MyFirmsApp Receipt Guide
Available as a free download from: https://www.myfirmsapp.co.uk/receipt-guide/?utm_source=PR&utm_medium=content&utm_campaign=RMG, the Guide, The ‘Definitive Guide to Receipt Management Software' explores explores the options that are available for business clients to snap receipts automatically in real time and simplify the process of managing receipts.
“The plastic bags rammed full of receipts are becoming a thing of the past and most clients are looking for ways to make their day-to-day lives easier, so they can concentrate on their core business rather than time consuming administration,” says Allison Plager, author of the guide.
“It is a legal requirement that businesses keep records but, even under Making Tax Digital, HMRC will not insist on scanned copies of receipts. Businesses now have a choice whether to keep physical or digital records but for those that go the digital route, there are distinct advantages in terms of generating efficiencies and time savings for both elements of the partnership: the business owner and the accountant.”
Daniel Richards, Strategic Partnerships Director at MyFirmsApp says: “As we make our way in the brave new world of digitalisation, apps such as receipt scanners will become commonplace. They are clearly suited to businesses as they seek to automate processes, free up admin time and adjust to HMRC’s Making Tax Digital project.”
All the products reviewed in the guide have in common the facility to scan receipts and store them in the cloud. While some products are essentially a means of tracking employee expenses, saving the need for paper expense claims and often resulting in speedier payments to the employee, others are aimed squarely at small businesses that wish to speed up and automate their bookkeeping by using their phone to take a photo of a receipt.
Accountants that go down the digital route are seen to be helping their clients find an easier way to manage their finances by making it quick and easy to capture receipts and information. The accountant gains too as digital receipt management tools generate valuable practice efficiencies saving hundreds of hours that would once have been spent sifting through paper receipts.