There are thousands of new companies worldwide which open their doors for business every day and it is paramount that each one of them start off doing things and controlling business affairs per domestic as well as per international rules and regulations.
It is a proven fact that every business is required, by government authorities and especially tax regulation bodies regardless of country or state, to ensure a proper record keeping of all business-related transactions is maintained. Businesses get audited by tax agents on a regular or random basis and so many businesses end up failing to produce requested documents. The most common argument used by businesses is that those documents have been lost. This, in its turn, leads those businesses to incur heavy losses or even declare bankruptcies due to the lack of proper record keeping even though businesses seem to be making great profits.
It is obvious and understandable from an accounting standards’ and tax prospective to ensure all transactions are well recorded and backed up with required documentation. But from a business owners’ prospective, the seriousness of this matter is most of the time very much ignored and/or misunderstood. The only time when owners accept, realize and start changing their comprehension of record keeping necessity is when they face the reality of incurring losses as a result of failure of record keeping after being audited by tax authorities.
Record keeping is a way of organizing accounting and financial documents that summarize transactions and include the documents to support those transactions. These documents include invoices, expense receipts or vouchers, cheques, cash records, emails, bank statements, delivery documents, contracts and so on.
The main reason of the importance of record keeping is to ensure that companies conduct businesses in a professional and fair manner as required by authorities. When businesses fail to do so, it obviously leads to heavy challenges and eventually losses for not being able to fulfill the obligations set by the laws.
Receipt Depot executive team puts a lot of efforts on educating small and medium size businesses on how to reduce the pain of collecting and storing paper receipts and ensuring the most efficient ways are used for record keeping.
Receipt Depot was able to identify the main areas of concern and problems that cause businesses to fail in organizing their books. We developed a way in conveying the information to business owners in order for them to benefit Receipt Depot app. There has been many meetings and educational seminars conducted by Receipt Depot team to explain the simplicity,
easiness and necessity of using the app and its benefits to the business. A lot of positive feedback has been received about
on how easy it is to use the app and how Receipt Depot eliminates the pain of collecting the expense documents.