How To Organize Receipts For Small Business?  

So, how to organize receipts for small business? Maybe that old method? Tossing them in a box? Naah! When you run a small business, it can be challenging to locate a specific receipt when you need it.  

There is always a better way to organize all your receipts and expenses for your small business. Don’t worry! In this blog, we will show you the simplest ways you can manage receipt management in your organization.  

So, let’s take a look at how to organize receipts for small business! Read on… 

Traditional Method Is Not Sufficient: Here’s Why! 

If we take a look at the data, an employee spends around 8 minutes managing each of the receipts. Now, these 8 minutes can add up quickly.  

As for the companies? Well, they can possibly waste an entire day managing the receipt management all alone. This can drain the overall productivity and further slow down the whole workflow.  

Secondly, physical receipt storage can lead to loads of errors. Some can get damaged, some misfiled, or worse? You end up losing them. This error rate keeps climbing up in traditional-based receipt management.  

Even today, some companies strongly rely on physical receipts. One of five companies reported that they have faced issues with 20% of their employee claims. If it can be compared with the app-based systems, 1 out of 20 companies faces such problems.  

Are you seeing the difference here? TBH, in this ever-changing world, which is moving really fast, the traditional approach can be really old school.  

Employee satisfaction is another major issue when it comes to receipt management. Who would want to manage each and every receipt manually?  

The companies achieve 190% higher satisfaction among all employees compared to paper-based methods. 

And the worst case scenario? Missing and illegal receipts are some of the most common reasons why expense claims are getting rejected. This can lead to significant loss due to resubmissions and approvals.  

So, when the world is rapidly shifting towards digital efficiency, why should we stick to traditional methods that drain our resources?  

How To Organize Receipts For Small Business: The Top 8 Ways  

Managing all your receipts and budgeting, or even the business expenses, can be really overwhelming.  

But, if you can stay organized with all the essentials, so that you can easily avoid all the headaches during your financial audits, tax season, or even when you need the proof of purchase.  

Using A Note Application  

Opting for a note-taking application is one of the popular options for companies. But do you know you can also use it as a receipt organizer? With good-quality notebooks, tags, and cloud storage, it can be quicker for you to take a snap and further store receipts.  

The process comes with a lot of advantages, as everything is pretty organized and you can access it anytime you want to.  

However, there’s one small drawback. You have to put manual effort into this, as the tagging process might seem a little tedious.  

Using Google Drive 

If you are pretty comfortable with the Google Drive ecosystem, then the Google Drive scanner might seem handy for all. It allows you to capture, categorise, and further access the receipts from anywhere you want. 

The cloud storage is pretty easy to access. However, you may have to sort or further categorize them manually.  

Wellybox Can Be A Great Option  

WellyBox! One of the greatest options you can have at present! It does not just help you with scanning or organizing receipts; you can also get great automation features through the application. 

The application is pretty simple. However, it still requires some bits that can make it desirable for businesses that deal with a high volume of receipts.  

Coming to the advantage part of it, the industry experts believe that WellyBox is great if you have a personal or low-volume business.  

If you have high-volume needs, in that case, the application may not be suitable for you due to limited functionality.  

Microsoft Lens 

Microspft lens is also famous for its image quality and great user-friendly features. The application allows you to turn your receipts into Word files and PDFs. You can further organize them as per your convenience by a folder and date.  

You can get clear and high-quality scans. However, you will still need to file them manually.  

Use The Camera Of Your Phone 

I think this is the simplest method you can ever find. You just have to click a photo of the receipts on your phone, that’s it! The method is pretty quick and convenient for everyone. However, the after process—managing and retrieving those images can be troublesome.  

The method is simple, no doubt! But, I personally believe that the hassle is too much! I mean, if you have a huge load of receipts to maintain, it can be a little difficult for you to manage.  

The process can also perform regular backups!  

Saving Them On Your Computer  

Another straightforward method that I can think of right now is creating folders on your desktop or whatever system you are using and storing the receipts there! But? This requires a lot of discipline to maintain.  

The method is pretty familiar to many, and it may even seem familiar to many. I mean, you just have to have the right knowledge on how to use a computer system, that’s all.  

However, the method is prone to creating clutter, and it can even take up the majority of the local storage.  

Binders, Folders, Shoeboxes  

The method is pretty old school. But, physical storage works for so many people, even when the technology is booming! However, there is always a chance of losing or damaging your space. It may even take up a lot of space.  

So, if you regularly deal with a small volume of receipts, then you can go for this method. But the process can be very bulky and time-consuming.  

8. Combining Receipts Into One Single Document 

Arranging all your receipts into one single PDF or a Word file is one of the simplest ways to store your receipts. The method may seem a little tedious and requires a lot of patience as well as focus. 

This way can help you streamline your receipts occasionally. However, you may face some issues with locating specific within these large documents.  

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