Whether you accept it or no, numbers have bigger importance than what one may think it has. As for any business would love to see the cash flow wired to the company’s bank account.
On the other hand, it is of even greater importance to take care of all the money that is flushing out of the company.
Hence keeping a track of all the expenses is something important to take note of so to administer not just the expenses but monitoring the cash outflow can help to cut down the useless cash flow.
It plays an important role in managing the budget of a company while reducing the stress especially when it is time to pay up the taxes.
Although, one cannot forget the heaps of paperwork in the office. These may include confidential business documents and invoices. Credits to receipts, in keeping up with all kind of document files, which could be furthermore managed by getting it digitized and taking the entire thing online.
Why going Digital is a much preferable option over the old school method of maintaining paper documents?
In the occurrence of you visiting any office, you will find out that there is namely all kinds of papers. Although the need to become a paperless economy, the country still has an abundance of companies that have refused to take the initiative.
And on the other hand for daily activities still, make heavy use of papers.
Majority of the company’s mail and print repeats to most of their customers. While a few may still make use of papers for keeping a track for documents and files for internal business processes.
And in the meanwhile paper is an inseparable part of an office, most companies don’t recognize the paper costs.
So it is not just the cost needs to pay up for the expenses of paper, but there are some additional costs for
- Ink, cartridges, and other printing accessories
- Printer maintenance and repair
- Shipping and handling
- Printing equipment
Right after the costs of paperwork have been considered and the endless hours for getting the documents printed and in the end facing a loss of hundreds and thousands of dollars as in the end heaps of documents are often seen to be as useless and are thrown away.
So whenever a company makes a modern-day decision of opting for the digital concept of going paperless for handling files like invoices and receipts, one maybe eventually be able to save up huge amounts and enhance the business processes.
Digital Receipts: Organizing Tips
There are numerous ways in which an office can have their documents arranged in a much better way so to get it in a digital form. So what the experts suggest is that the best way to go with for managing the documents is to get in converted in a digital form and all of that could be done in the form of receipts.
Here are the guidelines one will need to adhere so to keep better supervision of business costs. Hence the best way to organize receipts electronically.
1. Receipts: But only in receipts
The first and foremost thing is you will only need to do at the moment is dive in the paper heaps so as to digitize only those you want to keep a receipt of.
This is majorly concerned with all the expenses such as office essentials like IT appliances, stationery for offices including all the small and big things that are procured in the name of office expenses mandatory to be made at the moment.
One just needs to make sure that the receipts that are being collected are business receipts, not the personal ones.
So to relay the paper receipts in a forever land of the internet. The copies can be made easily with the receipt scanners of the authentic receipts and can have them converted into digital formats such as PDF or JPEG files.
The best pick for storing purpose in PDF format as it is compatible with the QR readers. This can help the user to convert the receipt in digital form in an editable user file.
2. Picking a Hosting Location
The first step was crucial as it was about segregating all the documents into the useful ones and having them digital form. Once the digital files are obtained the next crucial step is to pick safe locations where all the important receipts could be stored.
Right after the receipts have been scanned, the files are probably going to be stored on the PC/laptop. The issue in saving these digital receipts is that it isn’t accessible to anyone else other than you.
The best method to get the recipes shared with all other teams is to have them saved on a network drive that’s shared and is safeguarded using the control panel.
But the thing that one may be more concerned with is that the usually shared drives don’t work pretty well these days for the majority of the business. Just in case if your organizations do not offer remote access and are having employees all across the globe, then there is a need to opt for cloud storage such as Dropbox, Google Drive, or One Drive.
Such smart mechanisms are built to share digital receipts on the cloud network. Hence the conclusion there is no need of staying connected to the organization’s internal network to get access to the file.
Note: Opting for cloud storage can help the organization to chop down the additional costs of building a shared network, in meanwhile the company shares data without any concern to security to critical data.
As all the data now have been sorted out one needs to just organize it according to the document type
(A) Promotion & Advertising
This may be a mailing list, branded give away items, brochures, maintenance& development, web design & posters.
(B) Entertainment & Meals
One needs to ensure that this may get categorized under the travel list especially if they are intended for various business trips. Just be cautious with this as this may be thoroughly checked by the IRS department.
This category is intended to hold all the digital receipts for the rentals paid for business operations, business equipment, lease payments, or any other sum that is reimbursed to eradicate a lease way early.
Word of advice
Hence this can be taken into consideration that maintaining digital records is one of the best ways to get rid of the massive paper heaps. It helps the office look more organized and hassle-free working environment is offered to an employee.
Hence not being worried about managing the paperwork, copies, and other kinds of documentation which make working in an office more tedious and hectic.
Also, an ideal technique to get the company’s expenditures, & all kind of confidential information which is important especially during the time of paying taxes and handling the budget efficiently.
So to make it a clutter-free process, it is ideal to have the same amount invested in buying a receipt scanner and design a system for using it to the maximum so as to get the expenses reports in a digitized form.
I hope this small guide helped you to how to organize receipts. Thanks for reading.