This is not overstated but, yes, receipts are proof. If you know the art of keeping receipts and you are a business owner with a prepared set of books then you are doing the right thing as a taxpayer and you are possible to win a tax audit. Aside from audit protection, you will know how much money you are spending and you get to monitor unnecessary expenses that you might not want to buy any more to save thousands of money.
Receipt management makes better also by modifying your customer paper receipts into digital receipts same with your receipt expenses to save long hours in hunting receipts information from your filing cabinets. Organizing receipts digitally is quicker than a normal way of putting everything in folders and labeling them by years and months so as not to get confused when you want to look for specific files. Entering the digital age is just a better idea. Being more competitive in your chosen industry and flexible to changes helps to improve the accuracy of your finances and keep track of your expenses.
Running digitally is much faster and convenient. Receipt management by using an online receipt generator lets you track your sales, purchase order, expenses, and even your payroll expenses if you want. Data stored on the system, which makes it easier to navigate and is accessible anytime. If you are a busy business owner you can work or check everything with one click even if you are on a trip or at home. The system is easy to use and can be performed within minutes. You get to provide excellent customer service and 24/7 support available if you’re running round-the-clock service to your customers.
Grouping expense receipts by category makes the work faster including report generation. If you just need tax-deductible expense receipts, look for those receipts and the rest are likely to be deductible. Easy to find and saves so much time that you can dedicate more to being productive at work. Organizing digitally is a lot simpler than filing paper receipts. The Useful Receipts for Tax Deductions will give you more tips on what are legitimate deductions valid for tax claims.
The digital service can both navigate by using a laptop, or mobile phone. It is a handy method for record management and you do not need any storage space in your office because everything is accessible.
There are times that when a customer returns or exchange items and no paper receipts to present because he lost them, cannot accept the fact that receipts are mandatory to present as per merchant or company rules. There are even occasional customers who get angry with the staff or cashier and want them to be fired knowing it’s not even the employee’s fault. That is one painful and stressful scenario because they want more than they are entitled to. You can prevent this from happening by using an online receipt maker and customers’ receipts are stored on their phones.
As a business owner, you do not want your business to be jeopardized because of your poor receipt management strategy. Be IRS compliant and to your customers and everything will run smoothly.
A tax audit is an examination of your accounts and financial data by an IRS agent or state auditor to make sure you accurately reported your income, expenses, and credits as per tax laws. You must keep all your tax-related documents for at least three to seven years from the date you filed your return. Keep your receipts in one place for easy access and quicker arranging of all your needed records for future audit reference. Collecting receipts is a crucial part of the preparation method for filing taxes and it is a big advantage if you are always prepared and already set your expectations when the tax audit happened.
Small-Business Owner/Self-employed Receipts
Self-employed individuals should consider using accounting software like Quickbooks, or online receipt makers like ExpressExpense, or invoice receipt makers like InvoiceWriter.
The audit can flow smoothly when the IRS agent or auditor discovers that all the needed documents or records are being presented in an organized manner.
Here are the records to keep:
Sales slips
Paid bills
Invoices
Receipts
Deposit slips
Canceled checks
You have to arrange them by year and type of income or expense for faster identification. These documents support the entries in your books and on your tax return.
Keep your gross receipts as it shows the income you receive from your business. Gross receipts documents are:
You can also ask for guidance from a tax professional for a more thorough understanding of collecting and keeping tax records and receipts if you think you need to be more educated about tax matters. Make sure that you are doing a productive task of storing and maintaining records to avoid future problems.
To know more about ExpressExpense receipt generator you can visit our FAQ’s page or SIGN-UP today and start saving all the useful receipts you needed for future tax claims purposes.
Today there are a number of receipt making website and apps available for you to utilize.
Are you in need of a receipt maker to create a receipt that is lost or misplaced? Well there are many options available today for receipt makers on the web and app store. Let’s go through and take a look at the top receipt makers that are out on the web and give you a look at the systems and talk about the advantages of each receipt makers and what they are each good at doing.
ExpressExpense – The Gold Standard of Receipt Makers
To start, let’s take a look at ExpressExpense.com, the industry leader and largest and most capable of all the receipt makers out there. This receipt maker is considered the Gold Standard for receipt makers. It has over 50 receipt templates covering a wide range of receipt types. The interface is very straightforward and allows for easy data entry of receipt information. You do need to click the “Make Receipt” button in order to see the results of your receipt, but the system generates the receipt in less than 1 second.
Each receipt template has 5 different fonts you can select from. The receipt fonts at ExpressExpense are definitely the most high quality of any of the receipt makers out there. ExpressExpense has created font sets that are identical to the fonts used by the most common thermal receipt printers in the world. These receipt fonts are exact reproductions of receipt fonts you’d find on Home Depot, Target, Walmart and other receipts. This is truly a detail that is missing on other receipt makers.
