Saving receipts can lead to a lot of frustration. Just before the VAT return, panic sets in because “where has that one receipt gone”? And what exactly was written on that faded, illegible receipt?
All expenses of a company must be processed in the accounting records. So it is also important to save the receipts in a safe and sound manner. This can save you a lot of time and money. Fortunately, saving receipts becomes a lot easier with our three tips.
Why save receipts?
Before we get to the tips, it is important to understand why you need to keep receipts. The most important reason is that you have to comply with bookkeeping regulations, such as keeping records and retaining them for a certain period of time.
In the Netherlands, for example, there is a legal retention obligation of 7 to 10 years for companies and the self-employed. This is because the accounts must be able to be audited.
If you do not comply with this regulation, you can be fined heavily. Saving receipts is therefore very important!
Receipts become illegible over time
Storing receipts properly is important because over time they fade, or even become completely unreadable. But, how is this possible?
Receipts are printed on thermal paper. When exposed to sunlight, friction, moisture, grease and heat, the paper fades, making the letters illegible. Therefore, do not store your receipts in leather wallets and plastic sleeves. In any case, make sure you store them in a dark, cool place.
Tips for saving your receipts
There are some rules associated with saving receipts. Make sure you do this in the right way, because improper storage can cost you money and time. To avoid this, we have prepared a few tips for you.
Tip 1: Make sure you save your receipts digitally
As mentioned earlier, receipts mainly fade quickly in your wallet. In this way, your receipts will not make it to the retention period. Therefore, preferably save your receipts and invoices digitally.
Digital storage can be done by making a copy or taking a picture of the receipt. Make sure you do not wait too long, since receipts fade quickly.
Tip 2: Schedule a set time to process your receipts
Pick a set time to process all your receipts and stick to it. Don’t leave receipts waiting until the last minute. By processing frequently, at least you won’t have a pile of receipts waiting for you for the VAT return.
What works even better is to process receipts immediately upon receipt. This prevents receipts from disappearing into the bottom of your bag or pocket and crumpling before you’ve had a change to process.
Tip 3: Choose a good processing module for receipts
If you really want to make it easy on yourself, make sure you have a good receipt processing module. With software like Klippa, all you have to do is take a picture of the receipt. Upload this receipt via the app, email or web browser, and the data will automatically be extracted by the built-in OCR technology.
By digitizing your financial records, you will never lose a receipt again, every record remains readable, and you can integrate it with your ERP or bookkeeping system.
Easily save your receipts digitally with Klippa
When you save your receipts digitally, it is important that the original is displayed completely and correctly. With Klippa’s solution you comply with all the regulations set by the tax authorities. You take a picture of the receipt, after which the OCR technology reads the data on the receipt and saves it in the cloud.
Through an API connection, you can easily integrate Klippa with your accounting or ERP system. The receipts are kept for many, many years in the cloud environment.
Plan a free demo or get in touch
Are you curious how your company can use Klippa’s solution to save receipts? Our product specialists will be happy to explain it to you.
Feel free to contact us or schedule an online demo using the form below. In this demo, you will get a clear picture about saving receipts with Klippa’s software within your organization.