Paperless is more: How to run your business more efficiently

April 2019

Running your own business means wearing a lot of hats. You have to take care of sales, marketing, HR and that’s before you even take care of your customers. So why do receipts and invoices always take up so much time?

It all comes down to paper.

Let’s say you buy lunch out for you and your business partner. Before you leave the table, you ask for a VAT receipt and stuff it into your pocket. Traditionally, that receipt’s journey may look something like this:

Sound familiar?

You can make your life much easier and more efficient with paperless technology. After all, it’s hard to get much value out of crumpled, coffee-soaked receipt balls.

Don't miss out claiming for your business expenses

If you hold onto a receipt for weeks or months at a time, your books will not be accurate. This lack of real-time data may impact your decision-making and weaken visibility into your finances by:

The good news is, there is an easy solution, which may well lie in your pocket. With your mobile phone, you can use a digital capture tool such as Receipt Bank to quickly and easy take photos of your receipts and expenses.

The new journey can now look more like this:

This makes keeping your expenses organised quicker and easier than ever. No more paper!

It also means you can keep more accurate data for you and your accountant so they can advise you in a timely fashion. If you or your team frequently travel or work remotely, using a smartphone is perfect to share information within seconds rather than days if sending paper records.

If you’ve been emailed a receipt, you can also forward this to a dedicated Receipt Bank email address for easy processing.

Since all your documents are stored online, your data is exactly where it needs to be when you need it. All this without sitting at your kitchen table on a Saturday morning, exhausted and frustrated by having to go through and sort piles of paper.

We can help

With Making Tax Digital for VAT being introduced in April 2019, there has never been a better time to go digital and remove the paper. If you need more information, call us today on 0800 0523 555 or contact us online here to arrange a free initial consultation.