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COLLECTING PAPER RECEIPTS COULD BE COSTING YOU MONEY
A study conducted by Xero shows that 77.6% of businesses still manually store at least some of their receipts and invoices in paper format, with more than half of those surveyed (57%) admitting their filing system isn’t organised.
The survey also showed:
Of the small businesses still using a paper system, almost half (40.2%) had been running their business for more than 10 years. However, by contrast, small businesses that had been running for one to three years represented just 8.4% of businesses using paper systems.
“The data shows us there are still many Australian small business owners who aren’t using technology to find day-to-day efficiencies within their business and cut down on time-consuming manual processes,” said Trent Innes, managing director of Xero Australia.
“Aside from making it incredibly difficult to keep track of business expenses and cash flow, paper-based receipt/invoice systems become very costly and time consuming.”
We help clients transition into an organised and reliable accounting and expense tracking system through using Xero. So many businesses are wasting time on double handling and tracking down receipts and records. Contact your advisor today to find out more about Xero.
Phillip Cross, Royce Cross Agencies
Gloria Rowett, Marion Holiday Park