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Going Paperless

One of the benefits with going paperless, is that it reduces the risk of receipts getting lost, fading, or getting damaged.

Tools such as Hubdoc, Receipt Bank or Expensify act as a digital filing cabinet and can automatically fetch, organize, and store your digital receipts, If you combine those services with Xero or QuickBooks Online, your receipts will be attached to your bank or credit card transactions making your books audit proof.

The only discipline required is remembering to snap a photo every time you make a transaction (or, setting aside a few minutes every week to do this).

An alternate but effective option for many small businesses is to snap a photo of the receipt or scan it onto their computer and then upload directly to cloud storage services, such as Dropbox, or Google Drive. This is good but doesn’t automatically enter receipts into your accounting, nor make them easily searchable.

Regardless of the solution you choose, having all of your financial documents in one place will help you prepare for tax time!

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