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Electronic receipt storage: why it's a game-changer for your business

If you have a growing business, keeping on top of paperwork can quickly become a problem. Your bills and invoices can find themselves piled on your desk, left as PDF attachments on emails and remain un-downloaded within your online accounts.

It is easy to delay admin and finance tasks such as bookkeeping for times when your business becomes quieter. But the risk is that these quiet times may never arrive or when they do, the job has grown so big it feels overwhelming and unmanageable.

Should a bookkeeper or accountant manually collect your paperwork for you?

While outsourcing your businesses financials is a great option, your bookkeeper and CPA will still need to see your invoices and bills. This means the task of filing, downloading and saving your paperwork will remain.

There are ways to manually maintain this process. For example, you could create a dedicated accounts email address and ask all suppliers to forward paperwork to this new email account and give your bookkeeper access. You could also give your bookkeeper the login details to your online accounts, so they can log in and manually download the latest bills and invoices.  

But these systems will come with their own problems.

The first is one of security as you will be handing over passwords and giving access to a third party. You would need to ensure that details are kept safe and not misused.

There is also the risk of a disjointed system. Some suppliers may use your new email address, but others may occasionally use the older one. This can ultimately create more work and paperwork goes missing between the two systems.

Technology is the missing link with receipt collection and storage

Technology can be a game changer when it comes to collecting and storing your bills and invoices.

The two software packages that we recommend to electronically collect and store your receipts are Receipt Bank and Hubdoc.  

Both Receipt Bank and Hubdoc work by helping you to electronically store your bills and invoices at source, whether that’s taking a photo of a paper receipt or accessing your online accounts and fetching the invoices directly. They also integrate perfectly with Xero. 

How does Receipt Bank work?

Receipt Bank is particularly ideal if your business still has a lot of paper receipts. Especially handy if you travel or meet with clients off site.

Instead of keeping the receipts in your pocket or bag to take back to the office to process, you can simply take a photo of the receipt using your mobile phone.

This means that you can throw away the receipt and your bookkeeper or CPA will receive an electronic copy in order to update your financial records.

Not only is this a more efficient option, saving you lots of time processing paperwork, it will also speed up the bookkeeping process and give you accurate figures, as no expenses will be lost or forgotten about. 

What does Hubdoc do?

Hubdoc works in a similar way to Receipt Bank but it can also electronically fetch bills from your online accounts such as Verizon and Amazon.

Another advantage of Hubdoc is that it integrates with Bill.com, creating an automated bill pay system. Here’s how it works: Hubdoc fetches an invoice, sends it to Bill.com to be paid, and Bill.com then creates a purchase invoice within Xero, ready to be reconciled once paid by your bookkeeper. All with minimal effort on your part!

Both software options give you a personalized email address, so any PDF bills can be forwarded directly into the software, so you paperwork can be electronically stored in a single click. 

How will I know what one to choose?

During the set-up process, Walsh Accounting will analyze your paperwork to determine what software is the best fit for your business.

If you have numerous employees with monthly expenses, Receipt Bank may be the best fit. If you have a lot of monthly bills and invoices, then Hubdoc might be more suitable. We’ll help you decide what works best for you.

To read more about what the team at Walsh can do for your business or to set up a free consultation with us, check out our Services page.



 

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