Managing bills when running your own small business can take forEVER. And when EVERYONE wants your attention
you can fall behind on your taxes.
The solution ...a simple app on your phone. I'll take you through how they work and what they do for you.
Gone are the days when you need to track all your tax deductions through an Excel spreadsheet. yay!
Use an app to effortlessly record and categorize your tax deductions. Apps like Xero and Receipt Bank allow you to photograph a supplier invoice or tax receipt for tax purposes. This can then be matched to the transaction on your business bank account (this is what's known as a bank reconciliation.....yawn right?) inside your Xero accounting software.
The app will take the photo and read it for you. Yes! It will enter most of the invoice details inside your accounting system. It can remember where to record the same bills next time you photograph it too. You simply download the app onto your phone and then your bookkeeper can connect your Xero accounting software subscription with Receipt Bank. Receipt Bank has won the Xero app partner of the year. Receipt Bank was one of the first apps to integrate with Xero, and they are now Xero's largest app partner with over 5000 accountants and bookkeepers using the platform.
You are required by law to keep copies of your business tax deductions and tax invoices for GST purposes. Laws vary between countries to check your specific requirements with the Australian Taxation Office and Inland Revenue New Zealand.
You can keep your records in paper or digital format. We recommend you keep a back-up of all your digital records. If you use Xero and Receipt Bank they keep backups of your tax deductions for you in the cloud.
Business tax audits can cost thousands in dollars of accounting fees for tax invoice retrieval and explanation to the ATO & Inland Revenue. At Bluecloud Bookkeeping we represent our clients during a GST audit so you won't need to spend hours and sometimes days looking for copies of your income tax deduction receipts. Storing images of business tax deduction receipts inside Xero accounting software can save you loads of time, effort, and frustration.
Whether you live in Australia or New Zealand your cloud bookkeeper can still process your bookkeeping remotely for you after you have taken a photo of your tax deductions using your phone. Working remotely with your chosen bookkeeper is the new normal. This saves loads of downtime in training up a new team on your established systems.
Get out of your office sooner, smugly satisfied you're already ready for your taxes every month.
You don't need to open, read, and print PDF email invoices ever again. (tree huggers unite) The Receipt Bank email inbox works in the same way as the app. It can read the invoice inside the email and enter it in XERO for you. We setup Receipt Bank so the invoice is entered as a draft. That way business owners can look at their list of draft bills inside XERO before they're processed for payment.
The app can reject duplicate invoices if it notices that you already have that bill in your accounting software. Smart right? This is one of the most common mistakes small business owners make. They pay bills twice and miss invoices altogether because they have no system for tracking their business tax deductions. This can cost thousands of dollars in errors and huge amounts of time in the back and forth soul-destroying emails.
Ready to find out more?
Pay for two hours bookkeeping and receive access to Receipt Bank free for one month. For Australian and New Zealand small business owners. Email [email protected] for a chat about how it works.
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