and just drop all my receipts into it, and when it’s full I can put it in any mailbox and know it will be all taken care of for me. Also, I’m in the process of getting rid of my filing cabinet right now, so Shoeboxed helps with that as well. It’s gotten to the point that I now feel bad when I have empty Magic Envelopes sitting around because that means I’m not fully utilizing the service!

sb-2SBX: Ha! That’s awesome. It’s great to see that you’ve been able to integrate Shoeboxed into your work and lifestyle so seamlessly that it’s like second nature now. :) So besides our Magic Envelopes, what other parts of Shoeboxed do you use?

BD: Last year when I did taxes, I was way behind on keeping all my stuff organized. I sent Shoeboxed all of my stuff for 2013. Once it was all done processing, I exported my receipts to an Excel file and then imported that right into FreshBooks. Then I sent my entire profit-loss statement to my accountant with no manual input. It really helped me save time and stress less about my taxes. I also use the Evernote integration; it’s great to be able to archive everything there.

SBX: We’re so glad that we were able to make tax time easier for you! So, changing gears a little bit, tell us what you do to relieve the stress of being a small business owner.

brian dusablon2

BD: Two words: get outside. I play soccer, coach rugby, walk, bike, whatever. It gets you out of the office and is a great stress buster.

SBX: We agree! So as a consultant, you talk to small business owners and solopreneurs all the time. That’s one of the reasons you make such an awesome Shoeboxed Ambassador! Can you tell us a bit about what your experience has been like so far sharing Shoeboxed with your friends and colleagues?

BD: It’s been great! I’m thrilled to be a part of the Ambassador Program since I’ve already been spreading the word about Shoeboxed for a while now. One of my good friends is a huge Shoeboxed fan. He’s been a member for about a year, and he was really thankful for me sharing the link. What I’ve found so far, honestly, is that a lot of people really need the service but won’t try it. I have friends that are very paper-based, so Shoeboxed would be perfect for them. It’s hard for some people to break the paper habit, though. I usually tell them, “Here’s the perfect setup, here’s what you need to get off the ground. Yes, it’s $30 a month, but good grief! The value it provides me saves me hours and hours.”

sb-deskSBX: You just made our day, Brian! :) In closing, do you have any helpful tips for our users or others in your field that are trying to get organized?

BD: I have a big pile that I’m getting ready to put into a Magic Envelope, but that’s because it’s just a habit for me now. So my best advice would be to figure out what you need to get done and determine how much time it’s taking you, and then to consider the value of Shoeboxed and other cloud tools you could be using instead of your current system. Yes, it costs $30 a month, but how much is that really in the scope of things? How much is your time worth? Instead of spending four to six hours in scanning a month, you could be spending no more than five minutes stuffing an envelope. That’s huge. It might be hard at for the budget-conscious, but the online backup and the time saving portion…  just do it. It’s dirt cheap when it comes to value.

SBX:  We agree! :) Thanks for taking the time to chat with us, Brian. We’re thrilled to be a part of your hassle-free system for managing receipts.

Are you a Shoeboxed user who has a success story and would like to be featured on our blog? Then we would love to hear from you! Please reach out to Emily at emily@team.shoeboxed.com for more information.

Until next time, stay tuned… and stay organized!

The #1 Secret to a Successful Small Business

When starting a small business, many entrepreneurs focus on creating a great product or an eye-catching business plan. They work to build something their target market can’t possibly resist, and that investors can’t wait to throw money at. While building your product can certainly seem paramount, the real number one secret to small business success lies in who you hire to be a part of your team.

When starting a small business, many entrepreneurs focus on creating a great product or an eye-catching business plan. They work to build something their target market can’t possibly resist, and that investors can’t wait to throw money at.

While solving a specific problem in a specific niche is a key element to establishing a small business, the number one secret to small business success lies in who you hire to be a part of your team.

That’s right – it’s really all about people. Whether you run a service-based business or sell products online, the people you hire to join your small business team are the same people who can make or break your business long-term.

Gigantic companies like Google, Facebook and Apple all say the same thing: hire amazing people and get the heck out of their way. That means investing in top talent who are ready to hit the ground running to make your business a success. This has been a key principle in growing Shoeboxed from an idea to a thriving business, and we’re immensely proud of the awesome team we have.

When hiring a startup team to support your small business, it’s important to keep your current and future needs in mind. Right now, you may need someone to do your books and manage your social media accounts. But what about five years from now?

When you hire based on the projected growth of your company, you’re far more likely to make that growth a reality. Building a team based on where you want to go, as opposed to where you are now, will allow the people you hire to directly participate in your company’s success. Retention rates will remain high because each and every team member will feel personally invested in the company, and personally rewarded as it grows.

Choosing complementary personality types is also key to building a successful small business team. Just as a winning football team can’t be comprised of all quarterbacks, your startup team can’t be made up of all gregarious leaders, or all stoic followers. Look for a mix of different talents and abilities that will be able to solve a variety of problems and think creatively in group settings.

In order to ascertain how a potential candidate functions in a group, be sure to hold a round of group interviews late in the hiring process. Once you’ve determined those candidates that you’re highly interested in, bring them together in a dynamic group setting and observe their interactions as a team. You can even bring in multiple candidates for the same position and swap them out accordingly to see how each interacts with the group.

While having a stellar product or service to sell is certainly important, it’s nowhere near as important as hiring a great startup team. According to Devin Mathews, Managing Partner at Chicago Growth Partners, small business owners are “better off working with a great team and a mediocre product, than a great product and mediocre people.”

What is the most important quality you look for when hiring top talent?