Imagine you are having a business meeting at a cafe with a potential client. The waiter brings you your receipt at the end of the meeting. You briefly take your phone out, open the receipt app, snap a picture, put it back in your pocket and leave the receipt. How easy does that sound?
What Are Receipt Apps?
What are receipt apps? Simply put, receipt apps store your paper receipts and documents digitally. Not only does it store your paper receipts, it also stores your digital receipts in one organized place. Receipt apps like Hubdoc and Receipt Bank then organize your receipts and documents. Afterwards, these receipts get published to your cloud accounting software to the appropriate expense accounts by your accountant.
Like the scenario described earlier, all you do is take a picture of your receipt and upload it directly to the receipt app. You can easily upload these receipts on the go during your daily activities. It’s that easy! The rest is taken care of by the app and your cloud accountant. As a result, you don’t need to keep physical receipts or a secondary backup for your receipts. If you uploaded them to your receipt app, you’re good to go.
Benefits of Receipt Apps
Receipt apps help save you the time of sorting through receipts or dropping them off at your accountant’s office. Thus, you have more time on your hands to focus on your business and growing it. Talk about stress-free! As a result, these receipt apps help you save a lot of time. They also save you the space you would normally use to store all of your physical receipts and documents.
Receipt apps can also increase efficiency by enabling your receipts and documents to be sent directly to your accountant. You will no longer need to hoard your receipts in boxes at your house or drag them over to your accountant. On top of that, having a sole, organized, online and secure storage space makes it easier to file your receipts.
How Cloud Accounting Apps Increase Efficiency
Besides receipt apps, other cloud accounting apps like QuickBooks Online (QBO) also significantly increases yours and your business’ efficiency. They allow you to standardize your business processes and tasks so that you can maximize your valuable time. QBO is an online accounting software that imports your bank transactions to be matched with the receipts published from your receipt app. These matched transactions will then become an expense or an income and will be added to the corresponding account by your accountant. Since QBO is a cloud accounting software, you can access it from anywhere with an internet connection. Whereas with traditional desktop accounting software you can only access it from the computers it’s installed on.
With cloud accounting apps, you can accomplish business tasks from wherever you are, which is very efficient. Say goodbye to limitations! You can also create invoices and send them to your clients directly from your cloud accounting app. On top of that, it allows you to process credit and debit card payments from your clients. You can also create reports to keep track of your financials, such as Accounts Receivable, Accounts Payable, Balance Sheet, and Profit & Loss statements. Or if that’s all lost on you, you can always have your accountant break down the information in plain English for you.
At UpSide, we are a team of fun (and funny), genuinely helpful advisers who break it down in layman’s terms. If you are interested in reaping the benefits of using cloud accounting software and receipt apps, we would be happy to help you integrate them into your business. Please don’t hesitate to contact us and learn more about how we can help!