5 Tips on How To Keep Track of Receipts and Business Expenses Effectively

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Besides recapping sales, staying on top of expenses helps you understand the real profits and the actual financial condition of your business. This includes outgoing funds for office supplies, paying utilities, conducting routine maintenance, and even additional administrative fees. Each month, your business processes payments, and each month, you receive a heap of receipts that need to be recorded. Trying to keep track of receipts while completing other tasks effectively can sometimes feel like an uphill challenge.

In this article, we will discuss several handy tips to make receipt tracking easier, including how you can make use of today’s technology to automate it!

Rely on one single card for every business-related purchases

Open a bank account dedicated to handling all of your business transactions, including daily operations and sales. The bank statement can serve as the main reference for monitoring your business expenses and matching them with collected receipts. Additionally, it can help you minimize discrepancies and reduce the risk of financial misuse.

Assign the task to a particular team member

Establish a well-structured team, including an individual who is responsible for managing transaction data entry. This will allow you to confidently focus on your business core, knowing that an experienced team member is properly handling the record keeping. Moreover, expand your team as you scale to prevent overloading workloads. This to avoid potential data mistakes due to oversight and too excessive volume of financial documents.

Organize receipts into several expenses category

For more organized and easier tracking, sort your receipts according to each expense category. Such as rent, utilities, employee salaries, travel, marketing, and other operational costs. By categorizing receipts, you can gain a clearer picture of spending against the budgeted amounts you have set, helping to prevent overspending or underspending.

Archive all the receipts in digital format

Managing physical receipts is prone to loss or misplacement. Scan them into digital formats like JPEG or PDF, then systematically name and organize them in a specific folder. Digital copies not only save space for more but also enhance security, enabling safer long-term preservation than traditional paper storage.

Take advantage of OCR for automating receipt data capture

Say goodbye to time-consuming manual data entry and embrace the power of OCR to automatically process receipts. OCR automation frees you from tedious, repetitive tasks, allowing you to maximize time for what matters most. Convert the unstructured data from your scanned receipts into readily processable assets for expense analysis. Fintelite OCR is packed with cutting-edge features that simplify data extraction and streamline data delivery to your accounting platform.

Try Fintelite OCR for Free Today

Adopting new technology like Fintelite OCR can help you efficiently keep track of receipts and enhance the overall process of expense monitoring. By automating data extraction, reduce the likelihood of human error and speed up your data entry 10x faster. Fintelite OCR enables your company to gather data across all expenses, making it easier to analyze spending patterns and identify cost-saving opportunities.

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