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Business Expenses – are you drowning in paperwork?

 

business systems

 

Whether you’re in health and fitness, hair and beauty, hospitality, or something else – you have business expenses that need to be kept track of. Why? So that you can substantiate your claims with the ATO; so you know how much you owe or are paying to your suppliers; so you can make informed decisions about your future business spending. However, dealing with receipts and bills can be distracting and time consuming, taking you away from what you do best.

The days of shoeboxes and gloveboxes stuffed with receipt are gone – or they should be! With the technology available today, it’s easy to keep track of your business expenses with just a click of a button on your mobile device. So you don’t even need to be in your office! Let me explain how Receipt Bank can revolutionise the way you track your business expenses.

Receipt Bank keeps business expenses under control

In our ‘paperless’ society, we seem to have more and more paper! But we don’t need to drown in paper, we just need to organise it better. The old traditional method was to have piles of receipts and bills stacking up. Many of which would get lost in the confusion. And multiple piles everywhere – in the office, in the car, at the job site, in your Inbox. Whenever you had a spare 4 hours (yeah right!), you’d manually and laboriously enter your business expenses into your accounting program – one of the most mind numbing tasks of your day, therefore possibly taking longer than it should, and prone to errors because your mind isn’t really on the job. It’s a job that takes up valuable time and money that could be spent elsewhere in your business.

Receipt Bank revolutionises the way in which you capture your business expenses. You can download the free app to your phone and as soon as you purchase fuel, materials from Bunnings, stationery from Officeworks, or receive an invoice from your supplier, you snap a photo and the bill goes through to Receipt Bank. From there it’s processed, your data entry is effectively eliminated, and the bill is pushed through to Xero with a copy of the bill attached. So not only saving you hours in data entry, it’s also taking care of your filing electronically. And do you know the really cool thing it does? It gives you back those 4 hours to spend in your business or with loved ones!

Learn more: Managing receipts, 4 apps to save you time

Receipt Bank + Xero saves you time & money

We believe Receipt Bank coupled with Xero is a winning combination. The main benefits are:

  • Eliminates data entry which saves you hours of work.
  • Gives you extra time to invest in other important areas of your business or with your family.
  • You can submit your bills and receipts any time, from any location, from any device.
  • All your information is submitted to Xero which makes the job of your bookkeeper easier and less questions about what expenses relate to.

Learn more: Xero accounting software can increase profits

If you’d like to know how our services coupled with Xero and Receipt Bank can help save time and money in your business, contact us for an obligation free consultation.