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Receipt Interesting Facts

Businesses Cash Flow Benefits From E-Receipts

Why would anyone pay for paper receipts today? What real advantage do they have over electronic receipts?

We all know that the best way to resolve problems and issues in a business is to find out what went wrong and how it can be prevented in the future. Businesses may benefit from the use of a paper receipt to record transactions and provide customers with trustworthy records of their after-sales transactions. Paper receipts are not always what they seem to be. Paper receipts can be a pain, especially for tracking sales during the day and for storing data. Whether you are a business owner, a bookkeeper, or an accountant, you have probably been exposed to the issues of handling physical cash/paper receipts from customers. The key point here is that there are times that it can be an issue for everyone and in most cases, it is caused by three things:

(1) If receipts get faded or lost, there is no easy way to reconcile the data.

(2) In the case of a tax audit, as receipts are considered as supporting documents, they will not be accurate as printed details on thermal paper receipts cannot be stored for a long period. 

(3) As a consequence, companies may experience cash flow problems.

Cash flow is what fuels business. If you are having issues you can use an online receipt maker that will help your business to collect payments faster and improve cash flow. Businesses now have the option of using electronic receipts. Companies that choose this method of payment can save a lot of time and money. 

Businesses that choose to implement electronic receipts for their customers benefit from a variety of approaches. Here are some advantages:

  • Businesses that choose to provide their customers with electronic receipts create an electronic trail of data for their clients such as purchase history.
  • Electronic receipts benefit businesses by providing them with data about their customers’ behavior such as buying habits. When they usually purchase, do they purchase more during special events, sales, or the same behavior during an ordinary day?
  • By being able to view the data, businesses are able to estimate the sales their customers make as well as the amount they spend. 
  • As a result, it helps businesses to gain additional income. 

Paper receipts are an archaic system. The extra work, time, and cost are frustrating businesses, particularly Small and Medium Enterprises (SMEs). The only thing they’re keeping up with is frustration. In order to keep cash flowing towards your company’s finances, you must consider increasing the financial efficiency of your business operations.

As a business owner, you know how important it is to keep a record of each and every purchase made. Paper receipts management can add stress to your business and yes, digital receipt management brings more significance to business accounting, in marketing, to small business owners, and how it affects business in general. Knowing its significance will make your business stronger more than you are expecting it. This is one of the best cash flow management and you should TRY IT TODAY!

Receipt Making Tips

Benefits of Digital Receipts to the Earth

Every company knows the significance of providing receipts. At the end of the sales transaction, a cashier or assigned store personnel always asks a very straightforward question to answer – Do you want a receipt? And many times, customers say “Yes” to ensure that their purchases were accurately billed, or in case of returns/exchange items, it would be easier.

Digital receipts are manageable. You can send it through email, text, or let it store on your mobile app (Available on Google Play Store and App Store). These are useful for tracking purchases, making returns/exchanges, if you have a limited budget and wanna stick with a certain amount to spend each month, or need proper supporting documents in preparing for the tax season

Today, more and more companies are embracing digital receipts as paperless management is effortless and gives you more time and extra money to spend with your other business ventures. Even customers are happy with how they can keep and save their receipts and access them anytime. Advocates of paperless receipts further claim that printed receipts are wasteful of resources. There are cases that it cannot be implemented 100% however you can set digital receipts as your major priority rather than paper receipts for smooth paperless implementation.

Digital receipt management is quick and convenient. Business owners appreciate the benefits it gives when it comes to saving costs, increasing employees’ work productivity, and easy tracking of documents. With the proper tools and software used like receipt maker ExpressExpense you will savor the positive effects of using digital receipts. 

Lastly, it’s not just the companies who reap blessings but also the environment. Here is some useful information for you:

  1. You save the health of every individual customer that comes to your store. You prevent them from exposure to dangerous chemicals Bisphenol-A (BPA) or Bisphenol-S (BPS). Many thermal paper receipts printed contain this kind of chemical and it is not healthy for humans. 
  1. You prevent food and water sources from chemical contamination. No more throwing paper receipts into trash and landfill. Receipts are printed on thermal paper, which is hazardous since it contains BPA and resists decomposition. Because most receipts are neither recyclable nor biodegradable, they must be discarded.
  1. Save millions of trees from cutting down just to produce a roll of paper receipts. Trees emit oxygen, which we require to breathe. They minimize stormwater runoff, which reduces pollution and erosion in our rivers, and may alleviate flooding consequences especially today that the world is adapting to climate change. Many animal species rely on trees for habitat. Many birds and animals rely on trees for food, safety, and shelter. Trees tremendously improve the quality of life of humans and other living things.

