Whether you choose to hire a Melbourne accountant or a Melbourne accounting firm or not, storing those paper receipts can be such a pain. However, as you may know, you need to retain them mainly for tax purposes as well as supporting documents for warranty claims.
However, it becomes a problem when handling small purchases, which are typically printed on thermal paper, which tends to fade quickly under certain conditions. If you do not have a Melbourne accountant or the services of a Melbourne accounting firm, another challenge is in recording those purchases into your books. This is important if you want to reclaim all the GST that you are entitled to.
One of the practical ways to address this problem is to store the receipts digitally, by scanning or photographing the document. Here are some tools and options you can explore with your Melbourne accountant or Melbourne bookkeeping firm:
If you, your Melbourne accountant or Melbourne bookkeeping firm is using a cloud-based accounting system, you actually have the option to attach these arbitrary files to the individual financial records. This does not only apply to receipts but invoices and orders as well.
Another option is to manually scan your receipts. There are a number of scanners today that come with an all in one function that automatically stores the document you have scanned.
Another great option among Melbourne accountant and Melbourne accounting firm is DocketBank. This software is more of an expense management system that allows you to automatically sync expenses to the accounting software.