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Tracking and Managing Receipts: Yep. There’s an app for that.

5 Aug 2020

Tracking and Managing Receipts: Yep. There’s an app for that.

Tracking and Managing Receipts
Maybe your system of storing receipts is great. Maybe it’s perfect. OR Maybe, just maybe, it’s like the episode of Seinfield where Jerry’s audit hinges on one missing receipt for $50 and it is nowhere to be found.

{For the record, generally speaking, the IRS only requires that you keep receipts for any purchase over $75 and only up to 3 years so that was rather silly to begin with, but you get my point.}

For the purpose of this blog, I am going to assume that your receipt process could use some work. That is where most small businesses stand. Somewhere between the Marie Kondo and Jerry Seinfield receipt system.

So let’s talk about digitizing receipts! Digitizing your receipts makes so much sense in our technology-driven world.
– You can download an app, snap a picture and go about your way.
– You’ll have your receipts available for tax time.
– You can use a specific receipt or accounting app that will categorize/code your expenses as you go!

There are many different apps on the market and which one you choose is entirely up to you but I would recommend using something that is the easiest for you.

If you have Quickbooks online, you can download their app and add your receipts right from the app, including coding & expensing your receipt while you’re there. It is super fast and easy, and it is nice to have everything streamlined.

If you don’t have an online accounting system, you can snap a picture of your receipts and add it in directly to Dropbox through their app. Simply, open the app, push the “plus” sign and it will allow you to take a picture of the receipt, upload a photo you may already have of the receipt or scan a document.

All from your phone. You can then keep those in the folder indefinitely OR you can attach them to your expenses in your Desktop accounting system.

A good receipt system doesn’t have to be expensive or complicated, but it DOES have to be consistent.

Let us know in the comments below what you use for receipts or if you plan to change up your system based on the information in our blog post.

We’d love to hear from you!

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