Digital receipts are increasingly replacing paper receipts as the preferred receipt option. This is one of the great advancements of technology as a business tool and contributes as a great and worthwhile investment for business owners. This is incredible news for both merchants and customers, who will profit from this digital transition and experience leaps and bounds.

The New Normal for Issuing Receipts

One of the most stressful and time-consuming tasks in running a business is organizing and storing paper receipts. More folders and cabinet drawers to check whenever there’s a tax audit, for accounting check purposes, and the likes. Fortunately, electronic receipts are now legally recognized in many countries and becoming the new normal of issuing receipts and storage of receipts and have proven adequate to be supporting documents, particularly on legal and tax claims.

One of the major obligations of businesses or companies as a taxpayer is to collect and store paper copies of:

  • customers’ duplicate receipts
  • receipts for employee expenses 
  • other related sales and expenses receipts

These are one of the important elements of corporate record-keeping, so as to comply with tax laws and prepare for future audits.

Getting rid of paper receipts is also saying goodbye to:

  • Filing folders and other office material – save office supplies cost 
  • Cabinet file drawers – more office space
  • Ink printer, rolls of paper receipts, printer maintenance – save individuals health and environment

Using a receipt generator like ExpressExpense is one of the most convenient and efficient ways of paperless receipt management and taking advantage of better opportunities is a road to growth and success for your business.

If you are a starter, starting your digital receipt journey can save you a lot of money and stress. With the existing business, you can switch to digital receipts and see the best results on:

  • how much you save costs, and
  • the big changes in your filing and storing system

The benefits of using ExpressExpense e-receipts are the following:

  1. It provides an orderly record of all of your payments as well as quick and simple access to original receipt documents for auditing and bookkeeping reasons.
  2. It helps guarantee your compliance with taxation laws and future-proofs your firm in case of future tax audits.
  3. The system can be accessed both on a computer and mobile. This receipt maker lets you create a receipt on your smartphone by downloading the app on Apple Store and Google Play Store
  4. For customer receipts, you can send them via email or SMS and it is ready for download anytime, anywhere.
  5. You can customize the receipt if you want – add a signature, logo, or seal to make it more secure and precise.

Today, many modern businesses use the paperless management system. It avoids the hassle of maintaining paper receipts as the printed details on thermal paper fade over time. Fewer worries on your end as a business owner for the reason that receipts are stored in a safe system and easily accessible. 

It is not a paperless option anymore but a priority as we are more focused now on saving our environment and taking care of our general health. This is confirmed to be beneficial not just in our nature or health practice but also in saving cost, time, and effort to any kind of business.

Use a receipt generator that can provide you all the convenience of using an online receipt. It is fast, easy to use, and can make a receipt in seconds! Try it for FREE and SIGN-UP today.

The Use of Digital Receipts in Online Banking

With the advent of online banking apps, cash transactions have become easier for depositors and bank companies. When it comes to convenience of time, activity result, the accuracy of the transaction, financial security, and peace of mind, it brings exceptional service to everyone. No more lines and you don’t have to go to the bank to find the teller or bank manager just to ask how much money you have on your account. Digital banking services today are accessible 24/7. With the help of the internet, customers enjoy on-the-spot access from their smartphones or computer to the wide variety of their bank services.

  • Customers can check balances on their bank accounts
  • Customers can monitor and review each payment transaction made
  • Customers can pay bills monthly or anytime payment is needed to settle
  • Customers can set up automatic payment and reviewing instantly if the money is debited is easy as 1, 2, 3
  • Customers can transfer funds from one bank account to another
  • Customers can access the transaction history of their checking accounts
  • Customers can check if they were not charged by the merchant twice
  • Customers can easily identify any unauthorized transaction
  • Customers can file dispute instantly

With all the benefits mentioned above, organizing and verifying electronic receipts in every payment transaction, makes everything easier in the comfort of your home or anywhere you are.

