19th July, 2019
This next-gen solution to an age-old problem could do away with the issue of shoebox bookkeeping for good. MYOB Capture for Essentials stores all your receipts with ease.
So you’ve made it through another EOFY, but was it a breeze?
Every year, accountants and Inland Revenue alike ramp up their activity in a bid to process annual tax returns. In turn, small business owners and their bookkeepers go into a frenzy of last-minute recordkeeping. Sound familiar?
And unless you had been taking photos or scans of work-related receipts, transcribing details of those purchases and filing all of this data away in a shareable format, then EOFY was probably far from a fun time for you.
This is the problem presented by ‘shoebox’ bookkeeping – the tried, tested and traditionalist’s method to small business recordkeeping. Worse, when it comes time to collate and compile all that information into a digital format, errors inevitably occur that cause the whole operation to take even longer than expected.
The end result? Wasted time and, more importantly, wasted money.
Worse still than the shoebox is the tradesperson’s glovebox.
Actually, it’s probably unfair to single out tradies in this case, as there are plenty of other sole traders and small business owners with a stockpile of faded thermal paper tucked away in their car. Depending on how harsh the weather has been and how long those receipts have been there, we may never uncover the secrets they once held.
But that means those individuals are likely giving up a significant amount of money in lost deductions.
Wouldn’t it be great if you could just take a photo of your receipt on the phone and have it immediately appear in your online accounting software, or better yet, your bookkeeper’s?
READ NEXT: Should you be using a receipt scanner?
Unlike other receipt capture software, the MYOB Capture app not only takes an image of your receipt, it digitally scans the document to grab the information presented and sends it to your MYOB Essentials account, automatically matching it against the corresponding payment.
Scan and send. A simple, two-step process to follow any work-related purchase that will save you hours of frustrating bookwork at tax time.
Better yet, you can finally say goodbye to that fluttering, flammable flotsam taking up space in your filing cabinet (or shoebox, or glovebox).