ExpressExpense offers several free receipt templates available to anyone wanting to make receipts for free. In order to gain access to the rest of the receipt templates and remove the watermark on the receipts, you’ll need to purchase a membership. Memberships are available starting at $9.99 (Standard – 20 templates) or PRO (all receipt templates) is available for $15.99. ExpressExpense often has discounts available during holidays or tax season. If you catch one of these discounts, it is a good idea to purchase the Annual membership to lock-in the savings for longer period of time.
InvoiceWriter makes perfect hotel invoices
Next up is the InvoiceWriter.com website. This is also a very capable receipt maker and invoice maker. This site makes invoices for hotels, medical, auto shops and more. It also features a long list of receipt templates that are editable on-screen. These receipts are electronic (email or web) receipts that are issued by brands like Apple, Home Depot, Venmo or Verizon.
This tool is extremely useful for creating invoices for reimbursement of business expenses. For example, if you are reimbursed for your internet service but need to separate your personal account which includes several family phones and cable TV – this invoice maker can help. You can create a duplicate invoice for your cell phone provider and then easily create monthly invoices for the service you are wanting to be reimbursed for.
The system generates PDFs of the invoices you create which can be downloaded or emailed to yourself or others. These invoices are high quality and suitable for printing using any laser or inkjet printer.
When it comes to hotel invoices (guest folios) InvoiceWriter really shines. They have reproduced invoice templates for all of the major hotel brands and made them available for your invoice making purposes. These templates allow you to create a perfect copy of an invoice at any of these major hotel chains. Keep in mind each hotel chain also has many subsidiary brands which also use the same template.
MakeReceipt.com is another excellent resource for making receipts. This site basically is a clone of ExpressExpense, but with less templates and a lower price point. To date, there are 26 receipt templates available on the MakeReceipt.com website. They span many styles of receipts: restaurant receipts, taxi receipts, rent receipts, cash receipts and more.
MakeReceipt is simple to use and does have some nice features. The receipt templates
There is also an iPhone/Android mobile app available for MakeReceipt receipt maker. It offers a free trial period where you can get full functionality of this tool for several days. Get the iPhone MakeReceipt App or the Android MakeReceipt App.
A Visual Receipt Template Editor – expenseFAST
expenseFAST is a relatively new tool that has become available for receipt making. It is different than ExpressExpense or MakeReceipt since it is truly a template system and does not automatically calculate values like subtotals, taxes or receipt total. Think of it more of an image editor that happens to focus on receipts. There are currently over 100 receipt templates available on expenseFAST’s website. They include:
ATM receipt templates – Wells Fargo, Citibank and more
Bank transfer receipt templates – Western Union, Moneygram
Hardware store receipt templates – Lowes, Home Depot, Ace Hardware
Mobile phone receipt templates – Verizon, Apple, T-Mobile, Cricket
The receipt editor at expenseFAST is intuitive and simple to adjust. It allows updating of any of the receipt features such as receipt font, text placement, logo uploading and more.
ReceiptWriter free receipt maker
ReceiptWriter.com is a free receipt maker that has many receipt templates available. It features a receipt making interface that instantly displays the receipt on-screen while you edit the receipt. This means you can see your changes to your receipt as you edit the receipt instead of having to click a “Make Receipt” button to view the results. There are several categories of receipts available including restaurant receipts, fast food receipts, taxi receipts and hotel receipts.
Companion Tools for Making Receipts
It is worth mentioning that there are two useful companion tools available for receipt making. These tools are perfect if you need
Doc2Scan is an great tool that allows you to take the receipt or invoice you created and make it look faxed, photocopied or scanned. Just upload your receipt generated with one of the tools above and Doc2Scan magically makes the document look like you scanned it. This is useful to make your super crisp digital receipt look more authentic.
If you need to print your receipt on actual receipt paper, Express Thermal Print is what you need. This app is available for iPhone and Android and gives you the ability to print anything to Bluetooth thermal receipt printers. This app works with both 52mm or 80mm receipt paper. It is the best way to make the most accurate receipt replicas possible.
So you’ve sent some money using Apple Pay Cash and need a receipt? Apple Pay Cash is a fantastic payment system that allows you to send money to friends, family, co-workers or anyone (gardener, house cleaner…etc). This fluid transfer of funds is great – but you might need to create a receipt for this transaction. Perhaps you need a receipt for tax purposes? Or your tenant paid you this month’s rent via Apply Pay Cash and needs a receipt.
Thankfully, you can easily create a receipt for Apply Pay Cash using ExpressExpense. The website (expressexpense.com) allows you to quickly choose a receipt style and then enter cost/value and any other details (business name, time, date..etc) you require.
You can also download the ExpressExpense app for iOS or Android and instantly create receipts for Apple Pay Cash purchases.
The next time you send or receive money using Apple Pay Cash and require a receipt – use ExpressExpense. It is the easiest way to create professional receipts that match your Apple Pay Cash transaction.
