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Productivity

Preparation key to taking stacks out of tax

Smarter Staff
Smarter Writer

This article has been written by the Smarter Business™ Staff Writers

Smarter Staff
Smarter Writer

This article has been written by the Smarter Business™ Staff Writers

For many of us, tax time means digging through shoeboxes and gloveboxes of receipts and paper invoices, if you’re not preparing for it all year round. Luckily, there’s an app for that.

Let’s say that you get 10 taxable receipts per day. For most small business that would probably be very conservative. If you then file away those receipts that is 50 per five-day working week, or 2,600 receipts to save each year for tax time, which can take some organisation if you’re not vigilant throughout the year.

If each receipt is about eight centimeters long, then over the course of a year you can amass more than 200m worth of receipts.

That’s where apps like Shoeboxed™ come in. Shoeboxed aims to help you cut down on this large amount of paper, taking your mountains of deductions and storing them safely in the cloud as you go, without the hassle of the pre-tax rush.

King of the castle

We all know how annoying it can be when you have a big pile of papers that just doesn’t seem to go down, when you just throw another thing onto the pile and it gets bigger and bigger. This way a “to-do list” can very quickly become an “I’ll deal with that later” list.

If you’ve ever gotten around to tax time and gone looking for that one receipt that you know you had somewhere, but can’t for the life of you remember where, then you know why Shoeboxed exists.

Etax Accountants list some of the four most common tax return mistakes, these being: using estimates rather than actual figures, not declaring overseas income, incorrect rental property deductions and not keeping accurate records as evidence.

A majority of these common problems can be helped by keeping accurate records of receipts and storing them safely.

The shoebox in the cloud

Shoeboxed lets you photograph receipts and important documents using any tablet or smartphone, then have these stored in the cloud.

In addition, your Shoeboxed data is searchable, so that you can find any receipt you need on short notice.

There is an app for everything today.

Shoeboxed is your personal filing cabinet to keep all of your important documents.

Find Out More

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