Paperless is more!

Starting a business means wearing a lot of hats. Dealing with tax, managing cash flow and supply chain issues are all time consuming tasks. However, technology can help deal with that daily admin, keeping on top of paperwork and chasing payments.

How can I keep track of receipts more easily?

Gone are the days of buying lunch for you and a client and having to keep track of the receipt.

Today there is online software that can help you with that daily admin. This can save you precious time going through invoices and old receipts. 

You can simply take a photo of the receipt using an app on your mobile phone. This is then automatically uploaded to your accountant’s software ready to be approved and entered into your books. 

Don't miss out claiming business expenses

If you hold onto a receipt for weeks or months at a time, your books will not be up to date or accurate. This lack of real-time data may impact your decision-making and weaken visibility into your finances by:

• Increasing the chances of forgetting the receipt by up to 40%, leaving off potentially claimable items from your accounts.
• Being incredibly time-consuming for you. You need to manually manage and store paperwork, while your accountant will do a lot of heavy-lifting to turn that into data for a spreadsheet.

Keeping your expenses organised - no more paper!

It also means you can keep more accurate data for you and your accountant so they can advise you in a timely fashion.

If you’ve been emailed a receipt, you can also forward this to a dedicated email address for easy processing.  

Since all of your documents are stored online, your data is exactly where it needs to be when you need it.  

Here to help

There has never been a better time to go paperless. If you need more information on running your business more efficiently, call us today on 08 6245 7506 or contact us here to arrange a free initial consultation.

Date published 23 Oct 2023 | Last updated 23 Oct 2023

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.