The best advantage of using online banking is that you don’t have to worry about losing the receipts you have because everything is saved in your bank system and emails. You can even save or download each digital receipt, move it to the accounting software you use, or store it anywhere you want. Printing receipts becomes unnecessary. It is 100% eco-friendly, it saves paper and money, and you can just print it if you need it for personal or tax documentation.

The receipt generator is way smarter. So far so good for self-employed individuals and business owners when it comes to electronic receipt management systems. It is more useful because of the features offered and day by day, the administration of receipts is becoming a piece of cake. It also generates a good email marketing opportunity when it comes to promoting products and services. Its significance to business accounting is highly visible because of its digital approach.

Businesses that use automated receipt systems or electronic receipt makers are more likely to have more customers just like any popular e-commerce site because of its e-receipts innovation when it comes to shopping using different payment methods aside from using credit cards. Even with business-to-business (B2B) companies, it helps you to track real-time needed information that helps in collaboration and build stronger partnership with other companies to achieve smoother transactions. Just keep in mind that a business customer’s buying decision must benefit everyone involved with the company, it is more challenging than B2C, that is why your B2B marketing strategies need to be concise, transparent and appealing.

In the near future, the use of digital receipts will remarkably create a clear competitive advantage in the business industry globally. People enjoy the instant access and exceptional service of every merchant that uses an electronic receipt method.

Frequently Asked Questions on Receipts

If you were able to read the Interesting Facts About Receipts and you get inspired on how it is valuable to any business and customers, the following frequently asked questions will give you more insight about receipts.

  • Are digital receipts valid? Aren’t paper receipts tested and secured?

The Internal Revenue Service or IRS started accepting digital receipts four years ago and as long as it meets the basic recordkeeping principle, using an electronic system is allowed. You can read Use of Electronic Accounting Software Records; Frequently Asked Questions and Answers and 2017 Digital Services Report for more information. There are still some businesses using the traditional paper receipts and it is okay but keep in mind that innovation always matters.

  • Cabinet file storage for paper receipts are more secured and reliable?

It is less secure now when it comes to records privacy and less reliable as paper receipts get faded in due time and can be easily lost. And if you need them after 3-4 years, the information is not readable anymore as the thermal paper is sensitive.

  • Occasionally buying materials for your business is not entitled to tax claims?

It can be a small amount like $5, $10, or $15 but when you add up everything you will realize how much money you are spending that is why keeping receipts is a must.

  • You do not need to keep your receipts because the bookkeeper and accountant will do the receipt management?

Your bookkeeper and accountant can help you with recording expenses, preparing your accounting needs, and analyzing your business financial performance but then, the IRS needs supporting documents such as invoice or receipts for verification to make your tax claims valid. Make it a habit to organize your receipts every day or after recording expenses in your journal. You will notice how much money you can save on your accounting fees.

  • Is it impossible to get audited since I am running a small business?

Small businesses are most likely to get audited by the IRS especially if you are claiming hundreds of thousands of money. Maybe for the past few years, you don’t get audited but don’t be too confident because you might be on the list and you’re next. 

Receipt keeping can last from 6-7 years and if you use paper receipts the words and numbers printed might not be visible anymore. Electronic receipt management is the best way to keep your receipts intact as thermal paper cannot be useful after a few months. Using a receipt maker like ExpressExpense can help you save up office space and money and you do not need to buy more filing cabinets, paper, ink, folders for filing and minimize printer maintenance. Keeping records is just handy and less stressful, not just for you but also for your employees.

Receipts’ significance to business accounting is also useful for tax deductions and starting your digital receipt journey is a wise decision to do since everything around change and technology is updating for a better future for all business owners.

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Receipts Significance to Business Accounting

A comprehensive financial report is needed in any business you are into for better decision-making. Digitizing your receipt or accounting method used is beneficial to keep track of your business operations.

Two of the major reason why we keep receipts is to:

Before, paper receipts are used as a requirement whenever an employee needs to reimburse something that was bought for the use of the company. Or attach it with a petty cash voucher for validity and transparency. This approach leads the way to accuracy in calculating business expenses. Because of continuous great innovation in technology, digitizing business resources is now considered standard and more convenient in managing business reports and expenses. A digital receipt maker is a tool that is used by many business owners, particularly SMEs or what we call Small- to Midsize Enterprises to improve the daily work productivity and customer-service goals – customer retention and growing the business. You do not need to scan or take pictures of every individual paper receipt you have just to submit on your online accounting system. Emailing receipts is much easier and quicker. With just one click of the button, you see great work development every day as many accounting systems today are smarter to recognize every receipt saved in the cloud which makes it simpler to categorize every expense.

