No matter what kind of business you own and operate, you’re going to generate expenses. And just like you get with your personal purchases, the goods and services your company buys come with receipts.
Receipt management is a key aspect of general accounting for your business as it allows you to track spending habits and revenue generation. It’s vital to the success of any size business to keep an accurate and complete record of its receipts.
Fortunately, technology has enabled receipt management to become easier than ever before thanks to digital recordkeeping. ProjectPro offers small businesses a comprehensive and affordable method for receipt management as part of our expense management software.
Digitizing your receipt management through the use of a transaction capture app and digital filing enables your business to eliminate costly errors, lost receipts, and overall inefficiencies of running a business.
Today’s post will take a closer look at receipt management and why it’s important for your business to adopt a more modern way of handling expenses.
What is Receipt Management?
Receipt management simply refers to the practice of organizing, filing, and profiting by keeping an accurate and complete record of your receipts. Small businesses primarily deal with two types of receipts.
The first type of receipts is expense receipts, which are issued by suppliers when you purchase goods such as furniture or other equipment for your business or services like heating and air conditioning, electricity, etc.
The second type of receipt small businesses deal with are ones generated for customers after they purchase a good or service you provide. It’s crucial for good accounting to keep a copy of issued sales receipts as a method of tracking daily income.
Why is Receipt Management Important?
As you can see, most small businesses are dealing with one type of receipt or another on a daily basis — possibly even hundreds or receipts per day. Keeping an accurate record of those receipts is a daunting task if you’re reliant on physical copies and traditional filing. This is true for you as a business owner or your field employees who make business purchases. Trust us when we tell you that your accounting staff will thank you immensely.
Filing receipts is much easier when you use a digital filing system like the comprehensive expense management software from ProjectPro. Simply use the receipt capture app to create a digital copy of your business’ receipts and back them up off-site to ensure no information is lost. You can file receipts chronologically or in categorical subfolders for quick reference.
Finding Tax Deductions
Grouping receipts by category can be beneficial when tax time arrives. Allow your accountants to find tax deductions quickly and easily thanks to receipt management software.
Receipts & Auditing
If your business is ever audited by the IRS, receipt management is crucial to making audits quicker and less painful as the IRS can easily verify the accuracy of all deduction claims and confirm reported revenues.
Get Started With ProjectPro Today!
Turn to ProjectPro for the best receipt management software. Our receipt scanner app allows you to keep track of all your business and employee’s expenses in one convenient and powerful place. Our app helps you save time and money, makes it easier to track proof of purchase, and most importantly with a receipt capture app the owner or project manager can track exactly where money outside of the projected money is being spent. The information provided by the app helps lower margins which allows you to allocate extra money elsewhere and to more accurately plan and estimate future project’s budgets. From receipt management and approval process to budgeting and project management tools, the ProjectPro expense management software lets you do it all.
ProjectPro’s receipt scanner app and management software are perfect for field employees, project managers, and accounting staff. Start using ProjectPro today and save your business time and money!