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You’re sorting through a huge stack of expense receipts; someone leaves slamming the office door behind them. Your once carefully ordered pile tumbles onto the floor. It will take ages to sort through them, and it is time you really do not have. You still have to chase after missing receipts like you do every month!
There’s a better way. Thanks to improvements in technology, you can store your receipts digitally and say goodbye to mountains of paper receipts which always go missing.
Here is the lowdown on 4 great receipt management options so that you can increase receipt capture.
Store receipts digitally
One simple way to manage expense receipts is to store them digitally.
Storing receipts digitally can help you to increase receipt capture in several ways. Digital receipts don’t degrade or go missing like paper receipts. Plus, expense management systems remind employees to register their expenses, so they don’t forget to keep receipts and end up spending their own money.
In 2018, HMRC confirmed that digital receipt storage satisfies legal and tax requirements in the UK. You just need to make sure that that you store your receipts securely and that they maintain their integrity.
Your digital receipt copies also need to be stamped with their date and origin.
File storage services
One way to increase receipt capture is to keep your existing paper receipt storage method but keep digital copies of the receipts too. That is, if you have the time to manually scan and upload receipts to file storage services like Google Drive and Dropbox.
Paper receipts often go missing, so backing up your receipts digitally can help.
Develop your own storage solution
Another option is to work with a developer to create your own in-house receipt storage solution. This is expensive and it will take time to build. It’s also risky, as your DIY solution might not be able to cope with a large volume of receipts.
A problem with both file storage services, and DIY digital storage solutions is that they could fail to meet legal requirements.
Receipt apps
Receipt apps are a readymade digital storage solution and take the guesswork out of the equation. Depending on the app, they can offer a range of features including receipt capture, metrics and reports, and custom labelling.
Some receipt apps like Smart Receipts scan your paper receipts using your smartphone’s camera and automatically register details like prices. Unfortunately, scanning can fail so you might have to manually enter receipt details.
Receipt apps get the job done and some of them are very low cost like ABUKAI Expenses. They’re generally quite basic, so it’s easy for employees to photograph their receipts.
Unfortunately, receipt apps don’t have the same advanced features as expense management systems. For example, they can’t remind staff to capture receipts.
Expense management systems
If you mean business and want to increase receipt capture massively, then expense management solutions are for you.
Receipt apps and expense management systems overlap, as expense systems generally have built-in receipt storage. They’re also very different.
Firstly, expense management systems usually include physical or virtual cards, a portal, and an app. All of these are linked together and integrate with accounting packages. Unsurprisingly, that means they cost more than receipt apps.
But they also have many more features. They’re customisable with user groups and spending limits, so you can account for different staff, what they do, and what they might buy.
You can also get cool perks, that you won’t find in a simple receipt app. For example, accountabl offers credit accounts for qualifying businesses, which can help you maintain your cash flow position. Some expense tools even have advanced features like receipt compliance checking and email receipt finders.
Lastly, unlike file storage solutions and most receipt apps, expense management systems can save you serious cash. They can create expense reports, automate low-value bookkeeping tasks, save your staff time, reduce wage costs and more.
Expense management systems come with amazing features and benefits, but they’re not perfect. If you choose an expense solution, work to get the most out of it and check out our article on why expense management systems fail.
Choose the right solution
All of these solutions can help you to avoid missing paper receipts and increase receipt capture.
But the right receipt management solution depends on your circumstances and requirements.
If you’re only just dipping your toe into the world of technology, have a very tight budget, and few staff, then free file storage services like Google Drive and Dropbox might be for you.
Receipt apps are another option, as they can be very inexpensive and easy to use.
But if you want something bespoke, developing your own-in-house receipt storage solution is an option but it’s expensive and time consuming.
Businesses with more staff, receipts and a bigger budget will benefit from expense management systems the most. For example, Airco had a 90% increase in receipt capture using accountabl. The finance team also saved time and tracked expenses more effectively.
We want to help you to increase expense receipt capture and take your business to the next level. To help, we’ve created a system, with everything you need in an easy-to-use package with live customer support.
See for yourself with a 30-day free trial of accountabl, so you can start increasing receipt capture today.
