Why You Need to Track Your Digital Receipts
For many years, companies and individuals have been required to keep their invoices and receipts for seven years after they are issued.
Traditionally, that meant piles of paperwork on home and office desks, and clunky filing cabinets that took up a lot of space and served no purpose other than storing printouts you rarely saw.
Luckily, times are changing. The world is in the midst of a digital revolution and the trend towards having digital receipts and invoices replace paper printouts is prevailing in most countries across the globe. Digital receipts are legally recognized in countries such as the United States, Australia, Luxembourg, and Spain. And in countries like Austria and Switzerland, additional requirements, such as storing digital files in multiple locations and the approval of a receipt by an internal person responsible for e-archiving also apply.
While you could stick with your existing, antiquated print filing system, doing so is often equated with disorganization, the loss of relevant receipts, the inability to remember the full scope of your expenses, and a tendency to miss out on potential tax deductions. The same goes for simply scanning or storing your digital receipts in the cloud. The result: money is left on the table, harming your family or business account in the long-term. You need to start tracking your digital receipts, right now. Here’s why:
Easy to access, easy to understand
When storing in the cloud, it’s far easier to fall prey to “out of sight, out of mind.” But taking the extra step and tracking your digital receipts using a dedicated software platform or application makes it easier for you to locate, organize, and learn from your expenses – for tax and budgeting purposes. No more losing important receipts, no more manual data entry, and no more clutter – in your office, or in your mind. Instead, you can easily access the receipts and invoices that meet particular criteria when you need them, to fill out the right paperwork, respond to the right customer queries, and save time, effort, and money on your taxes and in customer-facing operations.
Save money, save the trees
Why waste money (and precious natural resources) printing paper receipts and invoices, and the storage file folders into which they must be placed? With a little initial investment, you can set up a business receipt expenses manager that costs a fraction of what you would traditionally spend on paper and printing equipment – which you’ll surely recoup with breakneck speed.
Do you still have tons of paper receipts and invoices that have yet to reach their seven-year expiration date? There are plenty of scanner apps that can help you digitize your documentation, so that they too, can be tracked as digital receipts, freeing up your office space for more money-making activities.
Provide better consumer experiences
Business owners, it’s time to listen up! The majority of consumers (89%) are tech-savvy and eco-friendly. They want you to offer them a digital receipt option, which you can track to leverage and provide them with better, more in-tune customer service and experiences.
Tracking your digital receipts can extend beyond its organizational benefits to provide you with the added bonus of being able to better understand your consumers’ purchase decisions, preferences, and history, so you can personalize your future marketing activities and draw in more repeat business.
How? Start off by sending your customers their digital receipts via a marketing email – and then keep following up with amazing, compelling content. It’s really that simple, and the rewards are ever so sweet.
How to keep digital receipts organized and secure
How should you file your receipts and invoices? Stop scanning and start scanning, with a business receipt expenses manager like WellyBox!
WellyBox knows that leaving money on the table by not deducting all expenses is an irresponsible business behavior, now more than ever before! WellyBox’s unique AI technology puts an end to chasing down invoices and receipts so that documenting and reporting your business or family’s expenses is easy, seamless, and automated. All you need to do is connect your mailbox to WellyBox. Our system will locate all of your digital receipts and invoices, and sync with popular cloud storage solutions, like Dropbox and QuickBooks. You’ll be able to classify your receipts in a flash, view status updates on your expenses (in multiple currencies), and enjoy supreme security that ensures your sensitive information is never shared with third-party services.
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