From relying on the efficiency of spreadsheets to trying out CRM software, here are eight answers to the question, “How do you organize business receipts at your company?”
- Pair an Excel Spreadsheet With the Receipt Spike
- Combine AI and Human Oversight
- Keep It Simple and Don’t Waste People’s Time
- Maintain a Simple Internal Spreadsheet
- Download an Accounting App
- Set Aside Time Monthly to Review Receipts
- Migrate to the Cloud
- Organize With CRM Software
Pair an Excel Spreadsheet With the Receipt Spike
The first step of our receipt management process is having only one custodian be responsible for receipts. No matter who makes a purchase, or for whatever reason, all receipts flow to our accounting manager. This ensures continuity in reporting.
From there, our accounting manager enters all receipt details into an Excel spreadsheet. We collect and track data from every expense, including vendor, date, amount, category, and payment method.
After, they place all receipts face-down on the classic receipt spike. If you don’t know that term, you definitely know the product. It’s the 6-inch metal spike you see servers and baristas place receipts on at restaurants and cafes. You literally run a spike through the middle of the paper receipt (whether original or printed copy of the initial receipt). This ensures that every receipt in our spreadsheet matches up in order with the physical receipt for audit purposes.
John Ross, CEO, Test Prep Insight
Combine AI and Human Oversight
We organize receipts uniquely at our company by combining AI and human oversight. We use software programs that categorize and store all digital receipts, but we also have a team who reviews the receipts regularly to ensure accuracy and completeness.
For example, the AI system categorizes receipts based on the vendor, the type of expense, and the date, while the human team double-checks the AI categorization. This hybrid approach allows us to organize our digital receipts quickly and efficiently, while also adding an extra layer of assurance that we properly account for all expenses.
Johannes Larsson, Founder and CEO, JohannesLarsson.com
Keep It Simple and Don’t Waste People’s Time
Executives and sales staff should not be wasting their valuable time on this. I used to hate spending half a day filling out stupid expense reports.
Rather than ignoring or neglecting this important task, companies can use expense management software that can automatically capture and organize receipts and expenses.
Or what we do is have a dedicated email inbox and finance person to remove the burden on executives and sales staff and free up their time to focus on more profitable aspects of the business while still maintaining accurate financial records.
Brian Hawkins, Marketing Manager, GhostBed
Maintain a Simple Internal Spreadsheet
At Pearl Scan, we use spreadsheets to organize business receipts for individual expenses. Whenever an employee incurs a business expense, they submit a digital copy of the receipt to their manager, who enters the details of the expense into a spreadsheet. This serves as a central repository for all business expenses, allowing the finance team to easily track and manage expenses.
To ensure accuracy and compliance, all invoices are cross-referenced with the physical receipt by the finance manager before we approve them for payment. This helps to minimize the risk of errors or fraudulent activities and ensures that expenses are being allocated correctly.
By using spreadsheets to track expenses, we maintain a clear and organized record of all transactions, making it easier to manage our finances and meet regulatory requirements. It also enables us to quickly identify any discrepancies or unusual transactions, helping us to better manage our budgets and resources.
Dan Johnson, Business Development and Sales Manager, Pearl Scan Solutions
Download an Accounting App
Organizing business receipts can be a time-consuming and tedious task, but it is essential for accurate record-keeping and financial reporting.
One way to simplify this process is by using software such as FreshBooks, Xero, or QuickBooks. Accounting software like this is specifically designed for small businesses and can help you manage your receipts, invoices, and expenses with ease. Personally, I’ve always used FreshBooks; I just find it easiest, but they all have very similar features, such as being able to scan or upload receipts from your computer or mobile device, or even scan them using your phone’s camera.
This makes it easy to capture receipts no matter where you are and stops the need to bring a box full of them to your accountant a week before year-end. Using accounting software to organize your business receipts not only saves time but also reduces the risk of errors and discrepancies.
Shane McEvoy, MD, Flycast Media
Set Aside Time Monthly to Review Receipts
Every month, we advise our members to set aside 30 minutes to analyze and organize their receipts. This helps you stay on top of your expenditures throughout the year and manage your finances so you don’t miss out on any tax deductions.
Every year, invest in an accordion folder to store all company receipts. You can arrange your receipts using these affordable, accessible folders by category and year, making it simple to locate a certain item later on.
Leonidas Sfyris, CTO, Need A Fixer
Migrate to the Cloud
A 2020 study revealed that 61% of businesses have moved to the cloud. One of the known benefits of using cloud solutions to manage receipts is that it removes repetitive tasks by streamlining processes.
Cloud accounting solutions enable you to categorize your receipts so you won’t find yourself in a needle-in-a-haystack situation. For example, if you need bank or credit card receipts, there is no need to go through each one of them. Cloud solutions have filter functions that return specific results.
Migrating to the cloud to manage receipts saves time, provides a cost-effective solution, gives you instant access to information, and enables you to collaborate with ease.
Becky Moore, Founder, Global Grasshopper
Organize With CRM Software
As a technology company, it shouldn’t come as a surprise that we manage business records online. We’re not traditional; we’re innovative.
Physical copies of business receipts risk getting lost or damaged, especially if they aren’t properly stored. On the other hand, digital receipts are fast and easy to store and back up multiple times to fortify our data security.
I like using customer relationship managers to handle these receipts because the software organizes all transactions according to our client list. This makes it easier to pull up the history of each individual to revise or rectify their records, if necessary.
Chelsea Cohen, Co-Founder, SoStocked