In this digitised day and age, it was only a matter of time before accountancy firms discovered the many advantages of signing up to e-receipt software such as Receipt Bank. This invaluable tool allows its users to scan and electronically store receipts, expense forms and other crucial financial records to make basic accounting and bookkeeping tasks a lot easier.
If you have not yet discovered the joys of receipt scanning software, then take a look at some of the ways that it can act as a game-changer for your bookkeeping business or accountancy firm today.
Time is money
We have all come to dread the laborious process of getting hold of a receipt after a transaction, tucking it away safely until we get back to the office, filing it away and finally (and hopefully) remembering to get it out again when the time comes to balance the books or submit the annual tax return. Who has time for all that in this increasingly fast-moving commercial world? Offering your clients the capability to quickly scan their receipts into an e-receipt scanning tool as they go will save both you and them valuable time. It ensures that no one loses the evidence that the taxman will ask for during their next assessment during their journey from the supplier back to their desk.
Not only do you and your clients save time using a receipt scanning tool you can all enjoy a more streamlined administrative process too. No more scraps of paper clogging up a wallet or falling out of an overstuffed folder from their end. No more forgetting where they have your receipts or having clients submit their paperwork to you all screwed up, torn and out of order. As a bookkeeper or accountant, you will love receiving paperwork electronically too, making the whole annual accounts submission and tax compliance period much easier and less stressful to prepare for.
Financial data can be both complex and crucial at the same time. Getting the figures just right is very important for you and your clients, especially when it comes to tax returns and financial auditing. Your clients must remain accountable to their own customers and key stakeholders to demonstrate responsible spending and ethical husbandry of the financial resources that they have been entrusted with. Using receipt scanning software such as Receipt Bank allows everyone involved total visibility of the relevant receipts and expenses, plus access can be extended to other to customers, suppliers or team members who also need to know and keep track of a company’s financial activities and expenditure.
We are seeing many online and high-street shops respond to a greater demand for personalised services these days. We all appreciate individual attention and a demonstrative commitment to our specific customer requirements. Keeping track of receipts via an online scanning tool allows a more personalised picture to form about a business or individual’s spending habits and priorities. This allows companies to draw up better informed spending forecasts using the data they already have to hand, as well as adjust budgets to adequately match their own customer’s future expectations. Having such easy access to key financial information also allows accountancy firms, bookkeepers and finance departments to answer complicated financial queries faster and with a higher degree of accuracy.
Mistakes can and do happen within the world of financial transactions – we’re only human after all. Often, these mistakes don’t come to light straight away. Identifying and then rectifying them used to mean hours of trawling through piles of paper receipts to try and find out what went wrong. Now, problems like this can be sorted out far faster and more easily, as the information you need is at your fingertips. This can also help a lot when faced with negative customer feedback, or accusations of erroneous activity that need to be addressed without delay. Simply search for the relevant receipts and scanned paperwork for all the evidence you need to progress any queries or complaints
Savvy companies know to keep one eye on the future at all times. This will help them to maintain the motivation to develop and grow, a s well as preventing their current operations from grinding to a halt through complacency. While e-receipt scanning software like Receipt Bank offers the primary advantage of simplifying the storage and sharing of receipts and other key financial data, it can also allow the user to identify spending patterns and to keep track of the various items or services being purchased the most. This is valuable information, as it allows a company to see where it is spending more money. It can companies to embark upon some competitor analysis amongst its suppliers to see where future cost savings could be made. It can also help identify wasted expenditure or duplicate purchasing to further protect the company’s future balance sheet and bolster its bottom line.