March 28, 2024
Annapolis, US 47 F

10 Alternatives to the Desk Drawer for Business Receipts

It is very important for businesses to track their receipts, especially for small businesses. Businesses need to properly deal with many receipts and expense reports immediately. It not has an impact only on their balance sheet but also puts a business in a good place for filing the annual taxes.

Many organizations and businesses use receipt and expense management apps like SAP Concur. However, you should also check SAP Concur alternatives that are available. This article will better describe the alternative to keeping recipients in a desk drawer.

10 ways to keep receipts

Following are 10 useful ways for the business to keep recipients.

  1. Store receipts physically

Small businesses commonly do not use an automated system for tracking receipts. If you aren’t using automation to organize receipts and invoices, you need to store physical documents and files to keep receipts stored and organized. Following are some important ways by which you can physically store the receipts.

  • Use accounts to organize receipts.

In this method, businesses need to organize their receipts by categorizing their business expense by accounts like meals, entertainment, advertisement, supplies, and business transactions, simplifying the process of tracking receipts. It saves them from the trouble of having to search for specific receipts from the pile of paper receipts.

  • Chronologically organize the receipts.

Most businesses do their accounting and expense management chronologically; this method demands them to store their documents as well. This method enables them to easily verify individual receipts by finding them based on the month in which they occurred.

  • Organize receipts through file boxes or plastic bins

This way is the physical way that small businesses usually use to store paper receipts. In this way, you can organize the receipts by categorizing them into different file boxes and plastic bins. They labeled each bin based on categories like meal receipts, entertainment, advertisement, and business transactions.

  • Store paper receipts

A business that does not use automated ways to record its expenses, stores its receipts in an electronic form. It helps them to record their expenses. They divide the receipts into different categories like receipts for Advertisement expenses, meal expenses, and others.

  • Make paper expense reports.

Some businesses use paper expense reports to track their expenses. In this method, all the receipts associated with the expense are attached to the reports.

  • Store receipts automatically and electronically.

Some well-established businesses or business that has to record many things use automated ways to store and organize their receipts. Following are the common automated and electronic systems that are used to record receipts.

  • Spreadsheets

The spreadsheet is the most widely used method to record, organize expenses, and keep a record of receipts. Many businesses use this way, but it is time consuming. In this way, you need to enter all your expenses manually and attach receipts.

  • Open a bank account.

Making a bank dedicated account helps business to record all their expense and transactions. In this digital era, it is possible to open bank accounts digitally and automatically. It allows banks to record all their transaction and enable them to get receipts of their transactions.

  • Use expense management software.

Most businesses use expense management software, which is the most efficient way to track and record expenses. Most of the software enables businesses to take pictures of receipts and store receipts in soft form. You can use SAP concur, Happay, Mint, and find others.

  • Use receipt management apps.

Receipt management apps give a quick and efficient way to store and organize receipts. You can consider the following apps:

  • Zoho Expense
  • Nanonets
  • Shoeboxed
  • Take receipts’ pictures and save them on your desktop.

One way that you can use to keep receipts is to take their pictures and save them on desktops. You can make folders and categorize receipts differently by name, like ads, meals, entertainment, and business transactions.

Why is keeping receipts vital?

Business owners need, by law, to create a record of their business transactions. It helps them to understand their business’ financial condition as well as helps them to deal with their annual taxes. Keeping receipts helps business:

  • To file their end-of-year tax return
  • Helps them to deal with annual taxes
  • Helps them to navigate the audit process

A business must have a record of its transactions. It does not matter how small and unnecessary a transaction seems, but businesses need to record them to deal with any future issues.

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