dealing with receipts

How to automate your expense record and save time!

Does this box look too familiar???

Here is a simple solution:

Use Technology

There are technology solutions in the market with online platforms to help you streamline your expenses.

You can upload your receipts on the go, as and when you incur a business expense to an online accounting system (like QuickBooks) and attach them to your accounting entries. This doesn’t just save you space and precious time; it also makes it easier to trace back the receipt to the entry in your accounts if you, your accountant or HMRC has a query on that transaction.

 

Such a system will allow you to:

- Snap and store receipts! Just take pictures of receipts and attach them to expenses

- Keep track of VAT. Automatically track VAT for annual returns

- Split expenses by categories. Easily create rules to split expenses

- Add description notes. Include comments to justify expenses

- Real time collaboration with your Accountant. Share your expense data instantly. No more paper!

- Create recurring expenses. Save time with recurring expenses for fixed or variable amounts

 

If you use a technology platform to manage your receipts, then all it takes is a click of a button to accurately display your business expenses. Rather than a laborious and time-consuming task, keeping an accurate record of your receipts (which will help your reduce your tax liability at the end of the year) will then be a pleasant breeze for you!

 

We can help you set up such a system.

We are QuickBooks Pro-Adviser Certified!

 

CONTACT US!

 

Are you at risk of OVERPAYING TAX?

A recent study carried out by YouGov showed that just 22% of small business owners claimed back all of the expenses they incur for their business.

 

Here are the findings:

 

  • Just 22% of micro-business owners claim back all of the expenses they incur for their business
  • 21% said they claim less than half of their small business expenses
  • 10% said they claimed “hardly any” or none of their expenses
  • 25% of micro-business owners said they would not claim an expense if it cost them less than £5
  • 19% said they would not claim anything worth less than £10

 

This means that Small Business Owners risk overpaying tax and losing money because they don’t manage their expenses properly.

 

Reasons for not claiming expenses included losing or forgetting the receipts (30% of respondents), not wanting to face the admin involved (12%) and worrying that HMRC will challenge them (11%). Are you in one of those categories? We can help !

AskMarcBookkeeping

 

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