Get an additional £1,100 from your business – absolutely tax free
A recent survey showed that on average small businesses were losing as much as £1,110 in unclaimed receipts through their business.
So that’s one thousand one hundred and ten pounds worth of restaurant bills, train tickets, postage charges, taxi receipts etc. All valid, legitimate business expenses that small business owners aren’t claiming.
And why aren’t they claiming them?
Because the receipts get lost or forgotten about (how many times have you shoved a train ticket in your pocket only to forget about it) or it’s just plain too much hassle to enter into your bookkeeping system.
Well there’s a powerful tool that you can use which will make this a thing of the past. It’s called Receipt Bank.
We recommend it to all our clients and use it ourselves.
How does it work?
Well it converts those annoying bits of paper to a scanned, coded image ready to be posted straight to your bookkeeping system.
Here’s how easy it is to get your expenses into Receipt Bank:
- Via your phone - take a photo of the receipt on your phone using their brilliant app – works on iPhone and androids
- Via your laptop – use your PC to snap a pic of your receipt and upload it into Dropbox or straight into Receipt Bank
- Email – simply forward any receipts you receive via email to your Receipt Bank email inbox
- ·Drag and drop – drag any file from your PC and drop it into Receipt Bank
- By post – use their freepost envelopes to send your bits of paper – they’ll scan them and code them for you
And the great thing? Combine this with an online bookkeeping system (we recommend Xero for our clients) and when you look at your supplier costs you’ll get an image of the actual invoice at the same time – no more hunting round for the paper copies in your filing system.
It costs £9+VAT for every 50 supplier invoices processed (plus £3+VAT if you want to send paper copies to them to scan). I’m willing to bet you that there’s no way you could process that quantity of invoices for that little money – and have a picture of the invoice straight in your bookkeeping system.
That’s just one way that cloud accounting is transforming life for small business owners.
If you’d like to find out more about how we use the cloud to make life more fun for small business owners, simply email me at [email protected].