In business, recording your expenses is a necessary part of your daily activities. It’s something many of us really do not like doing, so at Timewise VA we have come up with a solution that will make your life much easier.
Only if expenses are recorded and receipts kept, can costs be allocated. And the problem is, unless we keep a hold of those important pieces of paper, and make a timely record of expenditure, it can be difficult to recharge expenses to a client, or allocate them against a particular project.
Let’s be honest, most of us keep a pile of receipts, in a wallet, in a handbag or on our desk. And too many of us lose them, or simply forget what they were for, when we finally get around to looking through those receipts and expenses, and trying to work out how to recharge them.
Lost receipts mean lost money. If you are claiming expenses against your profits, Her Majesty’s Revenue & Customs takes a dim view of any claim that does not have paperwork in the form of receipts. Your accountant or bookkeeper will probably also question how you can claim something, if there is no paper record of the expenditure.
To the rescue comes Receipt Bank, a great service that makes it easy to record receipts and expenses, and to pass them to your virtual assistant for filing. The idea behind the service is to make it easier to gather, store and process receipts, invoices and bills – freeing up your valuable time for more productive things.
Receipt Bank allows information to be extracted directly from a receipt – you simply take a picture of it using an app on your smartphone, to begin the process. Alternatively, you can scan them and email them from your desk. The information is then fed directly into your accounting system, and Receipt Bank integrates with a wide range of bookkeeping systems including the Timewise VA favourite, Xero.
The app allows you to quickly allocate the receipt to a specific job or project, or to a particular client, making it much faster and more efficient for your bookkeeper to ensure it is logged correctly. The result is more efficient billing, and you won’t need to struggle going through that pile of receipts at the end of the month or quarter, struggling to remember what a particular expenditure item related to.
If Receipt Bank sounds like the answer to your receipt nightmare, and a great way to simplify the recording of your expenses, contact Timewise VA now – and give Receipt Bank a go, with a multi user account for single user cost. We are here to support you every step of the way. So if you are ready to take the plunge, contact us today