Whether you are a real estate agent, recruiter or freelancer, operating as a small business or entrepreneur, we know it’s tough out there! It seems like there’s never enough time to check off all the tasks on that never-ending to-do list, or resource to reach the top of your game.
That’s where we come in! After years of talking to small and large businesses, we identified a common pain point - receipts and expenses - and created a simple solution - RIP Expenses - a receipts app so you can say goodbye to paper receipts!
Here are three reasons why you should be using a receipts app, no matter how small your company is.
Although the number of technology offerings specifically designed for business owners grew exponentially over the past number of years, we hear that many businesses are still resistant to change. They are holding on to error-prone, time-consuming manual processes with no better reason than not wanting to change the way things have always been done. Whether it’s mileage tracking, timesheets, or managing expenses, it’s time to jump on the automation train.
Using a receipts app is a sure-fire way to introduce automation into your company. Forget about collecting stacks of receipts in various locations, which you then have to remember to collect and pass on to your accountant or upload to your accounting software at month-end. You can also forget about finding solutions to missing, illegible or non-compliant receipts that you have trouble consolidating with your bank statements. RIP Expenses automates the process from end-to-end.
Purchase anything from a RIP Expenses partner, scan your unique QR code with your RIP Expenses app, pay and walk away. Easy as! If you buy something from a non-RIP enabled store or online, just upload a photo of your receipt or invoice to the app. All you have to do is add your comment and assign it to your predetermined cost centres, and we’ll sort the rest. You don’t need to hold onto physical receipts, transfer them to your accountant or accountant software, or check that it is compliant. It’s all done immediately without needing to revisit the expense again saving you time, money and stress!
TWO: Ensure 100% compliance
Being able to claim back business expenses is an important aspect of any business. But it is also an area where a lot of owners or employees can make mistakes, submitting non-compliant receipts or expenses resulting in lack of reimbursement. Common errors include submitting receipts without the name and GST number of the supplier, the date, an itemised list of items purchased, of the amount of GST paid.
By using a receipts app, like RIP Expenses, you can remove this risk directly at the source and know that your receipts or expenses are 100% tax compliant. How does it work? All of the required information is captured directly from the store when you scan your QR code and pay - with 100% tax compliance. If you have to upload a paper receipt, our team will determine straight away whether it’s tax compliant or not, and let you know whether you need to resubmit.
The best part? You no longer have to worry about tax time. All that’s left is to breathe a sigh of relief knowing that all of your expenses are all uploaded, tax compliant, and ready to be added to your statements.
THREE: Save time to focus on other aspects of your business
We’ve saved the best until last. What is the number one thing business owners or employees want? TIME.
And what does a receipt app give you? It gives you time to focus on the more important things that add value whether it's selling houses, talking to customers, or spending time with family. You can lean back and know that the RIP team and technology is taking care of your peace of mind.
We remove the double-handling of receipts, manual inputting of receipt data, and the back and forth between you and your employees, or you and your accountant querying expenses.