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Huge stack of receipts on a white background
Are you one of those people who spends a lot of time looking for a receipt whether it was for personal or business use?Receipts are a proof of transaction or purchase made and are invaluable to keep a good financial backbone. Many people tend to pile up receipts over time that leads to a complete mess which is nearly impossible to sort out.

When thinking of how to organize receipts for business or personal use, think of a system that is easy to use, simple to recall, quick in filing papers, and easy to locate what you need. No system for recording receipts is perfect and each one has its flaws. The best way to deal with receipt tracking is to convert them into digital form.

Receipts in Digital Form

Paper receipts are not made from the best paper; they are frail and don’t last very long. Paper receipts are prone to wear and tear; they are easily lost and destroyed. Keeping all receipts in one place will make it much easier to store and record. Digitizing all paper receipts is the best way to help manage different receipts.

Using software like Evernote, keeping track of receipts is easier. Evernote can scan and record any receipt within seconds. It uses less storage space with many options to tag and keeps every receipt safe. Following are the best ways to keep track of every single receipt easily:

ShoeBoxed

Shoeboxed is an effective mobile app available for Android and iOS that allows scanning of receipts with the phone camera. It uses the phone camera to scan a paper receipt extracting all the information needed to keep track of any receipt. For more services, Shoeboxed offers a chance to have the receipts reviewed by certified professionals who can review five receipts each month. The app can automatically sync to the web version of Shoeboxed which makes it easy to organize receipts for a business.

Office Lens

Internet and app savvy individuals must be aware of OneNote and its new campanion, Office Lens. Office Lens is developed by Microsoft to assist people and corporations to keep track of their receipts. Office Lens is a scanner app with highly customized integration settings with Microsoft Office and other products. It works seamlessly with Office 365 and OneNote. It gives the user more options to save the digitally scanned image as a PDF, an image in an email, or save it as a jpeg in your camera roll to organize receipts for a business. The system is very easy to use; just click a photo from the app and choose the service that’s needed and let the app do the rest.

Genius Scan iOS

Grizzly Labs has come up with a viable solution to get rid of the cluttered mess of receipts lying about in drawers. The app is integrated with many different cloud services, including OneNote. The app is very simple to use; just take a clear photo from the app using the phone camera and let the app get to work. Genius Scan will enhance the receipt in an excellent quality, allowing a high-quality copy to be stored and retrieved later. The Genius Scan app is available for both Android and iOS. The basic version supports DropBox while the premium version supports Google Drive, OneNote, Expensify, and EverNote.

Expensify

Creating a business expense report was never this easy; the Expensify app has made it easier for business and home users to automatically create expense reports from receipts stored as photos. It’s possible to track the total hours worked with a single tap. The app can track mileage using a GPS system by taking a photo of the odometer in the car. The app can link up everything with the bank account or a credit card to pull transactions that do not have a receipt. The app is able to generate IRS guaranteed e-receipts.

Receipts

Receipts is a scanning application available on iOS only. The Receipts app scans any receipt, placing it in its allocated category. The app has the ability to keep track of spending in each category. Such a system is extremely effective in tackling account management issues. The app is available on iOS. However, without any free versions, it is a letdown for many when it comes to organizing receipts effectively.

Check out America's Best Bookkeepers
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual accounting, providing services to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks file and critical financial documents in an efficient and secure environment. Complete Controller’s team of  US based accounting professionals are certified QuickBooksTMProAdvisor’s providing bookkeeping and controller services including training, full or partial-service bookkeeping, cash-flow management, budgeting and forecasting, vendor and receivables management, process and controls advisement, and customized reporting. Offering flat rate pricing, Complete Controller is the most cost effective expert accounting solution for business, family office, trusts, and households of any size or complexity.

 

 

 

 

 

Receipts and Invoices - Complete Controller

Are you continually shuffling through your receipts in your purse, or do you have a drawer full of invoices and papers? Are you trying to get rid of them? How about just ending the clutter once and for all and start managing them appropriately? Check out America's Best Bookkeepers

Keeping track of your expenses can be challenging, whether you are a business owner or managing your household budget. Generally, businesses hire an outside source for bookkeeping. However, if you are running a household, hiring a professional might not be an option for you, which is perfectly fine. Some may think that these small pieces of paper are nothing more than trash. However, when it’s time to do your taxes, these pieces of paper can help you tremendously.

After doing a little research, we will discuss a few tips and ideas on how you can end the clutter and be more organized with your receipts.

Mobile Apps/Online Services

We all know that technology has taken over the world. Our life has become so dependent on phones and computers that we cannot fathom living without them. To your benefit, you can download apps that will help you organize your receipts and invoices. Online services like the Cloud are also beneficial. Some apps allow you to migrate all of your information to online services that can save you from the hassle. If you are a tech-savvy person, this might be the best option for you. Check out America's Best Bookkeepers

Organizational System

Tracking your business expenses can be difficult, especially when you have to report specific information. For example, you planned a dinner for your employees and spent $200. When sharing this information for bookkeeping purposes, you have to be very accurate with the information such as how many employees were there, their job title, the date, and place of the dinner. You can write this information on the bill/receipt or get a journal to write the information down in and attach the bill with it.

Maintain Records

It’s an old-school style, but if you plan to claim your expenses from the IRS, you need receipts for the record. You can make a separate folder and place your receipts in them. Receipts that are months old may fade away with time. If you are unable to read your bills/receipts for any other reason, what is your alternative? Always make sure to keep a hard and soft copy of your invoices. Take a picture from your phone or scan your receipts. Make a backup folder in case your system crashes. Check out America's Best Bookkeepers

Categorize Your Receipts

Categorizing your receipts is another good way to organize them. Let us say that you have a credit card that is used solely for business purposes. Whatever transactions you make on that card, keep the bills according to the specific items; credit card statements give you the numbers in a lump sum. For example, you purchased office supplies three times in a month and bought furniture twice a month, keep the bills separate. It is going to make your life easier if you categorize your purchases because, if you plan to show it to the IRS, they will want to see the details rather than just a credit card statement.

Conclusion

As mentioned above, managing your expenses is not an easy task. Even if you maintain a monthly budget for your home, start organizing your receipts. Please do not throw them in your wallet or drawers, as they will end up cluttered and untidy. You do not have to be perfect. Just get yourself a folder, categorize it using tabs such as grocery, utilities, etc., and every time you make a purchase, keep your bills/invoices/receipts in it.

There are many different options for organizing your receipts; it is up to you to decide which one works best.

Check out America's Best Bookkeepers About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud-hosted desktop where their entire team and tax accountant may access the QuickBooks™️ file, critical financial documents, and back-office tools in an efficient and secure environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity. Check out America's Best Bookkeepers