According to an article in the Huffington Post, paper receipts create over 1.5 billion pounds of waste each year in the United States alone. While most of us will never observe the true scale of this waste face-to-face, many of us feel the daily hassle and headache receipts create, often only asking for a receipt out of company policy or budgetary guilt. Luckily, there’s a better way of keeping our receipts and managing our expenses. Digital receipt applications like OneReceipt, Proximiant, and features in Xero, help manage and track your receipts to better enhance both your mental sanity and your business’s success. Here are 4 reasons you and your business should be using digital receipt logs:
As each day passes it seems there is more data available to be tracked, studied, and used. With this influx of valuable data, businesses must do everything in their power to streamline their processes and storage of this data. Digitizing receipts on a very fundamental level eliminate the need for space-eating filing cabinets. Expense tracking applications like Xero, which stores all your receipts and expense claim history in one place on the cloud, eliminate the filing cabinet.
Because they’re stored and tracked on the cloud, your expense history and claims are secure and safe from any office calamity or filing error. Further, filing your receipts online enables more thourough accountabilty and peace of mind. You know exactly where your money is going because you’re able to quickly find and analyze any past or present expense claim.
In addition to the basic space and security benefits, digital receipt logs transform your day-to-day expense log practices. In Xero you can quickly file, approve and save claims. You’re also able to approve or decline individual items on a receipt, customizing your expense claims down to the last detail.
Finally, digital expense logs offer mobile management and capability. Xero Touch enables you to quickly take a picture of a receipt and quickly fill out the details on their phone or back at the office. Each receipt can be quickly organized into claims and easily authorized by management. Because of these features, Xero Touch enables employees to stay on top of recording their expenses and gives management better, real-time access into how their money is being spent when employees are away.
By optimizing space, security, efficiency, and mobile capabilities digital receipt logs streamlines the expense claim process and works to remove any questions and variability in your companies expenses. How are you tracking your expenses? Let a digital receipt log help you business today!