Some companies still use the traditional method – the usual way of organizing and keeping data is using paper-based accounting systems or spreadsheet-based methods. Paper receipt management has found an impact on business operations and produces more wasted time and opportunity such as:

  • employees find it to be tiring and a burden because of the repetitive boring process
  • submission of expenses reports is getting delayed due to some employees waiting to reimburse their money spent on buying or paying company expenses
  • Bookkeepers have to verify every transaction if the amount spent matches the amount that is given on the receipt

It is fine to use the old process but many companies today are no longer required to save paper receipts. With digital use, you can print it if anytime you need it for the records. Yes! everything is saved in the system for later retrieval purposes. Whether you need daily, weekly, monthly, quarterly, or yearly reports to monitor your company’s financial performance, everything is handy, particularly during tax season.

Keeping a receipt is crucial to prove the transactions were made. No receipt, no transaction, no documentation. One of the most significant features of business accounting is saving all the receipts and accurately document every money spent in your company. Through these, you get to define your business activities as:

  • provable
  • transparent
  • understandable
  • logical

Managing your receipts digitally plus an online-based accounting system centralizes all your business financial management which helps you to access your financial reports anytime, anywhere. Whether it be auditing or administering tasks such as:

  • financial management
  • inventory management
  • payroll
  • receipt or invoicing
  • customer relationship management
  • employee relationship management

everything is accessible and productive, as it speeds up the entire process. The quality of work results and efficiency of employees is commendable.

Interesting Facts About Receipts

Did you know that receipts contain interesting, reliable, and useful information that a customer or company can use for reference? Receipts are significant because: 

  • It guides you on your budgeting plans. Spending every cent matters especially if you have a particular amount to spend every salary. It limits you to not overspend. For business, it helps you monitor your daily expenses and operational supply needs.
  • Prevent potential frauds. For business, you can monitor how your staff spends your company budget on expenses. Same with individuals or families that rely on their maids or personal assistant when running errands. You get to know their honesty and integrity as an employee.
  • Optimize your operational efficiencies. You can properly maintain your business records accurately particularly in preparing your tax returns.

Here are some additional interesting facts about receipts according to MakeReceipt :

  1. Receipts are one factor that can build credibility for the company or business. In some countries, receipts are mandatory documents.
  2. Receipts are supporting documents to record business expenses like travel, vehicle, marketing, maintenance, office supplies, and many more.
  3. Receipts, particularly OLD receipts can consider memorabilia by a person. A first-ever purchased item/s on your first salary, engagement, wedding, or any special event in your life.
  4. A person who is traveling from different countries and is fond of collecting receipts like purchased branded bags, clothes, shoes, or jewelry.
  5. Receipts are the major requirement when you want to refund/exchange items of your recent purchase like, your new appliance is defective, your favorite new branded shoes were not paired, or the food products that you bought are expired.
  6. Receipt requires businesses or sellers to pay taxes based on their sales. The seller is obliged to put everything on record in case an audit is required.
  7. Receipts in a few cases can be used as supportive evidence to an investigation, regardless it is a civil case or criminal.
  8. A receipt can be used to avail of a free item promo or a raffle ticket for a chance to win a grand or consolation prize in participating stores.
  9. Receipts for your loan payments like monthly home amortization, or car loan. You want to make sure that all payments are deducted to its Loan Principal Amount.
  10. Receipts bank payment from your credit cards and phone monthly plans. Getting updated from your accounts, you get to feed information like the perks that you can avail from participating merchants or stores.

Receipts are important documents and compulsory to any business as well as to customers. For buyers, it is their proof of purchase to any goods or services.

Businesses or companies have two ways of issuing a receipt:

  1. First, is the paper receipt, which is the normal way. It can be handwritten or supplied at point of sale and printed on a thermal paper using a thermal printer.
  2. Second, is the online or digital receipts. This is not just an option anymore. This is becoming more popular especially today that we are more focused on environmental issues and how we can help to save our Mother Earth. Paperless campaigns are being practiced which prove to be more beneficial not just on nature but also on saving cost, time and effort to any kind of businesses.

When it comes to receipt maker Express Expense can help you with receipt management and prevent undue stress.

Spend smarter and try it NOW!