Key Takeaways

• Organizing business receipts digitally is as simple as 4 steps — Digitization, online payments, using a receipt maker tool, and storing them on the cloud.
• Freeing yourself from manual search, easy expense tracking, quick sharing, and legal compliance are reasons justifying why businesses need to save receipts.
• Meal receipts, travel receipts, vehicle expense receipts, and home office receipts must be stored safely.
• Moon Invoice, an online receipt generator, can help you manage unlimited receipts efficiently.

How to Organize Business Receipts?

Here are the best ways to organize business receipts in a professional manner and track them easily so you don’t miss out on tax deductions.

1. Prioritize Digitization

Consider going digital as the first step to organizing business receipts. Start scanning and storing receipts electronically so that there is no fear of losing hard copies. For that, you don’t need a receipt scanner. You can just get a picture of a receipt and store it digitally somewhere on your Google Drive.

Prioritizing digitization can alleviate the pain of making and storing physical receipts, allowing you to manage receipts more efficiently. Moreover, even the IRS accepts digital receipts, so there is no point in saving paper-based receipts or delaying receipt digitization for a while.

2. Encourage Online Payments

Offer your clients online payment methods so they can pay the due amount in a cashless form, allowing you to share digital receipts instantly. Also, it will help you categorize business receipts in hard drives or automation tools, freeing you of manual tracking duties.

You can even integrate the payment methods in an invoice and provide them with a payment link. The client only needs to tap the link to pay the dues instead of exchanging cash physically. Once you get paid, issue online receipts to maintain a digital record instead of storing them in boxes.

3. Use an Online Receipt Maker

Till now, you must have figured out the ways to digitize the receipt. Either you would be using Google Docs templates or an ordinary tool to generate a standard receipt. But, in reality, you need more than just an online tool. After all, you don’t just want to save receipts digitally, what truly matters is deeper insights into sales and customer demands.

That’s where having a robust online receipt maker like Moon Invoice makes a difference. It stands out from a gazillion other receipt maker tools because of its customizability, pre-designed receipt templates, and ability to create on-demand reports. You can quickly identify new sales trends and revise your business strategies.

4. Store on Cloud-based Platform

Migrate to the cloud-based receipt generation software that can help you save receipts in the cloud. You can consider the cloud-enabled invoicing platform, Moon Invoice, to store unlimited receipts and eliminate the fear of losing them once and for all. Besides receipts, you can even centralize your important business data by storing invoices, estimates, and POs.

The biggest perk you get when saving your receipts on the cloud-enabled platform is that you don’t need to gather the data manually for making reports. A minute or less is what you need to create a high-quality report, leaving no need for manual intervention.

Why Should Small Business Owners Save Receipts?

Below are a few reasons why saving receipts electronically matters for your business.

1. Eliminate Manual Search

Digital receipts can help you get rid of the manual search process, as you can find a receipt within minutes. You neither need to carry them in your pocket nor do they require a separate space in your office area, allowing you to easily access them whenever required. As a result, you can save the hours required to conduct a manual search.

2. Easy Expense tracking

Saving receipts digitally means you can quickly generate an expense report without relying on human intervention. You don’t need extra time to crunch the numbers while making an expense report. With a few clicks, you can generate an accurate report to get deeper insights into the sales pattern.

3. Quick Sharing

Unlike conventional methods, you don’t need to arrange a physical meeting when you are storing receipts digitally. You only need a few seconds to deliver a receipt to your buyer. As soon as you receive the payment, you can create and share it with clients in no time. Therefore, it makes sense why you should make and save receipts electronically.

4. Legal Compliance

Receipts saved in the digital records can assist you in surviving the tax season. You can easily retrieve the tax data from digital receipts in seconds and apply for tax deductions. With digital receipts, you can even generate a tax report in the blink of an eye rather than collecting data from every receipt manually.

What Types of Receipts Should a Business Owner Save?

Let us look at what are must-have receipts that you should save to get tax benefits.

1. Meal Receipts

Whenever you take your clients for lunch or dinner, ask for the payment receipt and save it digitally on your smartphone. Meal receipts are important because they are considered valid proof of payment and allow you to claim reimbursement.

2. Travel Receipts

Receipts for travel costs incurred during business trips play an important role in claiming tax benefits. It clarifies whether you spent money for business purposes or personal use. In such cases, you need to take care of travel receipts, so save them digitally.

3. Vehicle Expense Receipts

If payment is made for the company’s vehicle, keep your detailed receipt stored in online tools. This will allow accountants to analyze how much of the payment was related to the company. Therefore, you need to save vehicle expense receipts as well.

4. Home Office Receipts

If some portion of your home is dedicated only for work purposes, you can claim tax deductions by submitting receipts of utility bills, rent or internet bills. Therefore, make sure you carefully save home office receipts in the cloud-based software or keep them handy before approaching the tax season.

Use Moon Invoice For Organizing Receipts

Need an online tool to manage your business receipts? Moon Invoice is the go-to online receipt generator to save unlimited receipts and manage them without any extra effort. Simply, choose a customizable receipt template, enter the details, and generate it digitally on the go.

Unlike paper-based receipts, you don’t need to make your office desk a burial ground for them. You can store as many receipts as you want in the cloud and track them easily.

Moon Invoice helps you generate a clear and accurate receipt so that you can quickly acknowledge the client’s payment.

Not only receipts, but you even manage your other business documents like invoices, estimates, and purchase orders. Centralizing your invoicing and accounting data on Moon Invoice will further assist you in generating sales reports, financial reports and filing tax returns.

Conclusion

Organizing business receipts doesn’t have to be time-consuming, especially when there are plenty of online tools available in the market. A receipt serves as a payment proof and therefore, you need to keep every receipt safe and secure. We learned how to store receipts digitally in four ways and also understood why you need to save them.

Remember, you only need the right receipt maker tool, like Moon Invoice, to organize unlimited receipts and keep track of them. You can also utilize its free receipt generator to make professional receipts in just a few taps. Need one for your business? Try Moon Invoice free for 7 days.

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