How We Recommend Streamlining Your Receipt Management
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In the world of being a creative business owner, managing receipts can sometimes feel like an uphill climb. Keeping track of your growing mountain of receipts, whether digital or on paper, can be overwhelming - to say the least! But no matter how tedious or annoying it may seem, it’s one of those things in business that just has to be done. It’s an essential aspect of financial management that ensures your business remains compliant and organized.
In this week’s blog we’re covering:
Why it’s crucial to keep your receipts organized
Our recommended software for receipt management
How we make receipt management seamless and easy
Is Receipt Management Really A Big Deal?
This is one part of bookkeeping that often gets overlooked, but trust us, it is NOT something that you want to neglect. Proper receipt management not only helps you keep track of your expenses but it also provides the necessary documentation in case of an IRS audit. It’s a task that might seem mundane, but the peace of mind and financial accuracy it brings are invaluable. Luck for you, we use a software that we recommend to all of our clients because it just makes life WAY easier when it comes to keeping those little sheets of paper organized and available.
Our Recommended Receipt Management Software
HubDoc is a subscription-based app that you can download on your phone and access from your computer. The reason that we always recommend Hubdoc is because it is super easy to capture pictures of your receipts right from the app. in real-time. It can literally be done in seconds, and then you no longer have to worry about stuffing your receipts into your purse only to stuff them in a box or a desk drawer when you get around to it and then have to tackle a mountain of receipts one day. NO ONE likes having to conquer their receipt mountain, so let Hubdoc take care of it all for you! As you are making purchases you can snap a quick picture of the receipt and that way it is stored digitally and safely, without adding to the pile of receipts that you have stuffed away somewhere.
Another really cool feature that we love about Hubdoc is that you can set up a forwarding contact in your email. This allows you to push any invoice or payment made that gives you an email and forward it directly to Hubdoc. On top of that, if you are someone who has employees who also make purchases, they can set up the Hubdoc forwarding in their email and download the app on their phone, and take screenshots so that they can easily share receipts. It makes it really easy to collaborate with your employees, team members, or anyone who would be making purchases for the business to share receipts. How cool is that? At the end of the day, it just makes your life so much easier when it comes to keeping track of your expenses and keeping the proper documentation!
It All Works Together
The last reason why you really want to work with something like Hubdoc is because it connects directly with QuickBooks online. QBO is the accounting software that we recommend and use for all of our clients. It’s just our zone of genius! Once you snap a quick pic of all of your receipts and invoices, it makes it really easy for you to collaborate with your bookkeeper and say that you have all of your receipts in your Hubdoc app, and then your bookkeeper can connect Hubdoc to your QBO and push all of those receipts to QBO. What this does is basically tells Hubdoc to move everything over to QBO and from there, it makes it super easy to match all of your receipts in QBO and categorize everything appropriately. This ensures that everything is properly booked, your receipts are matched to your transactions, and everything is ready to go for you.
Find a Receipt Management System That Works For You
Whether you are storing your receipts in a shoebox, and envelope, Google Drive, or Hubdoc, it really doesn't matter. What is important is that you are storing this information and keeping it organized for the appropriate amount of time so that in the case of an IRS audit, you have those receipts available. Just because your bank statement says that you made a purchase at Walmart, the IRS can ask for proof of what you purchased for the business. You can’t rely solely on your bank statements as sufficient documentation for tax reasons especially when it comes to the IRS. Do yourself a favor and make sure to capture your receipts in some way that works for you whether it is the old-school shoebox style, Google Drive, or something like Hubdoc that will make it easier and give you more real-time data and documentation.
Hubdoc is fairly inexpensive, but for any of our monthly or quarterly bookkeeping clients, we cover that cost for you so you do not have to pay the monthly fee. We also maintain the receipts for you if that is part of the package you choose, so you get the cost and the stress of managing your receipts taken off your back! You’re already conquering enough mountains as a creative entrepreneur, don’t let your receipts become another one you have to climb.
Receipt management is NOT something to be overlooked when it comes to your business and finances. It is essential to find a system that works for you, that you can keep up with so that you keep your business compliant, have proof of purchase if you ever need it, and can easily book the transactions and expenses. You can get more info or get started on Hubdoc here.
This is something we can take off your plate as a bookkeeping client, so if you like the idea of having your books professionally managed by a team of finance experts along with your receipts, grab a free consultation with us here.
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