Keeping receipts in a safe place is extremely important for all businesses record keeping. Poor record keeping adds up to lost money from lost tax deductions to time spent looking for the receipts.
Record keeping tasks are often left to the very last minute, when it is time to file your tax return and your bookkeeper, bank, or investors request this information. This can be a very daunting and cumbersome task if you have to dig through receipts and expenses for the whole year.
Record keeping tasks are often left to the very last minute, when it is time to file your tax return and your bookkeeper, bank, or investors request this information. This can be a very daunting and cumbersome task if you have to dig through receipts and expenses for the whole year.
LedgerDocs is an online document management system that is purposely built to make your record keeping a lot more seamless and avoid issues like these. Below is an example of how you can record your receipts as you receive them with just couple of clicks on your smartphone - whether it’s an iPhone, Blackberry, or Android.
Scenario
The CEO of a company will take a prospective client out for a meal where they will discuss potential business dealings. Here the CEO will want to keep the receipt and record it later his/her bookkeeper. For many these receipts often go missing or get stuffed in your wallet, clothes’ pockets, or car -- and there is always stressful scramble to find them when required.
With LedgerDocs online document management system you can use your smartphone to make this process so much easier. Your smartphone can be any device that has a camera with access to email.
- Take a picture of the receipt. After taking the picture your phone should allow you an option to email it.
- When emailing it you will want to use the email address you setup in LedgerDocs as the recipient of the image. You also can attach a note to the image which will be visible within the application. Here you simply type a message in the body of the email and it instantly creates a note besides the image in LedgerDocs.
Adding a note to your image makes your bookkeeper’s job easier. It let’s them know how to categorize the expense, and if it needs to be re-billed to a client.
That’s it! Your receipt is now stored securely in LedgerDocs that easily searched and viewed with the application. This is great for businesses to maintain a copy of their receipts and is great for their bookkeeper as well who can readily work off any of these receipts at any time once they are invited to the LedgerDocs account.
Note: LedgerDocs will soon have its own iPhone app which will complete this in even faster time.
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