By
Balance Pro Staff
posted on
October 31, 2022
Consider all of the receipts you've accumulated this year. Do you have a strategy for organizing all those receipts? When you get to the end of the year and feel the pressure to have your taxes done, you’ll wish you kept track and organized your receipts.
But, not to worry. Your anxiety during tax season may be reduced or perhaps eliminated with a little planning and preparation.
Why should you consider uploading and organizing receipts electronically?
It only takes a small effort to reduce the stress of not being prepared and it can put money back in your pocket by making sure you are getting the biggest tax return possible.
After tax season, you will look back and wonder why you ever did anything differently.
First, it’s time to get rid of the shoebox method of putting all your paper receipts into a box or filing cabinet. It’s messy and a very disorganized.
Keeping your paper receipts is asking for problems and should be avoided whenever possible. Paper receipts are quickly becoming an obsolete relic of the past. They take up room, lose their color with time, and come in a wide variety of forms and sizes, making it challenging to work with them and simple to misplace them.
Converting those paper printouts into digital receipts that you can access anytime, anywhere, and from any device is the most effective method for organizing your paper and digital receipts. To ensure that your receipts are organized most effectively, make use of software such as Receipt Cat.
There are a ton of different ways you can digitize your receipts. For instance, you may digitize your receipts by snapping a picture of them with your phone or by scanning them into your computer. You don't even have to input anything since some smartphone applications include OCR, which stands for optical character recognition. This technology pulls the text and numbers from the image.
You probably don’t want to limit yourself to just organizing by date, or organizing by the receipt type. There’s software that will let you dynamically filter and sort your receipts with just a tap of a button.
Receipt Cat is a mobile app and online tool that stores all your digital receipts and expenses. By default, Receipt Cat will automatically keep all your receipts organized and searchable. You can even keep track of your business income.
You can take a photo of receipts to upload, or use our mobile app to scan and upload your receipts effortlessly.
What’s cool about Receipt Cat is that it has artificial intelligence and OCR to find the merchant name, taxes, and totals on your receipt so that you don’t have to input those manually.
Receipt Cat also allows you to add custom categories for further organization. Sort expenses and income by date, or even search for a particular receipt. Because your receipts are digitized, it makes sorting and filtering a breeze.
By importing all your expenses and income, Receipt Cat can take that data and turn it into useful charts and reports. See how your business is doing at a glance and where you are spending your money.
Get started with the free starter plan! You can upload up to 15 entries per month for free. Try it now.
If you were wondering how to arrange receipts electronically in a proactive and effective way, we hope that question has been answered today. Whether you need to organize receipts for personal or company tax returns, doing so will save you significant time, worry, and money.
On top of that, you will be able to keep track of your personal and professional spending since you will constantly be aware of how much you have spent, what it was on, and where it was spent. It is the first step in achieving financial freedom and being in control of your taxes. Because you haven't forgotten anything, you may put in more claims on your tax return, resulting in lower taxes and more money in your bank account. The best part is that you haven't missed anything.
If that wasn't enough of an incentive for you, consider that switching to a digital receipts solution can also help you minimize the amount of paper clutter in your home or office. When you can just whip out a phone or a laptop and have access to whatever you need, keeping track of your receipts becomes a lot simpler. Oh, and by the way, keeping track of your receipts is considerably easier.
When it comes to tax season, you will finally be able to kick back and relax because this year, you are prepared.
This post is for informational uses only and is not legal, business, or tax advice. Please consult with an attorney, business advisor, or accountant with concepts and ideas referenced in this post. Balance Pro assumes no liability for actions taken in reliance upon the information contained in this article.
The Internal Revenue Service defines gross receipts as the complete amount of money your business has earned from all sources within a year. Depending on the organizational style, businesses compute this either monthly, quarterly, or yearly.
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