Are Paper Receipts a Thing of the Past?
–This article was last updated on 7 October 2021-
The use of technology is now commonplace in the business world, so it’s important to adapt your business practices to meet the demands of this ever-changing landscape. Utilising a cloud-based system gives you full control over your company finances, and a big part of this is the use of digital receipts.
Paper or Digital?
Whilst there are some benefits to paper receipts, the use of digital receipts provides far more. There is no clutter with digital receipts – they are stored in an easy-to-use cloud-based system, which allows for a more efficient way to search, filter and process receipts.
Digital receipts are not prone to being lost, unlike their paper-based counterpart. Paper receipts often go missing, get crumpled and scrunched and cost companies money to produce. Digital receipts save time, negating the risk of being lost and allowing companies to save money.
When it comes to organising tax returns and claims for expenses, trawling through a mountain of paper takes time and adds pressure, but using a cloud-based system that produces digital receipts means the need to spend unnecessary time is reduced, and the pressure eases as the receipts are already in place, and organised for you.
Are Digital Receipts HMRC Compliant?
HMRC no longer requires companies to produce hard copies of receipts for staff expenses as long as digital receipts are available on a cloud-based system. This means businesses can be safe in the knowledge that their cloud-based system is HMRC compliant when it comes to tax and expenses. There is also no longer a requirement for companies to keep paper receipts as a back-up to digital receipts, meaning the burden and cost of paper receipts can be kept in the past.
Digital Receipts are the Way Forward for any Business
With the move towards a more tech-savvy world, digital receipts are just one way where companies can save money and time, as well as reduce the added pressure that comes with paper receipts for expenses. Digital receipts are a sign of the times, and allow companies a great deal of control over organisation, management and audits. A simple cloud-based system provides a great deal for business, not least the ability to manage receipts in digital form, to ensure that they aren’t lost or destroyed.
An effective expenses management system offers excellent benefits, facilities and the ability to collect data for a range of scenarios leading to reduced costs and faster processing times. Your documents can be saved securely in the cloud, controlled via computers or smartphones, and organised in an easily manageable system.
The move towards cloud-based software for companies has already allowed them to streamline their business practices, and control their finances in a more robust, efficient and cost-effective way. The need to utilise technology for your business is increasing, and as many companies take the leap from paper-based to paperless, they are seeing the benefits, by saving time and money. This is as well as having a more effective way to manage business practices and expenses with the use of digital receipts stored on a cloud-based system.