Many Receipt Formats for Administration Made Easy

Many receipt format for Administration

So at the end of every month or every year, I have this to look forward to. Boxes and boxes of receipts. And I'm going to show you a quick five-minute hack that helped me solve my receipt problem. Let's get to it. Hi, I'm Mike Mancini, helping you market, simplify, and impact your business. So I'm constantly out on the run. I might go and I might pick up a lunch and I'd get a receipt. Or I go somewhere to meet a client and I've got parking and I have receipts. And I've got receipts for this and that and just absolutely everything. But the problem was is that I literally will take all of these receipts and I will throw them in a box and then when it comes tax season, I have to go through them all. Now on top of all of these receipts, I literally probably get five or six receipts a day into my email inbox so that a lot of the times, I'll have to print those out, put them in a book and deal with all of this. And then at the end of the year, I walk into my accountant's office with folders or binders that are this thick, full and full of receipts. I have to organize them and itemize them and put them in the right categories and all this stuff. Now, sure, I could hire a bookkeeper to do this, but it's just one of those things that I just haven't really gotten around to. And to be honest, I like to really see where my money is going. Sure, does it take me a lot of time to do it? Yes. Because of that, I needed to find a different solution. So here's exactly what I found. So this is a company called Receipt Bank. Now, this is a service that I found that is extremely easy to use, very inexpensive. I'll put a link to them in the description area below. We don't get any commissions or anything like that for sending people there. I just wanted to show you a service that's really worked well for me. So now the way that this works is, let's say I get a receipt emailed to me. So here we have a receipt from ClickFunnels. Obviously it's a software that we use, $297. Normally, I would end up printing this one out and then logging into some spreadsheet or QuickBooks or whatever it might be and doing all that crap. What I ended up doing now is, I literally click forward, I type in this email address. Now this email address is a personalized email address from Receipt Bank. I literally forward this to that email address. Then I just throw it in a folder. I don't print it out, I don't do anything else with it. And here's what happens with that. Once it gets to Receipt Bank, it automatically goes into my account and it looks like this. Here is a receipt from Rev, our transcribing company. You can see it was for $7. What they have done is, they have put the supplier here, the date, the supplier, they put the currency as well as the amount. Now here's the cool part is, there's categories. Now, I have actually gone in and entered these categories. You can see everything from advertising, backups, donations, emails, entertainment, insurance, meals, office utilities, you name it, all right? I've gone and I've entered these categories in. Now what happens is, every time I forward a receipt from Rev, it's automatically categorized in the right category. And as you can see, all of these have different categories in them and I did not put those in there. I actually categorize them once just so Receipt Bank knows which category I'd like them in and it goes into each category. Next, I take these. I used to enter these one by one into a spreadsheet. Now, all I do is I literally opened the Receipt Bank on my phone. I take a picture of it and I hit submit, and that's it. It actually takes that picture and puts it in here. Once they process it, as long as a category is already in there, they'll put it in the right category. Otherwise, if I need to, all's I have to do is log in here and just check on which one. So you can see these don't have categories because these are new suppliers in there. So, for instance, Menards receipt here was for $51. I know that that was an office expense, because it was for some things I had in my office. Let's look at this one, Jimmy John's. Obviously, a sandwich place. I took a picture, $10.06, Jimmy John's, 10.06. That was under a meal. What this helps me to do is get rid of all these receipts, because Receipt Bank will essentially keep these on file for 10 years. I don't need to keep these receipts anymore. Once I take pictures of them, they are gone. Besides, if you've really put these in a book, you can go back and look at them in about a year later. And you can't even read them because the ink is so faded off of them. Then at the end of the year, I can literally print off a spreadsheet that has all of this information on it, hand it to my account and say, "Here's how much was spent in meals. Here's how much was spent in auto. Here's how much you've spent in my office," or web expenses or whatever it might be. But what I used to spend days upon days throughout the year, keeping all of this stuff straight for my business, because we might end up with a thousand receipts over the year. I now spend seconds just forwarding it on and not thinking about it again. So if this video helped simplify your business, and I hope it did, do me a favor, hit that like button below and subscribe. Hit that little bell icon so you'll be notified of when we release new videos each and every week. It really helps us in the eyes of YouTube. And over to the right hand side, you will see some more related videos that can help you market, simplify, or impact your business. Thanks so much for watching. See you next time.