Receipts....and more receipts

Keeping track of receipts can be a hassle

But it's important for tracking expenses, budgeting, and tax purposes.

In the past, people had to keep physical copies of their receipts, which could take up space and easily get lost or damaged. However, with the advent of digital technology, it's now possible to save receipts electronically. Here's how:

1. Use a receipt scanner: The easiest way to save receipts electronically is by using a receipt scanner.

There are many options available, ranging from portable handheld scanners to larger desktop models. Simply feed the receipt into the scanner, and it will create a digital copy that you can save on your computer or in the cloud.

• Some of these scanners have the OCR technology to automatically extract data from your receipt and post directly into your accounting software.

2. Take a picture with your phone: Another option is to take a picture of the receipt with your smartphone.

Most modern phones have high-quality cameras that can capture clear images of receipts.

• After taking the picture, you can save it to your phone's photo library or upload it to a cloud storage service like Google Drive or Dropbox

3. Email receipts to yourself: Some retailers offer the option to email receipts to customers.

If this is available, you can simply provide your email address at the point of purchase and the receipt will be sent to you electronically.

• Make sure to save the receipt from the email to a cloud storage device.

4. Use a receipt-tracking app: There are several apps available that can help you track and save receipts electronically.

These apps often use optical character recognition (OCR) technology to automatically extract data from the receipt, such as the date, amount, and vendor.

• Popular apps include Expensify, Shoeboxed, and Wave Receipts.

• Some of the accounting software applications such as #Quickbooks and #Xero have their own apps which can be downloaded onto your smartphone.

5. Organize your receipts: Once you've saved your receipts electronically, it's important to keep them organized.

Create a folder on your computer or in the cloud where you can store all of your receipts.

You can also use a spreadsheet or accounting software to track expenses and categorize receipts by date, vendor, and expense type.

• If using Excel, you can link receipts saved electronically directly to a cell.

• Some accounting applications allow you to link a receipt to the corresponding expense where you can click the link and see the receipt immediately.

6. Backup your receipts: Finally, it's important to backup your electronic receipts to avoid losing them in case of a computer crash or other technical issue.

Consider using a cloud storage service or an external hard drive to store backups of your receipts.

In conclusion, saving receipts electronically is a convenient and efficient way to track expenses and stay organized. Whether you choose to use a scanner, smartphone, or receipt-tracking app, make sure to keep your receipts organized and backed up for easy access in the future.

If you have any questions regarding #crossborder or small business #bookkeeping, please do not hesitate to contact us and schedule a FREE 30 minute consultation.