Learn why is important to digitise business receipts
Keep tripping over that shoebox full of receipts? Or are you more of a ‘shove your receipts in the glovebox’ kind of entrepreneur?
No matter what kind of entrepreneur you are, there is a better way to file and store your receipts.
And this is where technology comes into its own.
It can get rid of those annoying slips of paper, and bulky receipts that are just annoying and get in the way, taking up valuable space.
Let’s begin this blog by talking about the elephant in the room – do you really need to keep these receipts?
Yes, for two very good reasons!
It’s best practice to create a workflow to handle, enter and store all your paperwork, especially as your business grows. Your business may be small and manageable now but you’ve got to act like a big business, so when you grow, you’re ready.
As we always say at Sleek, start the way you want to finish – yay!
Secondly, the ATO requires you by law to keep all business paperwork for five years from the date of the last return, including the period of review for an assessment that uses information from that record.
So, if your last business tax return was lodged in FY22, you will need to keep all paperwork relating to FY22 right back to FY16.
As you can see those little fading pieces of paper will be hanging around for a while, so let’s look at setting up a digital system so you can keep accurate records and stay compliant.
What is cloud-based receipt upload?
Here at Sleek, one of our services with our accounting plans is cloud-based receipt upload.
So, what exactly is this and why do you need it?
Receipt upload allows you to send a digital copy of your receipt or invoice into your cloud-based filing system. This way the paperwork can easily be accessed or referred to later.
You will no longer need to rifle through heavy files or the bottom of your bag for a crumpled, faded receipt.
You can load the app to your mobile and sync it to the cloud, so wherever you are or whenever you have a few secs, you can upload your receipts. How good is that?
Why is cloud-based receipt upload so good?
- On the go
It allows you to capture every receipt on the spot, even when you are out and about. It also means if you’re not at your desk, you can scan the paperwork, knowing it’s done and the receipt is where it needs to be, ready for your bookkeeper and accountant to access.
- Online Convenience
Once your receipts are online, you can upload to your accounting software, or use search terms to find any receipt you may need.
Speed up your workflow by uploading all your receipts to your accounting software.
- Storage Capacity
You will always have enough space to upload your receipts. And most cloud-based systems are secure, to keep your valuable records out of the hands of criminals.
- Lightning fast
Your receipt upload is fast. The last thing you want to be doing is scanning and waiting for receipts to upload.
- Backup your files
Cloud-based receipt upload also makes it easy to back up your records.
We highly recommend you keep your records in two places, in case anything happens to your access or the files. Send your receipts to your accounting software or use a USB drive.
We’ve heard of business owners emailing receipts to themselves to serve as a second copy. Whatever floats your boat!
I think we’ve won you over, haven’t we?
Not sure how to set up cloud-based receipt upload? That’s OK. We’ll set it all up for you.
We’ll show you how to upload the receipts so they’ll be filed away safely. You won’t recognise yourself using our system.
Let’s get it set up now – call Sleek today on +61 2 9100 0481 or contact us here – we’ll be in touch soon.
Some of our other articles you might want to read:
- How to create a finance plan
- Why is it important to track your business expenses and income?
- What questions should you ask your accountant
- What is the tax return deadline in Australia?
- Do you need an ABN (Australian business number) for a side hustle?
- Sleek accountants VS traditional accountants: How do they differ?