There are now thousands of digital apps designed to make all the financial stuff you hate a heck of a lot easier.
You’ve probably seen the adverts on TV about digital accounting. Some actor or other waving a mobile phone at you, telling you you should stop spending so many hours on the paperwork… how much easier it would be to go digital…
Well some-actor-or-other is right. It really is that easy. All you really need is a phone.
If you’re using Xero already, you’ll know how much easier it is doing the financial stuff digitally. But cloud accounting goes beyond just Xero. There are also plenty of apps to replace those little time-sucking tasks you hate having to do.
For example: uploading and filing receipts and expenses.
Receipt Bank means never having to collect receipts again
If you have a 4G mobile phone and you are using it to take photos, you’ll already be familiar with the Receipt Bank technology.
How it works:
- Download the Receipt Bank app to your phone
- Open your Receipt Bank app, and take a photo of your receipts as they occur
- The information from the receipt will be read and uploaded to your Receipt Bank account online
- You can upload your Chart of Accounts to Receipt Bank so the receipt will not only be read but can also be accurately coded.
Receipt Bank integrates with Xero, which means the financial information (the cost amount, VAT, etc) on the receipt is directly entered into your financial accounting system.
How simple is that?
You can forget about having to keep your receipts and stash them away like a hoarder. Once they’re uploaded to the cloud, the paper copy is unnecessary.
It doesn’t have to be a photo on the go if you don’t want it to be
Whilst it’s the quickest option most of the time, it’s not the only one.
Receipt Bank also allows you to both scan from your printer or email directly any PDF documents.
For example: if a supplier emails your invoice to you, this can be forwarded to your Receipt Bank email address and the invoice will be waiting for you (and your accountants!) in Receipt Bank ready to process into Xero.
Making receipts a digital habit means maximising every penny of possible tax deductible expenses
If nothing else has convinced you until this point, this is a major one.
When you upload receipts and expenses on the go you stop being at risk of ‘receipt disappearance’. Receipt disappearance isn’t an official term, but it is a craft magic you’ll most likely be familiar with. You know you made a purchase, but receipts somehow faded away – out with the rubbish, stuffed in a coat pocket, lost to some deep dark corner of the sofa.
When you can account for everything you’ve spent, you can make the most of your claims. If you have a team making purchases too, this is super important. Get everyone using Receipt Bank so you never fall prey to these mysterious cases of lost paperwork, and your business doesn’t lose money as a result.
You can run a paperless (painless) operation
By now you’ll have realised that using this form of digital media means that you’ll soon become a paperless operation.
This is a major advantage.
Your information is stored on the cloud safely and securely and archived if needed anytime in the future. Plus, another advantage is immediacy – all the paperwork is up to date. The invoices to pay are in the system as soon as you send them, meaning you can have a quick accurate understanding of your short term cash flow at any time.
There are no real cons
To be completely honest – this is really a pro pro situation.
You will need to get into a habit of taking pictures of your receipts on the go. But hey, everyone has Instagram nowadays, right? If you can stop to take pictures of your Starbucks coffee, you can stop to take pictures of a receipt.
Plus, it’s a good excuse to stop for five minutes (and drink the coffee).
See, pro pro.
Ready to get set up? We get a reduced rate with Receipt Bank, and can help you get it set up with your accounting system. Tell us you’re interested here, and we’ll get on it!