Receipt management apps are designed to help you efficiently track all of your receipts electronically, saving time and money while making expense reports simpler than ever before.
Quality apps use OCR (Optical Character Recognition) and AI capture technology to convert receipts into digital data that can be stored and organised, some even allow you to categorise receipts by expense type or tax category.
Getting on top of your Receipt Management for Taxes
Receipts may seem cumbersome to keep organised, but they’re essential when filing taxes. By keeping receipts organised with an efficient receipt app you will be able to minimise your tax liability and maximise your tax deductions while keeping your business running smoothly.
Receipt management involves organising all the receipts you’ve collected over a certain timeframe and furthermore tracking your expenses. Although this can be time consuming, it’s crucial that it’s completed correctly for effective receipt management and to better manage your cashflow.
Are You Needing Assistance Organising Receipts?
Consider utilising the Crunchr Receipt App which can save both time and effort during tax time – it automatically reads, sorts, categorises, and stores receipts!
Organisation of receipts by category can help you quickly identify deductions that can benefit your small business. Grouping receipts by category also makes expense tracking simpler, helping ensure that you claim as many legitimate deductions as possible. As with other records, the ATO most cases requires business owners to retain receipts for at least five years; some documents may need to be kept even longer.
Not only should receipts be kept safe for tax purposes, but some other forms of supporting documentation should also be kept, such as – accounting records, bank statements, legal documents, insurance documents, permits and licenses should also be stored safely. It can or could also be wise to digitise them so as to simplify storage more easily.
When filing receipts into an organised filing system, make sure they are labelled and include the date. This will help to ensure compliance with tax law and prevent potential issues down the road. If you are using the Crunchr receipt app it will all be done for you. As with any automatic software, all you have to do, is simply confirm the details.
Once your receipts are in order, it’s advisable to file them by year and category into folders to prevent them from getting lost during tax preparation. Doing this will also keep them from falling through the cracks unknowingly.
Tax preparation should begin as soon as possible for small businesses, to minimise errors and maximise refunds. By taking time for this endeavour, early preparation can help businesses avoid costly errors while increasing refunds.
Filing Your Receipts
The Crunchr receipt app is an intuitive software designed to make scanning receipts and creating digital references more straightforward and less time consuming, eliminating paper files, data entry and time wasted organising both e-receipts and electronic receipts. Using the Crunchr receipt app also helps you do your bit for sustainability by saving on paper receipts
Receipt apps make managing and filing receipts simpler, making tax time much less daunting. The best receipt apps automatically read your receipts, both e receipts and paper sorting expenses by category so you can see exactly where your money went each month.
Utilising a receipt app is an excellent way to manage the expenses associated with running your business and meet ATO guidelines on expense recording and storing of receipts not only during tax time but furthermoreafter taxes have been filed.
Staying organised with both your paper and electronic receipts will save both time and money in the future!
As a small business owner, having a simple to use and effective receipt app is of vital importance and can be a great investment. Storing receipts electronically in a cloud system will allow you to streamline expenses and lower tax liability.
The Crunchr receipt app has already helped thousands of Australian businesses become more efficient in managing receipts as well as managing the organisations credit card expenses. Contact us today to see how Crunchr can make your life easier.