Keeping receipts: here’s how to keep streamlined records

In finance, you have a stream of incoming documents to process – from paper receipts and invoices to digital files. Previously, we wrote blog posts about coordinating the flow. Now it’s time to zoom in on an important aspect that often involves multiple employees within your organization: receipts.
As a financial administrative employee, you have to keep track of expenses and store receipts. How do you do this in a structured way?

The solution: save receipts digitally

There is a time-bound rule attached to keeping receipts: you must adhere to the seven-year retention requirement. Sounds easy, but such a small paper document is easily lost. And if not, another “danger” lurks: even the best receipts fade and eventually become illegible. In short, if you want to keep receipts in the right way, you need a well-thought-out approach. The solution lies in digitization: you can scan receipts and store them digitally.
If you do this according to the rules, then in principle you do not need to keep the physical copy. If there is an audit by the tax authorities within seven years, then you have stored everything safely and you can show that you have your accounts in order. That saves you headaches and possible penalties!

Getting started: tips for saving receipts

Want to save receipts in an efficient, time-saving way? With these two tips, you no longer have to worry about lost or faded receipts. Put them into practice right away to keep streamlined records.

Digital storage: get rid of paper invoices and receipts!

Want receipts to enter your records quickly and correctly? Then use smart OCR software – preferably in combination with a mobile app. A scan and recognize system is best known for its ability to easily process digital invoices, but it can do more than just scan and recognize invoices. It also allows you to process receipts quickly and easily. How? As soon as employees have a receipt in their hands, they can take a picture of it with their smartphone or use a handy app with a built-in scanning function. They then send the receipt to your invoice mailbox, from where the receipt is automatically read into the OCR solution. All you have to do is check the data. When you give your approval, the receipt is automatically processed in your ERP system. If you want to check receipts afterwards, you can retrieve them at the touch of a button.
How convenient!

Structure and speed: process receipts immediately

First, make sure employees all adhere to a system. A simple rule can work wonders. For example, if people are working with a mobile app, have them always take a picture of a receipt immediately. This should really become a habit. Do you get a receipt in? Then don’t leave it lying around. Procrastination breeds procrastination – after all, if you don’t scan and process the document right away, it can get lost! It can help to schedule a set time when you process all receipts. That way you can be sure that they will end up in your records within a reasonable amount of time.

How do you link delivery notes?

So far we’ve talked mostly about receipts. But if you are active in construction, you also have to deal with another type of document: the delivery receipt. This one requires a separate approach: it is crucial to link such a receipt to the correct invoice, as it acts as a proof of order or delivery. This is not always easy, however, because goods are delivered to the construction site (and not to a warehouse). As a result, the receipt and the invoice often arrive in different places. In such cases, how do you avoid spending a lot of time and work linking the documents? A smart OCR solution with a receipt linking function offers the solution. This allows you to attach all delivery notes to the correct purchase invoices, after which you efficiently approve them using workflow software!

Anything we can help with?