‘The plastic bags rammed full of receipts are becoming a thing of the past and most clients are looking for ways to make their day-to-day lives easier’ 

MyFirmsApp today unveils the latest in a series of helpful guides for Accountants in practice. This latest version makes it easier for accountancy practices to choose the receipt management software that is right for them and their clients. The ‘Definitive Guide to Receipt Management Software’ explores the options that are available for business clients to snap receipts automatically in real time and simplify the process of managing receipts. Its intention is to help accountants make an informed choice by providing summaries of their respective features and benefits in a quick and easy read and covers:

• Where to begin when thinking about Receipt Management Tools
• The security around this technology, and the storage of data
• Detailed reviews of the main Receipt Management Tools on the market
• How to encourage business clients to start using a Receipt Management App

Allison Plager, a leading writer to the profession and author of the well-received ‘Definitive Guide to MVD Bridging Software’, has conducted extensive research of the market to produce this invaluable guide. As she points out, there are many different receipt management tools available on the market; all with different features and benefits that are designed to take full advantage of the move to digitalization.

“The plastic bags rammed full of receipts are becoming a thing of the past and most clients are looking for ways to make their day-to-day lives easier, so they can concentrate on their core business rather than time consuming administration,” Allison comments. “It is a legal requirement that businesses keep records but, even under Making Tax Digital, HMRC will not insist on scanned copies of receipts. Businesses now have a choice whether to keep physical or digital records but for those that go the digital route, there are distinct advantages in terms of generating efficiencies and time savings for both elements of the partnership: the business owner and the accountant.”

Daniel Richards, Strategic Partnerships Director at MyFirmsApp – developers of the leading OneApp platform that includes an in-built free receipt management tool for accountants to give to their clients says: “As we make our way in the brave new world of digitalization, apps such as receipt scanners will become commonplace. They are clearly suited to businesses as they seek to automate processes, free up admin time and adjust to HMRC’s Making Tax Digital project.”

All the products reviewed in the guide have in common the facility to scan receipts and store them in the cloud. While, some products are essentially a means of tracking employee expenses, saving the need for paper expense claims and often resulting in speedier payments to the employee, others are aimed squarely at small businesses that wish to speed up and automate their bookkeeping by using their phone to take a photo of a receipt.

Accountants that go down the digital route are seen to be helping their clients find an easier way to manage their finances by making it quick and easy to capture receipts and information. The accountant gains too as digital receipt management tools generate valuable practice efficiencies saving hundreds of hours that would once have been spent sifting through paper receipts.

OneApp is the leading App platform for Accountancy firms worldwide, that enables accountants to position their brand at the center of their client’s mobile lives. MyFirmsApp was the first and original developer of bespoke Apps for Accountancy firms. Over the last six years, the company has grown to become the number one provider globally, having developed over 1200 Apps for accountants and bookkeepers, which are used by over 200,000 businesses daily to manage their finances.