A short Q&A transcript between Kelly (Studio Create) and Donna Genie about managing business receipts. Donna advises using smartphone apps to photograph and tag receipts to simplify record-keeping and make sharing with an offsite accountant easier, noting risks with fading thermal paper and benefits of eliminating physical filing.
Hi, Donna. This is Kelly from Studio Create, and I was wondering, how can a business keep up with their receipts and record their receipts so that they can get that information to you? With you being located in a different part of the country, keeping up with.
Receipts has always been a challenge. Too much paperwork and too many places for it to go. But using a little bit of today's technology, we can make things a lot easier than they have been in the past. So in sharing information with your accountant, we utilize a couple of apps to make this better. The process of snapping a picture of a receipt and then you can get rid of the receipt makes life a whole lot easier. There's no more filing. There's no more blank pieces of paper. If you look at a thermal receipt, about a year later, it starts to disappear. And if you look at it, by the time the IRS would request it or a sales tax authority would request it, usually that piece of paper is blank. So we want to make sure that you have good record keeping in your hands. So we utilize an app that will allow you to snap pictures of your receipts, that will also allow us to tag it right with the transaction and also be a little more efficient in our coding because we can see exactly what you purchased. Sam.
