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How will digital record-keeping save you time?

Updated: Feb 20

We’ve seen how much of a difference it can make.

One of our clients was recently on his way to our office to deliver a box of paper receipts for his year-end accounts preparation. He’s a great client who’s totally on top of his organization, but what happened next was out of his control.

Due to a business emergency combined with bad traffic, he was delayed. He sat in his car becoming increasingly worried he wouldn’t deliver his documents in time.

It was a stressful, unpleasant situation that wasted serious time and gas, and could have been avoided by digital record-keeping. You deserve the peace of mind you’ll never find yourself in a similar situation.

“Going digital” with your record-keeping sounds like an ominous and time-consuming transition…but the reality couldn’t be further from the truth! A few easy-to-implement processes will save drastic amounts of time, hassle and money, making every small business owner’s life easier.

Cluttered and disorganized office desk
If your office looks like this, read on

What does digital record-keeping actually mean?

In essence, it means storing your financial records electronically instead of the traditional method of keeping paper records, like a box of receipts.

In most cases, digital record-keeping looks like this:

  1. You receive a receipt.

  2. You take a photo or scan the receipt.

  3. You upload the photo or scan to your accounting software.

  4. The receipt’s key information is automatically logged and organized in your financial records.

  5. You can throw away the receipt!

Digital record-keeping saves time. Lots of time.

Nowadays there are a ton of simple-to-use apps and software that make switching to digital easy as pie. User-friendly accounting software Xero and QuickBooks Online integrate with most receipt-capture photo apps, meaning you can complete steps 1-5 in a matter of seconds.

Going digital also saves precious hours by eliminating the need to:

  • Organize physical piles of receipts to make sense of them.

  • Hunt high and low for misplaced invoices.

  • Physically transport your documents from A to B (saving gas, too).

  • Print out invoices (saving paper, too).

You’ll have more time to spend where it matters most, like with loved ones.

You’ll have peace of mind your financial data is secure.

Aside from clunky boxes of documents taking up space in your home, storing your most important data online gives extra protection should anything go wrong.

Digital accounting software like Xero has top-tier security, so you know your data’s in the best hands. Plus, you won’t have to worry about documents getting lost or damaged should you move house or spill a hot cup of cocoa over your receipts.

The best time to go digital is today.

At Reach, we work closely with small business owners to help them move to digital record-keeping. If you’d like our expert guidance to help you make the transition, fill in our form and we’ll be in touch.

Check out our new 'Reach the Mark' FREE online course which helps you hone your skills in tracking your transaction and gain visibility over your margins with the use of technology to streamline your finances.

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