Receipt Rage? Keep Calm and Follow These Tips

Along with flying cars and holidays on the moon, the 21st century held the promise of paper-free offices; but alas, no. Twenty-first century bookkeeping still involves an awful lot of paperwork. While most civilians can safely toss their receipts away, small businesses operatives have to hold onto the invoices and receipts they amass, sometimes for years.

Not only are invoices and receipts easy to lose or misplace, but keying essential information from hundreds of these slips is a time-sucking experience. While collecting, transcribing, and archiving receipts are tasks that just need doing, there is no reason to lose your mind over these itty-bitty pieces of paper.

If you have a veritable hill of receipts waiting for you in your office, you need to conquer it with a plan, and once you have your receipts under control, make it a habit to capture your receipts every day by scheduling time for this task.

Reduce Your Mountain of Receipts to a More Manageable Molehill

Use Receipt Bank to Capture Receipt Data

If the prospect of keying in hundreds of receipts and invoices fills you with despair, chin up, because there is an application that takes care of that chore for you. Receipt Bank is a mobile application for iOS and Android devices. Instead of keying in a receipt, you take a picture of the receipt or use the desktop version of the application to scan the receipt.

The application then extracts all the essential information like the vendor’s name, the receipt total, the GST you paid, and the date of purchase, and then uploads this data. What is more Receipt Bank seamlessly integrates with Xero. With an application like Receipt Bank, a tedious process that can take hours is reduced to minutes. From there Notch Above can get you back on track with the bank reconciliations and BAS.

Life often gets in the way of best laid plans. A business trip, a sick child, or looming fulfillment deadline could take your attention away from dealing with your receipts. If you are juggling a lot right now, you do risk dropping an important ball. By delegating the task of reconciling your receipts and invoices, you will have one less ball to juggle.

We at Notch Above can help you catch up on your invoices and receipts and take on other Xero bookwork tasks, leaving you free to concentrate on growing your business and fulfilling the needs of your customers, as well as giving you back time for family and friends, and personal time for yourself.

Specialising in Xero bookkeeping, Notch Above is a Brisbane bookkeeper and BAS Agent located in Alderley that offers Xero setup, as well as training and ongoing support. Notch Above can take care of all the bookkeeping tasks you would rather not do, like bank reconciliations, supplier payments, payroll services, debtor control and BAS returns.

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