Accurate recordkeeping is a critical component of financial health for small businesses. The most effective way to track and monitor this is simple, of course - capturing and organizing your company’s receipts. This helps small business owners monitor spending, spot inefficiencies, identify errors and even recognize opportunities for saving. Perhaps most importantly, maintaining sound expense records is crucial in remaining tax compliant, qualifying for applicable tax breaks and being well prepared in the event of an audit.
However, this doesn’t mean you should resort to collecting physical receipts in a filing cabinet. Instead, implement a digital filing system with the help of intuitive scanning tools and today’s best bookkeeping software.
Streamline digitization with easy-to-use tools
Going paperless is the best method to ensure you maintain accurate and organized records. This frees up space in your office and also nearly eliminates the chance of losing or misfiling key documents. Plus, with smart scanning technology, the process is fast and simple. The ScanSnap iX100, in particular, is the ultimate receipt management tool - affordable and compact enough to provide for every department, or even employee. Featuring ScanSnap Receipt software, the dynamic scanning solution offers several benefits:
- Provides users with the ability to organize and automatically store receipts in one place, including capabilities to enter and track each expense in real time
- Gives users the option to edit receipts, in case unable to read a particular word or dollar amount on a damaged receipt
- Helps users combine and split receipts easily when scanning double receipts
- Offers users the option to export receipts to a CSV, PDF, or JPG file
If your business is seeking an all-in-one powerful office scanner, the ScanSnap iX1600 is another excellent receipt management device. Users can scan documents, business cards and long receipts with the attachable Receipt Guide. The intuitive scanner also comes with the new ScanSnap Home software that combines all the popular functions of business card, receipt, and document management apps into one interface for easier management and editing. Plus, both the iX100 and iX1500 feature optical character recognition (OCR) technology that enables automatic keyword sorting and quick access to searchable files.
Adopt user-friendly accounting and bookkeeping software
Once you’ve embraced the practice of digitizing your receipts, it is crucial to ensure each and every file is backed up using a trusted cloud provider. Even better, utilize one that can support your business with a variety of accounting and bookkeeping needs. Bookkeeper360 focuses on all of these areas. In using the software, SMBs can take advantage of a number of tailored solutions such as invoice management, client and internal expense tracking, as well as full-service bookkeeping and accounting support offering easy integration with platforms like Xero and Quickbooks Online.
After implementing a holistic, streamlined and digitized solution for receipt management, expense tracking and tax preparation, your business will never need to revert to a disorganized or paper-driven approach again. Interested in learning more about how you can best utilize the powerful combination of ScanSnap hardware and cloud-based software? Find the best solution for your business needs here.
Check out Bookkeeper360's blog here.