Why Your Small Business Should Keep Receipts Digitally

Keeping track of stacks and stacks of papers to track company spending can become a hassle quickly, especially if you lose track of any items. With today’s technology, there are countless ways to make your life easier by keeping a digital record of company funds.

Digital Receipts Cut Time & Effort

Paper receipts take up space, both physically and mentally, as well as time. Holding onto receipts until you must carve out a chunk of time to transfer weeks or even months of data is wasteful and can be avoided. By taking a photo with a receipt app directly after a purchase, the data is collected in seconds and that paper receipt is no longer needed.

Paper Receipts are Easily Lost

No matter how hard you try, from time to time you will lose a paper receipt. Receipts are small and hard to keep track of, especially if there is more than one person involved. Digital receipts hold all information in one convenient location, while allowing for simple improvements such as the ability to search for a specific receipt quickly.

Clutter is Alleviated

Think about all the receipts that you have acquired over the length of your business. Instead of having years of data piled up and wasting physical space within an office, all that information can be moved to something as simple as an Excel spreadsheet. Whether you chose to house your data within an app or on a spreadsheet, the decision to go digital will quickly overrule stacks of papers within your desk.

Receipts are an essential part of any business and are even more important for a small business. Take these few points into consideration if your small business does not keep receipt records digitally and realize the time and effort that could be saved.

THIS ARTICLE IS FOR GENERAL INFORMATION PURPOSES ONLY. BUSINESS FINANCIALS, INC. (BFI) IS NOT ISSUING SPECIFIC FINANCIAL OR TAX ADVICE. PLEASE CONSULT WITH A LICENSED FINANCIAL PLANNER, TAX ATTORNEY, OR ACCOUNTANT FOR ASSISTANCE WITH YOUR SPECIFIC SITUATION. IF YOU NEED HELP, WE INVITE YOU TO CONTACT US. WE WILL BE HAPPY TO MAKE RECOMMENDATIONS OR REFER YOU TO A LICENSED PROVIDER WHO MAY BE BEST SUITED FOR YOUR SITUATION.

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