How to Master Receipt Management
We know that trying to keep up with receipts can be a hassle - they often get lost, torn in half, faded, washed and dried, and many of your car’s storage compartments turn into makeshift filing cabinets. Manually storing and tracking receipts can be pesky and leaves room for human error. Let’s dive into why it’s important for businesses to keep receipts and how to do it digitally using VeraBank’s Receipt Manager tool.
Why Receipts Matter
Whether you choose to go digital or old school, there are several reasons your business should keep receipts organized and catalogued, such as:
- Maximizing Tax Deductions
- Budgeting and Spending Insights
- IRS Audits
- Financial Reporting
Mastering Receipt Management Starts Here
Managing receipts as a business owner doesn’t need to feel overwhelming. Here are some tips for better receipt management.
- Snap a photo every time you make a purchase. Whether you have a place to upload it or not, take a picture with your phone. That way you have a copy of the receipt even if the original gets misplaced or damaged.
- Use VeraBank’s Receipt Manager tool. This free feature allows you to add receipts securely and conveniently through our Online Banking platform. Fit for both business and personal use.
- Organize receipts with ease. Categorize and save your receipts in folders such as office supplies, travel, meals or subscriptions and then link them directly to your transactions.
- Simpler and faster processes. Reimburse employees for business expenses and reconcile corporate credit card statements to match financial statements.
- Generate reports to track expenses and manage your budget. Create comprehensive reports with breakdowns by category. This makes financial planning and tax preparation significantly easier.
Ready to get started? Simply login to VeraBank Online Banking, select “Receipt Manager” from the Menu, and then upload receipts and start creating folders from there. You’ll soon see that our free Receipt Manager tool helps streamline an otherwise time-consuming process, benefiting your bottom line.
Want to explore other ways our business banking solutions can support your operations? Reach out to one of our business banking specialists today!