Flying through tax season with Receipt Management tool

Tax season may now be a distant memory – and hopefully you’ve finished picking up a possible tax refund – however, the more you prepare now, the less headaches and grey hairs you’ll accumulate when the time to start filing comes around again.

Gathering and saving receipts and tax documents is an important part of preparing for tax season, and correctly filing taxes and receipts will also help clients when it comes to maximising their tax refund.

The good news is that having a branded App for your firm will allow you to provide clients with a Receipt Manager tool to use on-the-go, and it will not only help digitalise transactions, but also save time, money and build trust between the accountant and client.

This tool allows you to start your clients on their digital journey. They can record as they go; take a picture of receipts with the camera on a mobile or tablet, categorise, fill in the expense details and send a digital copy of their receipt to you.

For clients who itemize their deductions, operate small businesses, or are sole proprietors, gathering receipts is an important part of the preparation process for filing taxes, regardless of their filing method.

The App includes a range of categories to aid with receipts so that clients can itemize accordingly. Small business owners can use the Receipt Manager to track expenses for goods bought, premises running costs and maintenance for the business. These types of receipts and paperwork are critical to have logged, in case they are ever subject to an IRS audit and the Receipt Manager is the essential solution for getting information from your clients with ease and being able to fan through your receipts to tally up all your deductible expenses at the end of the year.

Benefit from specified ‘Costs’ categories – including:

  • Staff
  • Travel
  • Admin
  • Advertising
  • Business Entertainment

Or for specific financial categories across business, log your receipts in sections such as:

  • Financial Charges
  • Payments to Subcontractors
  • Motor Expenses
  • Phone Charges

With forward-thinking firms launching their own App to differentiate and provide a tailored digital platform for clients to log receipts and more, find out more about how your own App can benefit your practice and book a free demo today.