27 Sep 5 Advantages of Asking and Keeping Official Receipts for your Business

Most of us, or even business owners, does not completely understand the importance of asking and keeping official receipts for every purchase or payment transaction we had. May it be a small pet shop, salon, or even a retail store, we need receipts to help track our finances. However, is this the only purpose receipts play in the lives of business owners? Here are the 5 benefits why we should always ask and keep our receipts.

1. Supported Transaction Records

Your official receipts are paralleled with your accounting records. An accounting record is a physical proof of your company’s financial health. Thus, having a complete accounting record plays a critical role in the performance of your company since business decisions are based on it.

2. Deduction or Refund Declaration

Believe it or not, having proof of your expenses can write-off some of the necessary expenses as it can be used as deduction to sales. If the VAT on expenses is higher than your VAT on sales, you may claim the difference of it. Consequently, the proof you need for this declarations are your official receipts.

3. Tax Deductions

When you have your official receipts, it may serve as proof of expense, sales deducted by your expenses will lower your net income, that will in effect lower your tax payable.

4. Reduction of Auditing Activities

One of the things that make audit exhausting and back-breaking is the lack of supporting documents such as official receipts. When your transaction receipts are complete and in order, auditing activities will surely be minimized.

5. Proof of Transaction

When you have your records supported by complete transaction receipts, you will not have to worry about an external audit, may it be from the government or BIR. If everything recorded has its corresponding receipt, no extra work is needed.

If you don’t want to be buried in paper, how are you supposed to safe keep your transaction receipts and still benefit from the advantages of keeping it? Worry no more, with Bliink you may scan all your transaction receipts, secure and sort them in a software. Not just that, it will also take care of all your Accounting and Bookkeeping needs.

Let’s talk!