Any business, big or small uses receipt management as a key aspect in general accounting. Efficient receipt management involves organising a strong set of practices, the systematic recording, transferring and storage of documentation, sending that information to the relevant authority, and, meanwhile, keeping everything in line with the latest in company policy and UK tax law.
Among businesses there are two types of receipts that are most commonly dealt with. First, expense receipts are issued by suppliers when goods are purchased for resale, such as furniture and other equipment. These receipts are also used when paying for services that are related to keeping the business flowing.
The second type of receipt that is dealt with is a receipt generated for customers after they purchase an item.
Filing receipts is a simple enough procedure, especially with all of the different expense apps that are available to us through smartphone and tablet apps and websites. With an app and online service such as ExpenseIn, you never need to worry about keeping loads of receipts for business expenses.
Keeping paper receipts is old school and you run the risk of losing important documentation. With the ExpenseIn app, you can keep track of all your receipts without all the bulk of paper. Just snap a photo and it’s automatically saved to the cloud. Once it’s uploaded to the cloud, it’s then accessible by the accounting department straight from the ExpenseIn site. This service makes it easy to use anywhere, any time.
When it comes to HM Revenue and Customs, this service is a life saver – claiming expenses without keeping a record of the receipts supporting those claims can lead to fines and possibly legal action. But if there’s an unanticipated audit, this service keeps your receipts in one safe and secure place for as long as you need them. It makes it easy to verify the accuracy of all deduction claims.
All businesses need to exercise a strategy for receipt management. Luckily, with technology these days it’s much easier to keep a record of all purchases and expenses that can be written off for business purposes. Expense apps such as ExpenseIn will simplify receipt management with a secure, intuitive and accessible system.