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Receipt Management

WHY DO SMALL BUSINESS OWNERS NEED TO USE DIGITAL RECEIPTS?

For small business owners, some needed materials in the workplace are:

  1. paper receipts
  2. ink
  3. printers  

These are required to provide a receipt to every customer that buys your products or services.

Receipts are usually a waste of paper for food-service businesses. Many customers don’t keep it, leave it on the cashier counter or throw it immediately in the trash. To avoid wasting papers you may consider using digital receipts as your main option, and printing paper receipts as your secondary choice.

Here are some basic reasons: 

  • Save money, paper, and other resources

You save thousands of money in a year by buying a roll of receipt paper, ink cartridge, and printer repair and maintenance. Your business supplies expenses will be minimized and you will be happy with the results. Sending digital receipts to your customers will cost you nothing but more earnings.

Going paperless saves mother nature as it helps to reduce C02 or carbon dioxide emissions. You will help save millions of trees that are cut down every year just to produce paper for receipt printing. Many receipt papers eventually end up in a landfill and it is not good for the environment as ink and toners also include vaporous chemicals and non-renewable ingredients.

  • Many customers favor e-receipts

Most people are aware of global warming and deforestation and they love helping the environment in their own little way. Accepting digital receipts when they shopped at any stores is more favorable for them. 

  • Helps you connect with your customers

By collecting your customers’ email addresses you will be able to communicate with them effectively especially during email marketing campaigns. Reaching your target audience will be helpful as you can send them an email regarding your upcoming Sale, special promotions, coupons for discounts, and other related special announcements. 

If this sounds interesting to you, this is the perfect time for you to start your digital receipt journey. With a good internet connection, you can use your smartphone to access the system. The ExpressExpense mobile receipt maker lets you create a receipt on your phone by downloading the app on Apple Store and Google Play Store. As a business owner, you can access the system anytime you want to monitor your sales of the day or monthly sales. You do not need to be in the office as it is accessible anywhere, 24/7. Even when you’re at home or during travel, monitoring your business transactions and expenses is easier and quicker. 

In case, you want to print the receipt using a Bluetooth thermal printer you need to download the Express Thermal Print app. It is also available on IOS and Android devices. The app will give you the option to print either a 58mm or 80mm receipt printer. Printing receipts is a piece of cake and you can do it at home or in the office.

Customers are getting used to faster and smooth transactions and using a receipt generator just like ExpressExpense can offer, is an advantage. It’s a win-win result for the customers and business owners.

Receipt Interesting Facts

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.

Receipt Maker News

How Receipts Affect Digital Transformation

Digital transformation has a remarkably huge impact on businesses. From one business to another and so on, and forth. Whatever industry you are into, the amazing change that it has brought will reevaluate how it enhances your daily work operations and employee productivity efficiently and effectively. Integration is an advantage and advancement to your business system that allows you to stay creative and ahead in the competition.

On receipts transformation, the difference goes further when it comes to accessibility, security, dependability, expeditious work result, and minimizing cost. The system is manageable on computers and smartphones and business owners can access it 24/7 anytime, anywhere. The access demand on your end is higher and you can always monitor your sales and expenses whenever you want, too.

Business accounting matters and using electronic receipts is much easier to generate financial reports, it also supports the book journal used when it comes to filing tax returns, payroll administration, and any other accounting-related tasks. You will be able to monitor the financial performance of your company, how much money you receive, and how much money you spent. The collaboration with your assigned accountant or assigned employee is more effortless and concluding to make any decision is definitely much brilliant and accurate. It is indeed that receipts bring significance to business accounting.

One of the exceptional software on digital receipt generators that many businesses used is ExpressExpense. A lot of routine tasks become automated to avoid repetitive tasks thereby saving more time to dedicate to other relevant tasks. This is not just for financial reports, your accountant portal, lawyers reference, or you as an owner, but also for your most valuable assets – your CUSTOMERS.

Customers are your strength to your business and giving them the best service they deserve is highly commendable. You have to present your brand way better than others, and customizing your receipts is one of the keys to making your company more recognizable. Customization of receipts creates more opportunities in marketing and advertising, such as email marketing as this is one of the cheapest, most convenient, and fastest ways to keep your customers stay informed about your products and/or services and can reach more potential customers. You have to always think outside the box if you want advancement, improvement and better income.

By taking advantage of this digital feature you are: 

  • allowing your customer to make use of their receipts more meaningful when it comes to recordkeeping purposes such as exchange/refund used, a receipt reimbursement, simple memorabilia, and the likes
  • transforming the receipts into supporting legal document that describes all the data to be considered valid
  • minimizing human or administrative errors to avoid possible serious customer complaints 
  • minimizing financial reports inaccuracy 
  • flagging suspicious accounts for audit purposes

The required amount of time you are committing to your business will noticeably be reduced. Likewise, with your employees, the work productivity will be intensified and everyone will find ways to make your business operations run better. In general, the eradication of errors is improving. This is a positive impact that any business is aiming for.

If you achieved great results on your starting point, it is a good sign that you are on the right track and will improve over time and this can lead to more customers and boost your company’s profits.

Receipt Interesting Facts

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.

Receipt Making Tips, Receipt Making Tips

Online Receipts in Marketing

For business owners, especially for a start-up business and existing small business owners, using electronic receipts can benefit from saving thousands of money. Moreover, it can be a perfect marketing opportunity for their business. Whether you own an online store or physical store, or both, this can lead to more customers and increase your company’s profits.

The customer still prefers to visit a physical store than an online store but with the outbreak since 2020, for safety reasons, people prefer to shop online. Whichever, through the use of e-receipts you can reach your target audience and you have the option to add a marketing campaign. When you create a receipt, you can add it below the customer’s detailed purchase items or services, BUT you have to be aware of the following limitations: 

  1. When a customer’s signed up, have an option for customers if they like to receive marketing offers. Customers’ consent is a must.
  2. Avoid spamming customers and you should always consider that their time is precious. Send related-significant promotions and updates based on their previous purchases to get their attention.
  3. If customers have an option to subscribe to your marketing or promotional offers, allow them also to unsubscribe when they don’t want to receive anymore except when they are entitled to free items, discounts, or raffle tickets on the day of their purchase.
  1. Treat every email you send to your customers as an opportunity to market your business. It is the best time for you to disseminate your online and offline marketing promotions or any of your store activities such as:
  • When you have new stock arrivals for your online or physical store
  • When you have a physical store ONLY sales or online store ONLY sales or both.
  • When you have discounts or coupon offers the next time they purchase from your store.
  • When they can avail of a free item or raffle tickets based on their purchases.

Marketing opportunities like email marketing is considered as one of the important channels to maintain your existing customers and from their recommendations as well to their friends, family, or co-workers you can gain new customers and convert them into sales. This is one of the cheapest, most convenient, and fastest ways to keep your customers stay informed about your products and/or services.

You have to be compliant in using email marketing because in general using electronic or online receipts helps to improve your business reliability and performance while giving relevant and meaningful content to your loyal customers and your target customers. You can use ExpressExpense, MakeReceipt, or ExpenseFast. They are receipt generators that can give you all the convenience of using an electronic receipt. It is fast, easy to use, and you can make a receipt in seconds! You can try it for FREE or SIGN-UP  to get full access to the system. You can change plans at any time you want. Be mindful that you still have to be prepared to give traditional paper receipts to your customers if they need it unless you are a fully digitalized business.

Receipt Making Tips

Manage Receipts Digitally

KEEP all receipts! 

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.