Business is any economic activity which a person undertakes to earn money. It includes indulging in a lot of contracts and deals which involve transfer of money. To carry out this process smoothly a written acknowledgement is used known as a receipt. It is an indication that something of a particular value has been transferred. The amount of capital invested in a business determines whether a business is small or large. Business of smaller scale use small business receipts for record keeping and vice versa. Book keeping was used to maintain a record of each and every receipt. But with the changing times online receipt management has taken the lead. It avoids the chaos and mess of maintaining each receipt. Receipts need to be maintained for tax purposes and to support warranty claims. Paper receipts leads to scroll of trash of papers. Following are the methods to avoid juggling with papers-
- Organize the system- Internet has taken the world by storm. Computers have introduced an era of paperless world. Online receipt management comes to the rescue and the internet is flooded with various receipt storage online apps and programs to ease the purpose. These apps are easy to operate and they organize the system of maintaining receipts. Various receipt apps are available pertaining to android and iOS. A user can choose the app according to his requirement.
- Centralized data management- Online receipt management helps in centralized data management. Information about a party’s payment record can be made in one place. Various receipt apps to store the data effectively are available to facilitate easy data management. Moreover, it helps to save a lot of time as the past record of all the payments can be viewed at one place and that too at a single click of the mouse. One can scan and upload all these receipts on these apps and they handle every detail management. E-mail accounts can be linked to the apps.
- Avoid cash- Cash gets very difficult to reconcile with receipt management. Credit and Debit cards give a better track of all the expenses incurred, thus, are easier to combine with the receipts.
- Excel sheets- Excel sheets or Google spreadsheets can be used to maintain a record of the receipts. This can be an efficient method as far as small businesses are concerned. For medium and large businesses, where the level of dealings increase, excel sheets gets tougher to maintain. Though information can be kept in an excel spreadsheet, one needs to keep a backup of all the paper receipts. Thus apps are a better way as it avoids the double hassle of maintaining receipts.
Keeping track of the receipts is very important for any business. An ample amount of receipts like collection receipt, delivery receipt, official receipts, etc. are required to be made by a business. Online receipt management provides an easy platform to maintain all the data of receipts. Using these apps not only saves the time, but even the environment. Say yes to paperless trading methods and enjoy an environment friendly receipt management system.